Virgin Islands FHA Loans

If you are considering moving to the US Virgin Islands, right now is a great time to apply for an FHA loan. The Federal Housing Administration (FHA) was created in 1934 by the US Government as a way to help families afford new homes. Since that time, millions of Americans have taken advantage of the many benefits that make FHA loans so simple and affordable. Today the home loan program is still going strong and helping more and more people afford homes and keep their existing properties. Here are just a few of the many benefits of using an FHA loan to purchase your new home in the Virgin Islands.

Low Down Payment

With an FHA loan, you will only be responsible for paying 3.5% for a down payment. This is much more affordable than conventional loans which can charge anywhere from 5 to 20% for a down payment. This benefit makes it possible for everyone to afford new homes, even if they don’t have a lot of money saved up. Plus, the FHA is lenient about where the down payment comes from, so if you can’t afford to pay it you have the option of having a third party supply the down payment on the property.

No Insurance Required

There are some low down payment conventional loans, but they generally require the borrower to pay for costly private mortgage insurance (PMI). With an FHA loan, you are not required to purchase PMI because the US Government already insures you.

Low Interest

As a federally insured borrower, you are incredibly secure and therefore desirable to private lenders. As a result, you will be able to take advantage of low, competitive interest rates. You may even get a rate that is lower than the current mortgage market rate.

Streamline Refinance

Refinancing is incredibly simple once you have your FHA loan. To refinance to a lower interest rate, you can apply for a streamline refinance which requires no additional paperwork or out-of-pocket expenses. There is also a cash-out refinance for those who need to borrow cash against the house’s equity.

Get Pre-approved Today!

Start on the road to homeownership today by filling out our secure online form. The process if fast, free and has no obligation. Pre-approval has never been easier!

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