Getting a mortgage in the U.S. Virgin Islands shares many similarities with financing a home stateside, but there are important local considerations to understand before you buy. From finding a lender that finances properties in the territory to understanding insurance, closing costs, property documentation, and available loan programs, being prepared can help you navigate the process with greater confidence.
At Schaffer Mortgage Corporation, our local mortgage professionals help borrowers explore financing options for properties throughout St. Croix, St. Thomas, and St. John. Explore our frequently asked questions to learn more about qualifying for a mortgage, preparing for closing, and choosing a financing option suited to your needs.
Yes. Mortgage financing is available for eligible properties in the U.S. Virgin Islands. However, not every mainland lender lends in the territory, so it's important to work with a mortgage professional who can arrange financing for USVI properties and understands local requirements.
Not necessarily. Financing is available to local residents, mainland buyers purchasing a second home, and eligible real estate investors. The loan program, occupancy plans, property type, and financial qualifications will determine which options are available to you.
The lowest possible down payment options are 0% for VA loans or 3.5% for an FHA loan. PMI (private mortgage insurance) is not available in the USVI so a conventional mortgage will require at least 20% down payment. The down payment amount depends on the loan program, purchase price, occupancy, property type, and borrower qualifications. Ask for a personalized estimate before making an offer.
Potentially, yes. Borrowers who work remotely for mainland employers or earn income outside the territory may qualify, subject to the lender's income documentation and underwriting requirements. Employment arrangements, continuity of income, and the ability to document earnings will matter.
Yes. Self-employed borrowers generally need documentation supporting their income, while retired borrowers may qualify using eligible retirement income, Social Security, pension income, investment assets, or other acceptable sources. The lender will determine which documentation and income calculations apply.
See our Required Documents page to get an idea of what documentation may be needed for your circumstances.
Generally yes, but the intended use of the property is important. A primary residence, second home, and income-producing investment property can have different underwriting rules. Short-term rental use and projected rental income may also affect which programs are appropriate.
For investors we offer DSCR loans (Debt Service Coverage Ratio loan) that are designed to qualify based on a property’s income rather their own personal income. Instead of verifying your job, salary, or tax returns, lenders look at whether the property generates enough cash flow to cover its debt payments.
Possibly, although vacant land financing and construction loans are different from a standard home purchase mortgage. Buyers should discuss the proposed project before committing to a property. We do not offer vacant land financing or construction loans at this time.
The basic process is familiar: apply for financing, document your finances, have the property evaluated, satisfy underwriting conditions, and close the transaction. The differences often involve local lender availability, attorney-coordinated closings, property documentation, insurance, surveys, title review, and the time needed to coordinate local service providers.
In many cases, yes. Some parts of the process can be completed remotely, using electronic documents and coordinated arrangements with the closing professionals. The exact requirements depend on the lender, attorney, recording process, and transaction. Plan ahead for any original signatures, notarizations, or other required documents.
It varies depending on the loan, property, appraisal and insurance arrangements, title review, documentation, and the availability of local professionals. Buyers should discuss the expected timeline with their lender before agreeing to a contractual closing date and leave room for property-specific requirements.
If you still have more questions you can review our General Mortgage Questions pages or feel free to Contact Us.
