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A loan guarantee is a legally binding commitment to pay a debt in the event the borrower defaults. This most often occurs between family members, where the borrower can't obtain a loan because of a lack of income or down payment, or due to a poor credit rating.
Located in the US Virgin Islands, St. Croix is a US territory making it an easy place for US citizens to purchase property. It also happens to be surrounded by the turquoise waters of the Caribbean Sea and white sand beaches, plus the tropical climate creates the feeling of endless summer.
Real Property Taxes. USVI real property is subject to an annual tax at a rate of 1.25% of assessed value. Assessed value is defined by statute to be 60% of actual value.
The average home in St. Croix sells for between $250,000 and $700,000, but there are some that are much more expensive and feel like luxury resorts. Condominiums are a popular real estate option in the US Virgin Islands for the ease of maintenance ? especially for retirees or those seeking a vacation home.
Caribbean mortgages will require full disclosure of income, outgoings and savings. The maximum loan to value available is 70% to 75% of the purchase price, or valuation, whichever is the lower.
Our trained and certified loan originators specialize in financing homes in the U.S. Virgin Islands area real estate market. We are prepared to find the right loan program with competitive rates and low down payments for you.
Legal Action if Guarantor Refuses to Pay A refusal to repay the loan, gives bank the right to take legal actions. In extreme cases, bank may seek the possession of your property to recover its dues.
Where Can I Use My VA Loan? You can use your VA Home Loan Benefit to purchase a home anywhere in the United States, and its territories and possessions including Puerto Rico, Guam, Samoa, The Northern Mariana Islands and the Virgin Islands.