Virgin Islands Loan Commitment Agreement
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How to fill out Loan Commitment Agreement?
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FAQ
A loan commitment generally is given to an individual or business in the form of a letter from a lending institution, which may be a commercial bank, mortgage bank, or credit union. The letter spells out the financial institution's promise to lend a certain amount under certain terms in the future.
The loan can take the form of a single lump sum or a line of credit that the borrower can draw upon as needed (up to a predetermined limit). Loan commitments can be either secured or unsecured; a secured commitment is typically based on the borrower's creditworthiness and has some form of collateral backing it.
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.
Once your mortgage commitment letter has been submitted, you've entered the final stage of the mortgage process. The letter is not a final approval, but more so a pledge to the borrower that the mortgage lender will grant the loan if all conditions are met. If there are no loose ends, you should be approved.
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.
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.
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.