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Puerto Rico & Virgin Islands First-Time Homebuyer Packages

Puerto Rico & Virgin Islands First-Time Homebuyer Packages


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Puerto Rico Homebuyer Program

The Homebuyer Assistance Program provides homebuyers up to $55,000 to be used for the down payment and/or closing costs for the purchase of a new home in Puerto Rico. The loan is forgivable if the borrower stays in the home for at least 5 years. If the borrower sells or refinances the property within 5 years the loan must be repaid in full.


  • Subsidize interest rates and mortgage principal amounts
  • Pay up to 100 percent (100%) of the down payment required by the mortgage for the purchase on behalf of the purchaser
  • Pay reasonable closing costs associated with the home purchase on behalf of the purchaser for LMI homebuyers only

The following are the maximum awards:

  • Non-Critical Recovery Workforce – a maximum of forty-five thousand dollars ($45,000) per eligible household; and
  • Critical Recovery Workforce – a maximum of  fifty-five thousand dollars ($55,000) per eligible household with CRW members.

In addition, the Program will provide an additional redevelopment incentive of up to five thousand dollars ($5,000) not to exceed the established Program cap for eligible households who elect to purchase a home in a designated urban center certified by PRDOH. To see if the home you are interested in acquiring qualifies as an urban center please click here.

The applicant must meet the following requirements:

  • Be a first-time homebuyer (not have owned a home in the last three years)
  • U.S. citizen, non-citizen national, or qualified alien
  • Income requirements as established by HUD
  • Complete a Homebuyer Education Course
  • Secure a first mortgage from a participating lending institution


Virgin Islands Homeownership Program

The Virgin Islands Housing Finance Authority (VIHFA) has several programs that can help make your dream a reality. Since 1984, the VIHFA has assisted many low to moderate Virgin Islands families to become first-time homeowners. Read more

Who is Eligible

  • Must be a first-time homebuyer (have not had ownership in a home in the last three years)
  • Meet income requirements
  • Must be a resident of the Territory for the last three years
  • Filed your last three years taxes in the Virgin Islands
  • Earnest money deposit of $1,000. For qualified veterans, no earnest money deposit is required
  • Must be pre-qualified for a mortgage based on nationally accepted underwriting standards of FHA/VA/Conventional Mortgages
  • Must attend a homebuyer education program
  • Occupy the property as your primary residence.
  • Must have a household income of:

 St. Thomas: $24,600 – $215,000
   St. Croix: $21,250 – $192,150
   St. John: $33,350 – $231,700

If you have any questions regarding Federal Programs, please call the St. Croix staff at (340) 772-4432, St. Thomas at (340) 777-4432, or contact us.

  • Ms. Janine Hector, Director of Federal Programs – St. Croix
  • Ms. Chivonne Moorhead, Assitant Director of Federal Programs, St. Croix
  • Ms. Jennifer Jones, CDBG Program Manager – St. Thomas
  • Ms. Jasheda Reyes, Associate Planner II – St. Croix
  • Mrs. Brenda Walwyn-Harrigan, ESG Coordinator – St. Thomas


National First-Time Homebuyer Loan Programs

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.


Helpful Resources


Get Pre-Approved for a Mortgage and Check Rates


Statewide Programs

Getting Started

Buying a Home

Owning and Maintaining Your Home

Other Puerto Rico/U.S. Virgin Islands Resources



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