{"id":9911,"date":"2024-06-26T14:21:26","date_gmt":"2024-06-26T18:21:26","guid":{"rendered":"https:\/\/www.usviodr.com\/?p=9911"},"modified":"2024-06-26T14:21:26","modified_gmt":"2024-06-26T18:21:26","slug":"own-a-lot-build-a-home","status":"publish","type":"post","link":"https:\/\/www.usviodr.com\/es\/own-a-lot-build-a-home\/","title":{"rendered":"Own a Lot, Build a Home First-Time Homebuyer Program"},"content":{"rendered":"

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Own a Lot, Build a Home First-Time Homebuyer Program<\/h1>\n

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Are you a first-time homeowner looking to build your dream home on your own property?<\/h2>\n

The Virgin Islands Office of Disaster Recovery is excited to offer the Own a Lot, Build a Home Program, a new territorial lending initiative designed to help you achieve that dream.<\/h2>\n

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Program Summary<\/strong><\/p>\n

The \u201cOwn a Lot, Build a Home\u201d Program is a territorial lending initiative designed for first-time homeowners that will provide ten(10) year, zero percent (0%) forgivable mortgages for the construction of a new single-family dwelling. This program targets moderate income-eligible clients whose household incomes are based on 120% area median income for the CDBG-DR Housing Programs. The Program will work in collaboration with participating lending institutions to provide secondary financing based on the lesser of 50% of construction cost or the appraised value.<\/p>\n

What does the program offer?<\/strong><\/p>\n

This Program supports eligible applicants with a grant to provide secondary financing to build a first home on undeveloped land owned by the applicant. Financial support is provided for the construction of a single-family home on your existing undeveloped property\/land. Qualified applicants may be eligible for a 0% interest forgivable loan (grant) tailored to meet their specific financial needs. This funding is secured with a second lien and forgiven on an amortized basis over a 10-year affordability period (updated July 28, 2025)<\/strong><\/em>. The borrower\u2019s investment will be driven by the equity included in the land owned and the applicable closing cost. The program may pay for closing costs as needed.<\/p>\n

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What do we mean by undeveloped property\/land?<\/strong><\/p>\n

Undeveloped property\/land that has not been previously built upon. This type of land is in its natural state, free from any construction and infrastructure.<\/p>\n

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What are the other property requirements?<\/strong><\/p>\n