Conventional Mortgages
USVI Conventional Home Loans10, 15, 20, and 30-Year Fixed Mortgages
The Virgin Bay Advantage
Predictable, Stable Monthly Payments
Whether you are buying a primary residence in St. Thomas or a second home in St. Croix, a conventional fixed-rate mortgage offers predictable, stable monthly payments. Because we underwrite locally, we understand USVI appraisals, windstorm insurance, and property nuances better than anyone.
Local Expertise
Deep roots in the USVI market and an understanding of island properties.
In-House Underwriting
Every step under one roof for faster approvals and fewer delays.
Local Loan Servicing
We keep servicing your loan after closing, so you always deal with us.
How Conventional Loans Work in the USVI
In the mainland US, buyers often purchase homes with 5% or 10% down by using Private Mortgage Insurance (PMI). However, PMI is not available in the USVI. Because of this unique territorial nuance, conventional mortgages in the Virgin Islands typically require a 20% down payment to secure the loan.
Advantages of Using a Conventional Loan in the Virgin Islands
No Mortgage Insurance
You do not pay private mortgage insurance (PMI) if you put down 20% or more, which is a requirement in the USVI due to the lack of mortgage insurers.Lower Overall Costs
Interest rates and fees are often lower for borrowers with good credit scores vs. non-conventional mortgages.Higher Loan Limits
Due to higher property values in the USVI, conventional loan limits are higher than stateside. See below for maximum allowable loan limits.Flexible Property Rules
These loans have fewer strict rules on the condition of the home you want to buy vs. a government-backed loan such as FHA or VA.No Upfront Fees
You do not have to pay upfront funding fees like you do with some government loans.
Eligible Property Types
- Single Family Homes
- 2-4 Unit Multi-Family Homes (Live in one, rent the others!)
- Warrantable Condominiums (Learn about USVI Condo Warrantability on our Condo Portal)
Conventional Loan Limits
| 1 Unit | 2 Unit | 3 Unit | 4 Unit |
|---|---|---|---|
| $1,249,125 | $1,599,375 | $1,933,200 | $2,402,625 |
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Need a Lower Down Payment?
FHA Loans
Buy your island home with only 3.5% down. Flexible low down payment options for primary homeowners.
Learn moreUSDA Loans
St. Croix is highly eligible for USDA Rural Development loans, offering qualified buyers 100% financing (zero down payment).
Learn moreVI Slice Down Payment Assistance
Gap financing that turns into a forgivable grant after 10 years of primary residency, helping moderate-income Virgin Islanders overcome the 20% down payment hurdle.
Learn more
1-340-714-0033
contact@virginbay.com
A2-7, Red Hook Quarters, 6100, No. 2 Suite, St. Thomas, 00802
Mon-Fri: 9:00AM - 5:00PM
Sat: By Appointment
Sun: Closed
1-340-714-0033
Mon-Fri: 9:00AM - 5:00PM
Sat: By Appointment
Sun: Closed
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Location & Hours
6100 Red Hook Quarters
Suite A2-7
St. Thomas, VI. 00802
Mon-Fri: 9:00AM - 5:00PM
Sat: By Appointment
Sun: Closed
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