July 12, 2001 – Recognizing that finding the means to acquire an ideal property is not an easy task, FirstBank has announced the opening of its new Mortgage Loan Center in the Port of Sale Mall. The new Mortgage Loan Center is the latest addition to the bank's growing network of banking facilities in the territory.
The new FirstBank Mortgage Loan Center is designed to make the bank's extensive mortgage banking expertise more accessible to Virgin Islanders and, in turn, to foster further economic activity throughout the territory.
The new facility will offer Conventional, Home Equity, Land, FHA, Veterans and Rural Development Loans at competitive rates, thus providing a full range of options for existing and potential homeowners.
With conventional, long-term loans, Virgin Islanders will be able to purchase or refinance properties to be used as a primary home, a second home or for investment, choosing repayment terms that range from 15 to 30 years.
For a primary residence or second home, financing up to 80% of the appraisal or purchase price is available. Investment properties may be financed up to 75% of their appraised value or purchase price.
FHA loans offered combine the benefits of federal government security and the option to finance most of the investment, thus minimizing down payment requirements. For purchase transactions, these loans provide financing up to 97% of the contract sales price, subject to the maximum allowed by the Federal Housing Administration for the territory. For refinancing, FHA loans
are available for up to 85% of the appraised value, subject to the maximum allowed for the area. FHA loans may be repaid over a term of up to 30 years.
Veterans, reserve personnel, or eligible members of the National Guard can buy or refinance primary homes with a guarantee by the Veterans Administration through a veterans loan. This type of loan allows the buyer to finance 100% of the sale price or the value of a property, up to a maximum of $203,000, repayable in 15 or 30 years. If refinancing, this type of mortgage provides up to 90% of the appraised value of that property, for a period of up to 30 years.
Rural Development Loans, formerly known as Farmer's Home Loans, allow the potential buyer to finance up to 100% of the value of a rural home, with a 30-year repayment plan.
FirstBank noted that with new lower interest rates, the timing is perfect for the opening of its VI Mortgage Center. Anyone interested in identifying the alternative that best fits their family's needs may call the center at (340) 774-4800 ext. 257, 246 or 232.
FirstBank is an Equal Housing Lender.
