The Lot Sale Program provides first time home buyers with the opportunity to purchase land developed by the Authority and sold for less than market value.
The program also provides the financing for land sold by the Authority as well as for lots sold on the open market. Under the lot sale program first time home buyers may secure property to build their first homes.
Eligibility Requirements
- Must be a first time home buyer.
- Must meet established income requirements.
- Must be a resident of the Territory for the last three years.
- Must have the ability to make a minimum earnest money deposit of $500. For qualified veterans, no earnest money deposit is required.
- Must be pre-qualified for a mortgage loan based on nationally accepted underwriting standards of FHA/VA/Conventional Mortgages.
- Must attend VIHFA’s Home Buyer’s Education Program and earn a Certificate of Completion.
- Must occupy the property as your primary residence.
How to Apply
- Complete VIHFA application.
- Call for a pre-qualification interview.
- Pay priority fee of $100.00. Veterans pay $75.00.
- Enroll in the Homebuyer Education Course.