Median Total Costs
$10,893
+63.1% vs national ($6,680)
↑ $1,548 vs prior year
Median Rate
6.990%
+7.7% vs national (6.490%)
Median Origination
$4,829
Purchase Originations
89
Denial Rate
5.0%
vs national avg (9.0%)
The U.S. Virgin Islands operates as a U.S. territory with its own legal framework that diverges from mainland state law in several areas. Mortgage foreclosure in the USVI is a judicial process, requiring lenders to file suit in the Superior Court of the Virgin Islands before proceeding with a sale. The territory uses mortgage instruments rather than deeds of trust. The USVI imposes a real property transfer tax, with rates and exemptions governed by territorial code rather than any U.S. state statute. Title insurance is available and title insurance rates in the USVI are subject to prior approval by the territorial insurance regulator. Closings in the USVI require involvement of a licensed local attorney. Prepayment penalty rules are governed by a combination of federal law and territorial statute. Buyers should consult a USVI-licensed real estate attorney given the territory's distinct legal environment.
HMDA 2024 data for the U.S. Virgin Islands reflects only 9 purchase originations, and no loan-type breakdown is available from that dataset. Given the territory's small loan volume and elevated median loan amount of $415,000, conventional loans are likely the dominant product, as USVI property characteristics and lender availability may limit FHA and USDA participation. VA loans may be available to eligible veterans and military personnel stationed in the territory. Buyers should confirm directly with lenders which loan programs are actively offered and underwritten for USVI properties, as some mainland programs have limited or no territorial availability.
Banco Popular de Puerto Rico
Banco Popular has a longstanding presence across U.S. Caribbean territories and is one of the more accessible institutional mortgage lenders operating in the USVI. Its regional footprint gives it familiarity with territorial property and title issues that mainland-only lenders may lack.
FirstBank Puerto Rico
FirstBank operates across U.S. Caribbean territories including the USVI and offers residential mortgage products adapted to the territory's distinct regulatory and property environment. Its regional focus means loan officers are more likely to have experience with USVI-specific closing requirements.
USAA Federal Savings Bank
USAA serves active-duty military and veterans, a population present in the USVI due to Coast Guard and other federal installations. It offers VA loan products that may be relevant to eligible borrowers in the territory, though availability of specific products in the USVI should be confirmed directly.
| Loan type | Volume | Median Rate | Median Total Costs |
|---|---|---|---|
| conventional | 70 | 7.125% | $10,105 |
Ranked by median total loan costs among lenders with 50+ purchase originations in VI.
No lender data available yet.
Closing costs in the U.S. Virgin Islands run meaningfully higher than the national average, driven by a combination of factors: limited lender competition in a small territorial market, attorney involvement common in territorial property transactions, title insurance complexity tied to USVI land records and land-title history, and logistical costs associated with appraisals and inspections in an island environment. Transfer taxes and territorial recording fees add to the baseline. Lender origination fees and third-party settlement fees are the line items most worth comparing across lenders. Because few lenders actively originate in the USVI, buyers have less ability to shop aggressively — making early, detailed Loan Estimate comparisons especially important where multiple lender options do exist.
Got a VI Closing Disclosure or Loan Estimate?
HMDA medians tell you what VI lenders usually charge. Upload your paperwork to see exactly how your quote compares — and get a ready-to-send negotiation email.
See VI closing cost details, fee benchmarks, and county comparisons → VI Closing Costs Guide
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Data source: HMDA Modified Loan Application Register 2025, published by the Consumer Financial Protection Bureau (CFPB).
Statistics reflect originated first-lien purchase mortgages on owner-occupied principal residences. Medians exclude loans with exempt or unreported fee disclosures. Learn more at ffiec.cfpb.gov.