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Schaffer Mortgage Corporation

Schaffer Mortgage Corporation offers a wide variety of mortgage financing options! As the longest established on-island residential mortgage broker servicing the USVI, Schaffer Mortgage has a reputation for excellence in their profession. Bonnie Rapine (NMLS #286393), Nathan Purdome (NMLS# 586136), and the seasoned staff at Schaffer Mortgage will guide you through your purchase or refinancing transaction here on St. Croix. Mortgage brokers are also available on St. Thomas or St. John.  Schaffer Mortgage offers mortgages on 1-4 family homes and condos, and is well versed in FHA, Conventional, USDA and VA mortgages – making them highly recommended by Realtors and clients alike. Call Schaffer Mortgage first, for a smooth sailing mortgage experience!

Location: Island Wide
Phone: (340) 778-4444

About Schaffer Mortgage Corporation

What makes Schaffer Mortgage Corporation unique is that we specialize in US Virgin Islands mortgages. We are able to assist customers who are military service members, first time home buyers, as well as seasoned buyers looking for investment properties. We finance primary residences, second homes, investment homes, beach houses, condos, and retirement homes.

Are you ready to make your Virgin Islands dream home a reality? In the world of mortgages location matters, our lending environment in the USVI is as unique as the local culture and customs here. Getting a mortgage loan in the USVI can be a daunting task, while similar, they often differ considerably from the stateside mortgages you may be familiar with. Our highly knowledgeable, on-island team with over 30 years of combined USVI lending experience is available 24/7 to help guide you every step of the way.

Schaffer Mortgage Corporation originally began in Florida in 2002 and expanded to the U.S. Virgin Islands in 2004. By chance, owner Matt Schaffer decided to vacation on St. Croix and instantly fell in love with the island. Intrigued by the status of the Islands as U.S. Territories, he investigated expanding his business there and now almost 20 years later Schaffer Mortgage is the longest established on-island residential mortgage broker servicing all of the U.S. Virgin Islands.

In a world where time is precious, we've streamlined the mortgage process by upgrading to state-of-the-art loan origination software. Our online platform allows you to securely apply, upload documents, and track progress from home or while on the go. Data security? It's our top priority. Your information is encrypted and protected at every step. Our commitment to your privacy is unwavering. All while our dedicated mortgage experts are here to answer questions and provide guidance whenever you need it.

We don't just close deals; we open doors to dream homes and opportunities. We have seen it all, whether you’re a first time home buyer, need to refinance, or looking to buy your retirement home in the U.S. Virgin Islands we are here with the experience to help your transaction go smoothly. Our clients aren't just numbers; they're our neighbors in America’s Paradise. The relationships we've built extend beyond closing – we're here for your mortgage journey and beyond.

Request an appointment today!

The Schaffer Mortgage Team

Whether you're buying, selling, or refinancing your home in the Virgin Islands, you have a lot riding on your mortgage loan specialist. Since market conditions and mortgage programs change frequently in our tropical paradise, you need to make sure you're dealing with a local top rated professional who is able to give you quick and accurate financial advice. The Schaffer Mortgage Team has the expertise and knowledge you need to explore the many financing options available in the US Virgin Islands.

Ensuring that you make the right choice for you and your family is the Schaffer Team's ultimate goal, and they are committed to providing customers with mortgage services that exceed their expectations. We invite you to browse our website, check out the different loan programs they have available, use their decision-making tools and calculators, and apply for a loan in just four easy steps with the short form Application.

Bonnie Rapine

Branch Manager

NMLS# 286393

Phone:  (340) 513-7816


Nathan Purdome

Mortgage Loan Originator

NMLS# 586136

  (573) 528-3639


Our Team of USVI mortgage experts will work closely with you to help you understand your options and choose the mortgage that aligns with your financial goals.  Request an appointment today!

USVI Loan Programs

There are a number of different types of home loans available to you when purchasing or refinancing in the USVI. While you may be familiar with the stateside variations of these loan programs, they may have significant differences in the USVI. We've done our best to highlight some differences below but it is important to consult with us about program availability and the best mortgage options for your situation.

Conventional Home Loans

Conventional loans come in various types, including fixed-rate mortgages (where the interest rate remains constant) and adjustable-rate mortgages (where the interest rate can change over time). Conventional mortgages in the USVI require a down payment of at least 20% due to a lack of private mortgage insurance (PMI) available in the territories. Conventional loans typically offer a range of term lengths, such as 15, 20, or 30 years.

FHA Home Loans

FHA loans allow individuals who may not qualify for a conventional mortgage to obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements. FHA home loans are mortgages which are insured against default by the federal government through the Federal Housing Administration. One of the most notable features of FHA loans is their low down payment requirement, borrowers may be able to put down as little as 3.5% of the home's purchase price. While limited to the purchase of an owner occupied primary residence, being a first time home buyer is not a requirement. 

VA Home Loans

VA loans were designed to provide housing and assistance for veterans and their families. One of the most significant benefits of a VA loan is that eligible borrowers can often purchase a home with no down payment. Similar to FHA mortgages, VA loans are also insured against default by the federal government, because the mortgage is guaranteed lenders will offer a lower interest rate and terms than a Conventional home loan. To apply for a VA loan, you'll need to meet certain eligibility requirements, such as having a valid Certificate of Eligibility (COE) from the VA. The COE verifies your eligibility for the program based on your military service history. Additionally, lenders will still evaluate your creditworthiness and financial situation to determine your loan terms.

USDA Home Loans

A USDA Rural Development Loan is a type of home loan offered by the United States Department of Agriculture (USDA) to help individuals and families in rural and certain suburban areas purchase homes. One of the most attractive features of USDA loans is that they typically require no down payment. This can make homeownership more accessible for individuals who may not have substantial savings for a down payment. Despite common misconception these loans aren't just for farmers, anyone that meets the credit, income, and location guidelines can get one.

Jumbo Home Loans

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan. Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.

Not sure which loan is right for you? We're on-island, ready to meet and assess your needs. Our Team of USVI mortgage experts will work closely with you to help you understand your options and choose the mortgage that aligns with your financial goals.  Request an appointment today!

Mortgage Basics

Our Schaffer Mortgage Team has put together some great resources to get you started.  Jump in and get an overview on common mortgage terms, find out about appraisals, mortgage application requirements, refinancing and more!

Browse our Mortgage Basics page now! 

Loan Process

The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.  

Learn more about the Loan Process and Pre-Qualify now!

Mortgage Calculators

Find out how much home you can afford, what your mortgage payment will be, what's your APR, and more using our online calculators.

Learn more using our Mortgage Calculators!

Do you have more questions? We're on-island, ready to meet and assess your needs. Our Team of USVI mortgage experts will work closely with you to help you understand your options and choose the mortgage that aligns with your financial goals.  Request an appointment today!

Contact Schaffer Mortgage

Our Schaffer Mortgage Team is standing by to answer your questions, discuss your mortgage loan options, and find out which loan program will best suit your needs.  Contact us today!

Schaffer Mortgage Corporation
Phone:  (340) 778-4444

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