Joint VA Loan

If you are a first-time homeowner, you will want to decide whether or not to have a co-borrower before you begin the application process. A co-borrower can be incredibly beneficial. By providing another person’s income and credit score, you may be eligible for much bigger loans with lower interest rates than if you applied by yourself. It’s also helpful if you have a credit score that is low, as your co-borrower will be able to supplement your poor score with a good one to balance things out. Joint VA Loans are available, but the stipulations vary depending on who is your co-borrower.

Spouse

The VA recognizes legally married spouses of veterans as eligible co-borrowers. For veterans who want a joint VA Loan with their spouse, the VA will guarantee the entire amount of the loan. You will both be required to provide all the necessary financial documents in order to qualify. Both you and your spouse will also be eligible for an IRRRL once you have obtained the loan.

Veteran

If you plan on applying for a joint loan with another qualified veteran, the guaranty will cover both co-signers. For two veterans on the same loan, the VA divides the entitlement charge equally between both borrowers.

Non-military

Having a non-spouse, non-veteran as a co-signer on a VA Loan is not unusual, but it does have some provisions to consider. With a non-veteran co-borrower, the VA will not guarantee their part of the loan. This can make it difficult to find a lender willing to issue the loan, as the co-signer will not be insured against foreclosure. In some cases, the non-veteran borrower will be required to provide a down payment on their half of the loan which is not guaranteed by the VA. The veteran must also prove they have sufficient income to cover their portion of the loan. Be sure to talk to different lenders to find someone who is willing to help you explore all your options.

Buying a new house is a huge commitment, both monetary and time-wise. For this reason, you need to make sure you completely trust your co-signer and be familiar with their financial background. You might want to consider having their credit checked a year before you decide to buy a house. This way you will have time to dispute the score or make any necessary adjustments. With that being said, having a co-borrower can help relieve the financial burden and make the whole process less stressful.

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VA Closing Costs | va loans | veteran mortgage | va home refinance

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