VA Home Loan Eligibility
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
Can I get a joint VA loan with someone?
On the topic of VA mortgage eligibility, many people wonder whether it's possible to get a joint VA loan with a non-military person. This is not a simple yes or no question as there are several scenarios that apply.
The first situation involves a legally married spouse of a veteran. Yes, the spouse can co-borrow on a VA home loan if occupying the home, and his or her income can be considered for qualifying purposes.
The second concerns two members of the military. Whether married or unmarried, two military members can co-borrow on a VA loan if both will be occupying the home. Their entitlements are divided equally.
The third scenario is when a military member brings an unrelated, non-military cosigner to the equation. In this case, the VA will only guarantee the veteran's interest in the property. Most lenders consider these partial-guaranty loans too risky. Therefore, joint loans with non-military members might best be made with an FHA loan for some similar federally-backed benefits like a low down payment and relaxed qualifying standards.
If you have any questions about getting a joint VA loan, you can get answers directly from a VA mortgage professional.
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