Step-by-Step Guide to Buying A Home With a VA Joint Loan
Welcome to our step-by-step guide to getting a VA joint loan! If you and a non-veteran (who is not your spouse) want to buy a home, this blog post is perfect for you.
We understand that navigating the world of mortgages can be daunting, but fear not! The VA Joint Loan Program offers special benefits and opportunities to help you achieve your dream of owning a home.
This article discusses VA joint loans. It explains the differences between VA joint loans and regular VA mortgages. It also explores the advantages and disadvantages of choosing a joint loan.
Overview of the VA Joint Loan Program
The VA Joint Loan Program helps military members and veterans achieve homeownership goals even if they have a non-veteran as a co-borrower. This is allowed even when the non-veteran is not a spouse of the veteran.
Many lenders don’t allow these kinds of VA joint loans. HomePromise has done many loans like this including when the non-veteran will not even occupy the home as their primary residence. Call HomePromise at 800-720-0250 to find out if you qualify.
“Our situation was a little unique and challenging but HomePromise made it happen.” – Tonya H.
VA Debt Consolidation Loans & Military Debt Consolidation
Even with the best of intentions, bills can start to pile up. From unexpected medical bills to high interest credit cards, debt can happen to anyone. Other expenses like college tuition, delinquent taxes, and second mortgages can also cause financial stress. For veterans and military families currently experiencing financial difficulties, VA military debt consolidation loans can help.
This program also allows two veterans or active-duty service members to apply for a mortgage loan together. They can pool their money, which increases their ability to buy a home.
A VA joint loan with two veterans lets both military members use their VA home loan benefits, which is a big advantage. This means each applicant can contribute towards the down payment, closing costs, and a portion of the loan payments when buying a home.
VA joint loans for two veterans don’t require the veterans to be married. But, military couples can obtain a VA joint loan due their VA loan entitlements and use their entitlement 50/50 or unevenly.
An uneven split of entitlement allows one veteran to use less of their eligibility to leave room for another VA loan in the future. You can even use your remaining eligibility in the future to have two VA loans at the same time.
Not requiring a 50/50 VA home loan entitlement split can also be beneficial when one veteran has a VA disability. The disabled veteran’s funding fee is waived on their part of the VA loan which can save thousands in closing costs.
Sometimes a surviving spouse of a veteran is eligible for a VA loan. Surviving spouses are also eligible for VA joint loans just like other eligible veterans or active duty members.
The VA Joint Loan Program is a good option for military couples, two military members or a veteran and non-veteran who want to purchase a home together. They can pool their resources to make this possible. This program also helps military personnel achieve the American dream of owning a home by offering flexible credit requirements and favorable terms.
VA Joint Loans vs. Traditional VA Mortgages
When it comes to financing a home with a VA loan, there are various options available Two popular choices are VA joint loans and traditional VA mortgages.
Traditional or regular VA loans are for a veteran or active duty service member and spouse. These loans allow you to use your eligible to buy a home but only you can be a borrower or you can add your spouse. But, traditional or regular VA mortgages don’t provide the same advantages as VA joint loans.
3 Huge Benefits of VA Joint Loans
- If your co-borrower isn’t in the military and is not your spouse, VA joint loans let non-veterans be co-borrowers including family members, friends and business associates. This helps to further assist you in purchasing the home of your dreams by combining income and assets. You may be turned down for a traditional VA mortgage when you will be approved for a VA joint loan.
- VA joint loans may have much lower closing costs than traditional VA loans. VA joint loans are often allowed a big discount on the VA funding fee which may save you thousands of dollars in closing costs.
- Another key difference between VA joint loans and traditional mortgages lies in the VA home loan eligibility requirements. Traditional mortgages require much more VA home loan eligibility. VA joint loans can cut your required eligibility by at least 50%.
So, every eligible veteran or active duty service member should carefully consider doing a VA joint loan instead of a traditional VA mortgage. The rules for VA joint loans can be confusing, call 800-720-0250 to get your questions answered.
How Do Military Couples Benefit from VA Joint Loans?
Can A VA Joint Loan Help Get Me A Bigger Home?
Yes it may! VA joint loans help military members finance their dream home, offering a special chance to secure funding. VA joint loans allow combining two incomes, making it simpler to qualify for a bigger loan. This can be particularly helpful for military members who may live in an area where homes are higher priced.
Can I Save Money On A VA Joint Loan?
In most cases, yes! Every VA home buyer pays a VA funding fee unless you have a VA disability. So, if you have to pay a funding fee, you will likely save thousands by doing a VA joint loan.
What Are Eligibility Requirements for VA Joint Loan?
VA joint loans offer flexible eligibility requirements. A VA joint loan can be made to a veteran and a non-veteran family member, friend or business associate. In fact, a VA joint loan can be made to more than just one non-veteran. A VA joint loan can be made to a veteran and two or more non-veterans. VA joint loan can also be used when two veterans want to use part of each of their VA eligibility to buy a home together.
Applying For A Joint VA Loan With HomePromise
When it comes to obtaining a joint VA loan, partnering with the right lender is crucial. HomePromise understands the unique requirements of VA joint loans.
With HomePromise, applying for a joint VA loan is a seamless and stress-free experience. Our experts will help you apply for a VA joint loan. They will make sure you have all the necessary documents and information.
To start your application, simply call HomePromise’s at 800-720-0250. Their friendly VA loan experts will be more than happy to assist you with any questions or concerns you may have. You’ll be assigned a dedicated VA loan expert who will work closely with both you and your co-borrower throughout the entire process.
HomePromise takes pride in providing personalized service to each and every client. They know that every military couple is different, so they listen to your goals and situation. HomePromise offers flexible options for buying your first home.
If you want to benefit from a joint VA loan, choose HomePromise as your trusted lending partner today. Call now at 800-720-0250.