Non-Veteran Co-Borrower Mortgage Facts
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When planning to buy a home using a VA loan with a non-Veteran co-borrower who is not your spouse or a cosigner who will not occupy the home, many mortgage lenders will deny you. That may not be the truth with HomePromise. When applying for a VA Joint Loan for purchasing a home with us, almost anyone is acceptable as a cosigner with a Veteran as long as the cosigner meets VA credit history, debt to income ratio, and income requirements.
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Understanding the lending requirements for non-Veteran, non-spouse, and non-occupant co-borrowers with HomePromise
Co-Borrower Requirements For Joint VA Loans
Joint VA mortgage loans with non-spouse co-signers are still possible in 2021 even after the changes made by the Blue Water Navy Vietnam Veterans Act. A Veterans Administration mortgage where a Veteran and non-Veteran qualify for a mortgage together is called a joint VA loan. In 2021 it is possible for a Veteran and brother (or sister) to purchase or refinance a home together as long as the Veteran is the primary borrower and has meets VA credit underwriting guidelines. This is also possible when a Veteran buys or refinances a VA mortgage loan with a mother, father, daughter, son, or any other person – even including those who are not family members. The key is to find a lender who is willing to make a VA loan to a Veteran and non-Veteran combination. Many lenders won’t make these kinds of loans but you may qualify with HomePromise.
Can My Family Members Be On The Property Title?
Yes, this is possible. In fact, family members are not the only ones who may be able to be an owner or a home with a VA loan. Any person can join a Veteran in using VA benefits as either a borrower or merely a co-owner of the home. Many lenders won’t allow this but some do. The rules are somewhat complicated so it is important to find a lender who knows how to navigate the VA guidelines effectively regarding adding non-Veterans to the title of a home on a Joint VA Loan. When it comes to VA home loan applications, HomePromise is an expert in the process and is here to help Veterans use their VA benefits in this unique way.
What Is A Non-Occupant Co-Borrower?
A non-occupant co-borrower is someone who is a borrower on the loan application but does not live in the home securing the loan. The home is occupied by the other borrower or borrowers on the loan. The non-occupant is usually brought into the loan application process to help the Veteran occupant to qualify for a mortgage. Non-occupant co-borrowers are allowed on VA home loans even when most VA mortgage lenders will not allow them. HomePromise knows how to navigate the complex VA rules for non-occupant co-borrowers. Don’t let other lenders discourage you – it is still possible to buy or refinance a home with a VA loan that includes a co-borrower who will not occupy.
What Are The Joint VA Loan Cosigner Requirements?
If someone is going to cosign on loan documents for a Joint VA Loan, they must be 18 years or older. They do not have to be a spouse of the Veteran or a family member of the Veteran. For many years, lenders have told Veterans they can only have a spouse as a cosigner on a VA Loan. That’s not true. For VA loans, almost anyone may qualify as a co-borrower to repay the loan. Veterans need to find a lender with expertise in these kinds of VA loans. HomePromise has done many loans for Veterans where the co-signer is not a spouse or Veteran.
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