Asked by: Alvara Senosiayn
Asked in category: personal finance, home insurance, personal finance, home insurance
Last Updated: 7th Feb 2023

Can a VA loan have a co borrower?

No matter your veteran status, applying for a VA loan together with your spouse is the same as with other loans. Veterans. Except for a spouse , no civilians can co-borrow for an VA loan . You must also agree to live with the veteran who is a co-borrower.

This is not all. Can you have a non-occupant co-borrower on a VA loan as well?

Veterans have received their VA home loan benefits. Other loan programs allow you to take out a mortgage but not live on the property. These are called anon-occupant coborrowersa in industry parlance. However, VA loans do not allow co-signers.

The same goes for a child using a parent's VA loan. The short answer is no. VA loan rules state that benefits are only available to eligible veterans and their spouses, where applicable. Siblings, parents and dependent children are not allowed to receive the VA Loan benefit. This benefit is not transferable, unlike the Post-9/11 GI Bill.

Do borrowers need to be married to qualify for a VA loan?

According to the VA guidelines, legally married spouses of veterans can be co-signers for VA loans. Lenders can also include their income. These loans can be fully insured by the VA. The VA guidelines may allow a non-veteran co-sign for a mortgage loan but they do not guarantee the loan.

Is the VA open to unmarried co-borrowers who are not occupying the same property?

VA Loans and Coborrowers All coborrowers must meet the VA and VA-approved lender requirements, such as minimum credit score, debt to income ratio and other requirements. Non-spouse coborrowers are not prohibited by the VA.