The married spouse of a military member or veteran can co-sign a VA loan. WHAT DOES THAT MEAN? In practical terms it means that if you are not married – and the other borrower is NOT a veteran, you will not be able to borrow the maximum allowable VA loan of $417,000.
Again, two unmarried military members are able to co-sign on VA loans with full benefits. When a military member or veteran wants to bring an unrelated, non-military co-signer, the VA allows this with one major exception.
The VA Mortgage Loan guarantee is limited to the amount of the veteran’s interest in the property. Some companies won’t allow these types of “mixed” loans, so you are likely better off getting an FHA loan!
There are no PMI payments with these VA loans. PMI, or Private Mortgage Insurance, is required by most Banks, and is paid on a monthly basis. USDA Home Loan and FHA mortgages (for instance) both have monthly “Default” insurance charges. With VA loans, you don’t have to pay this! In fact, the Veteran’s Administration made the Guarantee Fee for Veteran Home Loans cheaper last year! (More Information on the Rates)
For more information about qualifying for VA Loans, please click here!
If you have questions about these and other homebuying options – contact Steve and Eleanor Thorne, Government Loan Experts!
Call us at 919-649-5058 – we LOVE working with Veterans, and we APPRECIATE your service!!
Hello. I was wondering if I had to be a veteran also because my fiance’ who is a vet and I are looking to buy a home and we wanted to know how to get started in the process
I’m not a vet but my fiance’ is. Can we still apply for a loan?
Yes! You can still purchase a home – we need to speak to you about your particular situation. Please call us at 919-459-1313
Tamara… you do not both need to be Veterans, only one of you needs to be a Vet. If you are going to be using your income to qualify for the mortgage, then you must be married. You can start the process, buy the home, get approved for the home – all before you are married, and then close as soon as the ceremony is over!
You start the process by speaking with a mortgage lender, who will take a loan application, and pre-qualify you for a home.
Most sellers want to know that you CAN purchase the home before they even let you inside to see if you like it!
So the first process is to speak with a lender. It will take about 30 minutes on the telephone… then as you get closer to purchasing a home, you need to meet with the lender in person. I personally encourage all first time homebuyers to go ahead and meet with us, skip the telephone “interview.” You have so many questions – let’s sit down and take an hour or so and make sure we’re meeting all of your needs, and future goals.
Hope that further answers your questions! We’d be glad to meet with you, just give us a call! 919-459-1313
Awesome blog! Subscribed on rss. Regular will read it. Good job.
Auto loans these days are a bit expensive, this is also a side-effect of the economic recession~*-