Non-Veteran Co Borrower Requirements For Joint VA Loans
Are you planning to buy a home using a VA loan with a non-Veteran co-borrower or co-signer who is not your spouse and who will not occupy the home? Many mortgage lenders will deny you. That may not be the case with HomePromise!
As a VA eligible borrower, Joint VA mortgage loans with a non-spouse co-signer is still possible even after the changes made by the Blue Water Navy Vietnam Veterans Act. A Veterans Administration mortgage where a Veteran and non-Veteran co-borrower qualify for a mortgage together is called a joint VA loan. 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 met 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 finding VA lenders 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 Family Members Qualify As Non-Veteran Co Borrowers?
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 having a good credit report can join a Veteran in using his or her VA benefits either by adding them as a co 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 co-borrower on the loan application but does not live in the home securing the loan amount. 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 Non Veteran Co Borrower Co-Signing 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 or family member of the Veteran or military member. 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. If you’re interested in refinancing or buying a house, contact us now to discuss your loan options.
For more information about interest rates, co borrower mortgages with us and non occupant co borrowers please call 800-720-0250 to speak with a mortgage and refinancing expert. You can apply for a VA loan over the phone. We also offer FHA mortgages!
I am an expert in the field of VA loans and mortgage financing, possessing comprehensive knowledge of the intricacies involved in joint VA loans, particularly those involving non-Veteran co-borrowers. My expertise extends to the latest regulatory changes, including those introduced by the Blue Water Navy Vietnam Veterans Act, and how they impact eligibility for VA loans.
The concept discussed in the article revolves around Joint VA mortgage loans, where a Veteran and a non-Veteran co-borrower qualify for a mortgage together. This arrangement is still possible under certain conditions, even when the non-Veteran co-borrower is not a spouse and will not occupy the home. The key factor lies in the Veteran being the primary borrower and meeting the VA credit underwriting guidelines.
The article emphasizes that HomePromise is a lender willing to make VA loans to Veteran and non-Veteran combinations, unlike many other lenders. It highlights the possibility of family members, such as brothers, sisters, mothers, fathers, daughters, sons, or any other person with a good credit report, qualifying as non-Veteran co-borrowers.
The term "Non Occupant Co Borrower" is introduced and defined as someone who is a co-borrower on the loan application but does not reside in the home securing the loan amount. This individual is typically brought into the loan application process to assist the Veteran occupant in qualifying for a mortgage. Despite the general reluctance of most VA mortgage lenders to allow non-occupant co-borrowers, HomePromise claims to have expertise in navigating the complex VA rules in this regard.
The article also touches upon the requirements for non-Veteran co-borrowers or co-signers. It clarifies that individuals cosigning on loan documents for a Joint VA Loan must be 18 years or older and do not necessarily have to be a spouse or family member of the Veteran or military member. The common misconception that only spouses can be cosigners on VA loans is debunked, with the assertion that almost anyone may qualify as a co-borrower to repay the loan. HomePromise claims to have successfully facilitated many loans for Veterans where the co-signer is not a spouse or Veteran.
In conclusion, the article urges interested individuals to contact HomePromise for more information about interest rates, co-borrower mortgages, and non-occupant co-borrowers. The provided contact number is 800-720-0250, inviting individuals to speak with a mortgage and refinancing expert and apply for a VA loan over the phone. Additionally, the article mentions that HomePromise also offers FHA mortgages, broadening the scope of mortgage options available to potential borrowers.
