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Apply For A Joint VA Loan

Apply today for a joint VA loan with a co-borrower who is not a Veteran or spouse. The co-borrower does not even have to occupy the home with the Veteran!

Call now: 800-720-0250

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The Advantages Of A Joint VA Loan

If you’re a Veteran and want to apply for a Joint VA mortgage with someone who is not your spouse, then a HomePromise joint VA loan might be the right way to go. The HomePromise joint VA home loan program allows eligible Veterans and active-duty military members to apply with a joint non-veteran co borrower who is not a spouse. 

A joint VA loan is a mortgage for eligible veteran borrowers or active duty servicemembers to purchase a home with another VA eligible borrower or non-veteran co borrower. It’s important to understand that the Department of Veteran Affairs considers it a “joint” loan only when both a Veteran borrower and another non-veteran non-spouse borrower are both obligated for the VA loan. Active-duty military members, veterans and surviving spouses can take advantage of this HomePromise VA joint loan program.

Most lenders won’t allow these kinds of loans and will not allow Veterans to purchase a home with a sister, brother, mother, father, son, cousin, grandfather, or daughter. For VA eligible borrowers, this program is fully available with HomePromise and, with no restrictions on who may be a co borrower of the Veteran as long as the co borrower is 18 or older, is a citizen or permanent resident and qualifies based on standard VA guidelines applicable to Veterans.

When applying for a joint VA loan with a non veteran co borrower, your VA loan benefit entitlement applies only to you. Your entitlement is the only portion of the loan that the VA will guarantee to your lender if you ever default on your loan. With your full entitlement, the VA guarantees up to 25% of your portion of the loan. 

Call HomePromise today at 800-720-0250 to find out about all of the unique ways you may qualify for a VA loan with a co-borrower who is not a Veteran or spouse.

When Should You Apply For A Joint VA Loan?

A joint VA loan is for Military members and Veterans in these scenarios:

Not enough income to qualify on your own.

If you apply for a joint VA loan with another eligible military borrower or non veteran co borrower or even a non-occupant co-borrower then, your cosigner will help you qualify using their income.

If you have a high debt-to-income (DTI) ratio.

Most lenders prefer your debt-to-income (DTI) ratio to be no more than 41%. All of your debt will count to lenders, including student loan payments. When applying with another eligible Veteran or non-Veteran borrower with less debt or a higher income, this helps bring down your DTI.

If you already purchased a home with your VA loan benefit.

If you already purchased a home using your VA loan home benefit and need to buy a new home before selling, your VA loan entitlement will be reduced. Depending on your unique circumstances, your entitlement may even be eliminated when looking for a second VA loan. But, with partial entitlement remaining, borrowing with another eligible veteran or military member co borrower with full entitlement helps ensure the VA guarantees your second VA loan.  This is also considered a VA joint loan which is also allowed by HomePromise.

Types Of Joint VA Loan Co Borrowers

When it comes to joint VA loan applications, you have the option to add a spouse as a cosigner with other lenders but, with HomePromise, military members and Veterans have more joint VA loan options to choose from. We accept joint VA loan applications with both military and nonmilitary co borrowers.

 

For example, the mortgage can be divided between two military borrowers using both of their entitlements. Or we will accept applications where a military member or Veteran uses his or her entitlement while a non-spouse family member’s income helps to meet the DTI qualifications.  Understand that when applying for this type of loan, the eligible military borrower must be earning enough income to cover the their portion of the loan.

 

Apply now for a joint VA loan with your mother, brother, sister or almost anyone. Give us a call at 800-720-0250 to learn how you can qualify in no time.

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PurchaseRefinance

“I just want to thank you very much for your work to help us refinance our loans. I know you had to do so much work for us and we really appreciate it. If I know anyone who wants to buy a home or refinance I will do my best to refer you to them. Again, thank you very much.”

Mary from Hanover, PA

“My mother recently had a refinance with HomePromise. The process was easy for her (and I) to follow. The loan representative, Chris Gaus was very helpful and responsive for the entire process and explained everything. I would definitely recommend this company.”

Dorothy from San Diego, CA