To qualify for a VA home loan, at least one borrower must meet the VA loan requirements.
If you are an eligible veteran and find yourself needing a co-signer, eligible co-signers may include:
- a legally married spouse
- an unmarried military member
- an unmarried non-military member *certain restrictions apply.
Having a spouse as a co-signer may be beneficial if said spouse has acceptable credit and debt-to-income ratio. A spouse may even help a veteran qualify for a larger loan. If the co-signer is not a spouse, his/her income may NOT be used for qualifying purposes.
There are circumstances where a co-signer may affect the changes of getting approved for a loan. Be sure to ask one of our loan specialist which option works best for your needs.
If the co-signer is not an unmarried military member or a legal spouse, there are certain restrictions that apply. Having only one VA approved co-borrower means a lender will only have a portion of the loan backed by the VA. The VA only guarantees the dollar amount of the veteran’s interest in the property. Usually, this option means a down payment will be required.
If you believe your loan might need a co-signer, call our loan specialists today!
