Quick Answer: Who Can Co Sign On A VA Loan?

What documents do you need for a VA loan?

Documents for VA Loan PreapprovalCopy of government-issued photo ID;Copies of pay stubs;W-2 statements and federal tax returns from the last two years;Divorce decree and/or child care statement specifying costs..

How does a VA loan work with bad credit?

VA loans have a no-down payment feature, but borrowers with bad credit may be required to make a down payment as a condition of loan approval; this is one example of a compensating factor the lender may allow for a bad credit borrower who seems like an acceptable credit risk but simply has some past credit mistakes …

Can I use my VA loan to buy a house for my parents?

Eligible borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage.

Who can cosign on a VA loan?

Cosigners Must Be Qualified for a VA Loan However, if you’re buying a house with a veteran home loan, your co-signer must also be a qualified borrower. This means your co-signer must be a qualified spouse or a current or former member of the armed forces. If you’re married, your spouse must be your cosigner.

Can unmarried couples get a VA loan?

VA Loans and Co-Borrowers The VA doesn’t expressly prohibit non-spousal co-borrowers. In those instances, the agency tells VA lenders that it will only guaranty the eligible borrower’s portion of the home loan. That leaves a chunk of the mortgage without the government backing the program relies upon.

What is the minimum credit score for a VA loan?

between 580 and 620A minimum credit score between 580 and 620 is typically needed for veterans and military personnel seeking a VA loan.

What are the income requirements for a VA loan?

No, the VA does not limit income for qualifying VA loan borrowers. Other government-guaranteed mortgage programs can set a maximum income amount to qualify for specific loan programs but the VA has no such requirement.

Can my daughter use my VA home loan?

Dependent children of veterans cannot have the VA home loan benefit transferred to them. Neither can non-dependent children. In short, the VA home loan benefit does not extend to the children of veterans and service members.

Can you have a co applicant on a VA loan?

A joint VA loan is a home loan backed by the U.S. Department of Veterans Affairs for a military borrower and one or more additional co-borrowers. The other borrowers don’t have to be in the military, but they can be. If multiple military borrowers are involved, they can also use their entitlements.

Can family members qualify for VA loans?

The short answer to this question is no. VA loans are generally for only the veteran, veteran and spouse together or the surviving spouse of a veteran under certain circumstances. Some non-veterans are allowed to apply. The VA official site describes who may do so under the current rules of the VA loan program.

Can I put my girlfriend on my VA loan?

girlfriend, boyfriend, significant other) who is not his or her spouse in obtaining a VA loan? Yes, but the guaranty is based only on the veteran’s portion of the loan. … Unlike other loans, the lender must submit joint loans to VA for approval before they are made. Both incomes can be used to qualify for the loan.