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Co-borrowers and VA Loans

By: Grant Moon 10/20/13 08:55 am

Co-borrowers and VA Loans

Veterans have earned their VA home loan benefit. The zero down, low closing cost mortgage is the most competitive program on the market for those who qualify. But does the veteran have to qualify individually or can a co-borrower help out?

VA loans require that the lender verify the veteran has sufficient income to cover the new mortgage in addition to existing credit obligations. But if the veteran can’t qualify individually, a co-borrower can pitch in. In this instance, it’s the spouse of the veteran that can help. In fact, all family members who are on the mortgage application can supply evidence of monthly income to help qualify for the new home loan.

A family member who does not and will not live in the property cannot help the primary borrower qualify. This person, typically identified as co-signer, cannot help out. There are other loan programs that do allow someone to go on the mortgage and not live in the property to be financed and are called “non-occupant co-borrowers” in industry parlance. But VA loans do not make allowances for co-signers. Everyone on the mortgage contributing income must live in the home.

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