Twitter Facebook LinkedIn Instagram
Phone 1.615.567.8866
Warning Icon COVID-19 FAQ
LEADERSHIP OUR STORY CMG CARES CONTACT
CMG NEWS
Menu Close CMG Logo START

BlogMORTGAGE BLOG

Search

VA Thought of the Week: What is a VA joint loan?

Posted On April 29, 2019

CMG Image

Did you know that a Veteran can buy a home with a person that is not a Veteran and not their spouse?  It’s called a VA Joint Loan. 
 
The four things you need to know about this type of loan are:
 
  1. The co-borrower can be anyone and does not need to be an owner occupant.
  2. The Veteran must qualify on an income basis for their portion of the loan.
  3. The income from the Veteran can be used to qualify for the non-Veteran portion, but not the other way around.
  4. The loan requires a down payment to cover the guaranty portion of the non-Veteran, generally 12.5% for a single non-Veteran.