VA Thought of the Week: What is a VA joint loan?
Blog posted On April 29, 2019
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:
- The co-borrower can be anyone and does not need to be an owner occupant.
- The Veteran must qualify on an income basis for their portion of the loan.
- The income from the Veteran can be used to qualify for the non-Veteran portion, but not the other way around.
- The loan requires a down payment to cover the guaranty portion of the non-Veteran, generally 12.5% for a single non-Veteran.
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