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VA Home Loan With Co-Borrower

by Willard
(El Paso, Texas)

My father is a disabled Vietnam vet that does not receive monthly VA benefits but is eligible for the VA loan. He does not recieve enough money to survive so I support him and my disabled mother. Would he be able to use his VA loan on a home with me making the mortgage payments? Since I support them, it is difficult to save up the necessary funds to make up a down payment. He wants to help in any way he can and thinks he can use the loan so long as I make the mortgage payments. Is this an option?

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VA Home Loan Answers
by: Jeffrey

Thank you for asking your questions about the VA Home Loan. Based on the details you offered, I will attempt to answer the best I can.

You state your father is a disabled Vet without any monthly benefits being paid to him. I'm assuming you have pursued this to make sure he's getting all the benefits he's entitled to by the government. I'm guessing he has some type of income, perhaps social security or disability income of some sort. It appears it may not be much and would not support a mortgage so you have to help him.

The VA loan does allow co-borrowers. In most cases they have to be the spouse or another Veteran that will occupy the home. Since they really want Vets to have access to this VA Home Loan they can make an exception to this rule.

The only problem with this is the fact that VA will only guarantee the eligible borrowers part of the loan. So what this means is if your father qualified for a VA Home loan, they would insure his part. You as a co-borrower would very likely have to live in the home and qualify for a mortgage also. The zero down payment part of the VA Loan goes away and you would have to come up with about 12.5% down payment to cover the part of the mortgage not covered by the VA.

You would be reviewed by underwriting just as carefully as your father. Based on your question, you indicate coming up with a down payment is not that feasible. So I'm sorry to say that in your situation, this may not work out.

I hope this helps, thanks again for visiting my website and asking your questions.

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