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VA Loan with Co-Borrower

by Harold U
(Palm Coast Florida)

We own our home outright. According to Zillow it is valued just over 153,000.

I am retired from the US Navy (20) years and have never used my VA benefits.

Our daughter is getting divorced and moving close to us and wants to buy a home.

As a co-signer can I get a VA home loan and have both hers and my name on the mortgage?

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VA Home Loans
by: Jeffrey

Hello Harold,

Thank you for visiting my website and presenting me with a question.

Your situation is rather unique. I did a bit of quick research and to the best of my knowledge, VA Loans are for borrowers that will occupy the home.

It appears to me from what you stated that you do not intend to occupy the home, but only co-sign with your daughter and she will be living in the home.

This presents some problems meeting the lender guidelines. Since you're the veteran the loan program is for you and not for her.

Now since you tell me that you're personal residence is paid for and has good value, you could consider another option.

If you think your daughter will qualify for a mortgage, which means she would have a credit score of 620 minimum, you might consider using the FHA loan program.

That program would allow you to gift here the down payment money and all she would need is 3.5% money down.

Or for that matter, even a conventional loan if hers and your scores are high enough like 680+.

If you (a co-borrower) do not live in the house, most lenders will require a larger down payment, like 20% down.

You could use an equity loan on your personal home to help with this. It's true, you would have two loans, but at least this way you can help your daughter establish credit, avoid PMI and have a lower house payment.

I hope this makes sense what I'm saying. I try to explain things in layman terms.

Feel free to ask further questions.

Regards,

Jeff

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