Can Someone Else Sign on the Loan With Me
Not every VA loan has a single borrower. Many times the mortgage transaction will entail the use of a co-signer, co-borrower or joint applicant. The transaction is usually not as complicated with any scenario if they are a veteran of the U.S. military, or the spouse of a veteran. The transaction rules and regulations are the same as using the single borrower transaction guidelines. However, the co-signer or joint applicant scenario has different rules than the traditional borrower, co-borrower scenario. Therefore, it is important to understand some of the rules involved.
Co-Signer and Joint Applicant Information
Here is an example of a situation of a veteran who may need a little help with the use of a co-signer. If you have a son or daughter who are veterans and do not meet the eligibility requirements, you can help out as a co-signer. In this instance, the rules for co-signers require that your credit is satisfactory and the combined income of both applicants will be considered. Normally, there are very little restrictions on a traditional VA loan where the veteran meets all of the eligibility requirements. However, there is help to those veterans who do not quite have the credit and income strength. If you and your children are both veterans, it now becomes a joint application and your credit and income levels need only be marginal.
Looking to MortgageDepot for Help
If you are uncomfortable with the above scenarios, then contact us.We are a respected mortgage firm based out of New York. We have answers to all your questions related to VA Loans. There is a professional team standing by ready to help guide you by the hand through the loan process. Give us a call today and find out why we are so respected throughout the state of New York.