Posted on Apr 3, 2016
Can two unmarried people (a veteran and a non-veteran) co-sign on a VA loan?
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Can you purchase a home using a VA loan with two un-married parties on the loan? Example, I qualify for a VA loan, I plan on living on the property but I have a friend who is willing to be on the deed and loan to rent out his "room". Is this possible or should we pursue a different type of loan.
Guidance
Department of Veterans Affairs (VA)
Money
VA Loan
Posted 8 y ago
Responses: 4
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Shit, I'm sure they would love a co-signer, but you should think awfully hard about it. There is no telling where your buddies career will be several years into the future. Maybe you can work out a contract between the two of you where at certain gates he earns equity into your home, but I just couldn't see doing 30 years with a friend due to unknowns. Good luck.
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SPC(P) (Join to see)
I wouldn't plan on living in the residence for more than 5 years... I would use that extra money I would be spending on this property on other investment opportunities (my businesses)
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PO2 Jeffrey Sheibels
If you are doing this as an investment property there are other requirements that need to be met. I would find someone who works for a financial institute that has extensive knowledge and experience with VA home loans.
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PO3 Jody Wangen
if they want to co-sign as rent skip that. get the loan in your own name and make a lease with your friend where they pay you rent plus utilities.. having them co-sign does not make them responsible for the loan unless you do not pay. talk with a loan specialist.
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Cody, give me a call. I'm a VA Loan specialist with North American Savings Bank: [login to see] .
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There is such a thing as co-signing a loan. But the cases I'm aware of are usually small short term loans to people that have not established enough credit history on their own. For a definitive answer, talk to the lending institution that you plan to use when you apply for a VA loan
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PO2 Jeffrey Sheibels
You can have a co-signer on any loan. There are a number of reasons that there would be a co-signer. I would have my wife, for example, co-sign on my VA home loan because if I were to die before her the bank could take possession of it and sell it because she isn't named on the loan. Another example of it is because your income is too low for the amount of the loan you are asking for. Another example, is that your credit score is too low to qualify by yourself for the loan. You can have anyone you want be a co-signer on any type of loan out there. Doesn't mean you should have one. If you have a home loan, just make sure you have a will with a section that says what is to happen with that property in the event of your death.
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