Can two unmarried people (a veteran and a non-veteran) co-sign on a VA loan?

2016-04-03T22:49:36-04:00

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.

Response by LTC Kevin B. made Apr 3 at 2016 11:16 PM

2016-04-03T23:16:55-04:00

It's possible, but the loan may come with restrictions. Here's an article that I found discussing your scenario.

https://www.veteransunited.com/valoans/lending-for-two-va-loans-and-co-borrowers/

Lending for Two: VA Loans and Co-Borrowers

When it comes to a VA mortgage, the requirements for individual borrowers can be simpler than those with co-borrowers. See this post for more information.

Response by CPT Mark Gonzalez made Apr 3 at 2016 11:31 PM

2016-04-03T23:31:25-04:00

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.

Response by Maj John Bell made Apr 3 at 2016 11:45 PM

2016-04-03T23:45:15-04:00

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

Response by CH (MAJ) Luke Phillips made Apr 5 at 2016 5:31 PM

2016-04-05T17:31:02-04:00

Cody, give me a call. I'm a VA Loan specialist with North American Savings Bank: [login to see] .