Purchasing a multifamily home with more than four units: A Veteran co-owning a property with other eligible Veterans can have four residential units, one business unit and an additional unit for each participating Veteran.Combined resources: A Veteran might want to pool resources with a non-Veteran to afford a more expensive property that would be beyond their individual financial reach.If a Veteran plans to buy a home with a fiancé who is a non-Veteran and they want to close the loan before getting married, a joint loan would be necessary. Unmarried couples: A joint VA loan can offer the perfect solution for a Veteran and their unmarried partner to co-purchase a home while leveraging the Veteran's benefits.Purchasing with a non-Veteran friend or family member: A Veteran looking to purchase a home with a friend who isn’t a spouse or family member might opt for a joint loan.Let’s take a look at some common scenarios: Over a 30-year, this can make a significant difference in the amount of interest you’ll pay, as well as the total cost of the mortgage.There are certain instances when a joint VA loan may be your best choice. ![]() ![]() Lastly, VA loans often carry lower interest rates. Some lenders offer free credit counseling services, too, to help you get approved for a loan. The VA doesn’t require you to have a certain minimum credit score (although many lenders look for at least 620). Compare this to conventional and FHA loans, which require these premiums if your down payment is less than 20 percent.Īnother appealing feature of VA loans: You might be able to qualify even if your credit needs work. That’s because unlike other types of mortgages, you don’t need to put any money down to obtain a VA loan.Īlong with no down payment, you won’t need to pay for mortgage insurance on a VA loan, either. Benefits of VA loans for service membersĪ VA loan helps eligible members of the armed forces more easily buy, build or make renovations to a home. You can request this online, by mail or through your VA mortgage lender. If you meet these requirements, you’ll next need to obtain your COE. In addition, if your spouse died in the line of duty, you might qualify for a VA loan.
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