Omaha VA Mortgage CO-Signer Requirements and Regulations
VA Home Loan Co-Signer Requirements in
The VA Home Loan is one of the all-around best mortgage types you can get and if you are eligible due to your service but non eligible due to your credit history you may want to consider a co-signer. Having a co-signer may also help you to reduce your rates, and on other types of mortgages down payments. Before you do this you may want to get a professional opinion so feel free to call our VA loan specialist at (816) 945-9924 for free help.
Who can I use as my VA Home Loan Co-Signer?
- Your legally married spouse
- Another unmarried military member (if you are unmarried)
- Certain lenders may allow a unmarried non-military person
VA home Loans are known for their low qualification and credit score requirements. This is comparison to other mortgage types such as the FHA Mortgage and the Conventional Home Loan. Even with these lenient standards, some borrowers may need a co-signer to be approved and that is absolutely okay.
This changes of the VA Home Loan application a bit in Nebraska. Adding a co-signer as part of your Nebraska VA Home Loan can add extra complexities to a already confusing process, and just like always, Go VA Home Loans would like to simplify the process by answering common questions about VA loan co-signers.
Who is eligible to be a co-signer for my VA Home Loan?
The VA Home Loan guidelines provide you with a few options for obtaining a co-signer on your Department of Veteran's Affairs Mortgage. They allow your legally married spouse to co-sign on the mortgage loan with you.
They also have another unique rule for co-signing.
If you're unmarried but both in the military they are allowed to co-sign on the VA Home Loan with you.
What if I want an unmarried, non-military co-signer for my VA Home Loan??
In this scenario the Department of Veteran's Affairs will only guarantee the amount of the veteran's interest in the property. There are few Nebraska lenders that allow for this co-signer option. We recommend that you do a lot of research in this scenario and talk to the Omaha, Nebraska mortgage lenders about their policies.
Does having a Co-Signer Affect My Chances Of obtaining A VA Home Loan in Omaha, Nebraska?
Co-signing definitely brings up some flags for the mortgage brokers. Here's a quick list of things you should remember when adding a co-signer on to your VA home Loan.
- The Co-Signer's Financial Information and History Will Also Be Reviewed
- VA Loans Are Not Like Conventional Loan Types Where Eligibility Relies on Credit Scores of High Quality
- According The Department of Veteran's Affairs Guidelines Mortgage Lenders are supposed to look at the Recent 12 months and consider them "crucial." This is opposed to the actual credit score
- The option of using a Co-Signer has helped a multitude of people looking to obtain a Omaha, Nebraska VA Home Loan
- You should try to find a co-borrower that is a spouse, military member, or other high credited individuals
Call our home loan professional to find out more accurately how you should go about the Co-Signer process. (816) 945-9924.
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