Frequent question: Can I use my dad’s VA loan to buy a house?

Can you use your parents VA loan to buy a house?

Unless they remarry after the age of 57. However, disabled adult dependents of veterans are not eligible to use a VA loan. Therefore children, cousins, parents or siblings can not use the VA loan either.

Can a VA loan be transferred to a child?

No. The children of veterans, deceased veterans and service members are not eligible for VA loans. In addition, preexisting VA loans may not be transferred to the children of veterans, deceased veterans or service members.

Can I take over my dad’s VA loan?

Veterans with VA mortgages can have their VA home loan assumed by someone else, also called a VA loan assumption. If your plans, goals, or needs changed and you need to get out of a VA loan one option is to sell your home but an alternative option is an assumable mortgage, a buyer takes over the loan.

Does the veteran have to be the primary borrower on a VA loan?

There are lenders out there (including Veterans United) that will make a “joint loan” for a veteran and a non-spouse, non-veteran co-borrower. … With joint VA loans, the non-veteran co-borrower will often need to make a down payment to cover their portion of the loan.

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Can I get a VA loan if my dad is a veteran?

In that vein, we commonly get asked, “If my father was a Veteran, can I get a VA loan?” Or, “Do you have to be a Veteran to get a VA loan?” The short answer is, you can’t get a VA loan as a non-Veteran. You must serve or previously served in the U.S. Military and meet the VA’s length of service requirements.

Can I put my girlfriend on my VA loan?

girlfriend, boyfriend, significant other) who is not his or her spouse in obtaining a VA loan? Yes, but the guaranty is based only on the veteran’s portion of the loan. … Unlike other loans, the lender must submit joint loans to VA for approval before they are made. Both incomes can be used to qualify for the loan.

What’s the minimum credit score for a VA loan?

There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile.

What happens to a VA loan if the borrower dies?

According to the VA official site, the surviving spouse, where applicable, would assume the debt. … In cases where the borrower dies but has no co-borrower or surviving spouse, the veteran’s estate would be responsible for the VA guaranteed mortgage.

What are the negatives of a VA loan?

What are some of the disadvantages of a VA loan?

  • You will be required to pay VA funding fees. …
  • Consider the total cost of loan compared to total cost of house. …
  • Manufactured homes may require a minimum down payment and may not be eligible for a 30-year term.
  • You cannot use a VA loan for rental properties.
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Can you take over a VA loan?

There is paperwork, but it’s specifically designed for a VA loan assumption. VA loan assumption isn’t restricted to active duty members and veterans. Anyone who the lender deems qualified to take on the payment amount is eligible to take over the loan.

Can I use my spouse’s VA loan?

YES YOU CAN! Even if the spouse is not VA Loan eligible, you can use their income to qualify for a higher loan amount. … Unlike FHA loans, the VA Loan does not allow a non-spouse as a co-borrower.