Who Can Be On The Title On A VA Loan?
Only the following parties are permitted to appear on the title of a VA loan:
- The military member or veteran;
- A veteran or military member, as well as their spouse;
- Two veterans/military personnel; or
- If permitted, a veteran/service member and a non-veteran/service member, with a 12.5 percent down payment required to cover the VA guarantee deficiency.
The home must be the primary residence of all parties mentioned in the title.
Can a girlfriend be on the title on a VA loan?
If you’re in a domestic partnership or a long-term relationship but aren’t married, your spouse can only be a co-borrower if they’re a qualified veteran or current service member, according to your state’s regulations. If they aren’t, you’ll have to take out the loan as the sole borrower.
Can my fiancé be on the title on my VA loan?
A loan to a veteran and fiancé who plan to marry before the loan closes and acquire title as veteran and spouse will be treated as a loan to a veteran and spouse (conditional on their marriage), rather than a combined loan.”
Joint loans are designated for circumstances where the veteran is applying with one or more non-vets because they only insure the veteran’s portion of the loan. The two applicants are to be recognized equally depending on the pair’s legally married status in the instance of an engaged couple or one that is already married, according to VA loan standards.
How many borrowers can be on the title on a VA loan?
Simply, there can be only two borrowers on the title on a VA loan. A veteran and his or her non-veteran non-spouse partner. Any other borrower who is not eligible for a VA mortgage and one veteran with VA entitlements. One or more VA Home Loan qualifying borrowers and one or more non-veteran borrowers. Two borrowers who are not qualified and two borrowers who are using their VA Home Loan benefits.
Also, there are some specified requirements for it as well which include:
- One VA-eligible borrower + A non-VA eligible spouse
- Together with an unmarried, non-VA eligible partner, there is one VA-eligible borrower
- Two married or unmarried VA-eligible borrowers
No down payment would be required in any of the three scenarios.
Does the veteran have to be the primary borrower on a VA loan?
It’s no different than applying for a loan with your spouse as a co-borrower, regardless of their veteran status. With the exception of a spouse, civilians cannot co-borrow for a VA loan. You may also designate a veteran as a co-borrower if he or she intends to live on the property with you.
Can a non-spouse be on the title on a VA loan?
Neither a spouse nor another owner who is not listed on the mortgage or deed of trust will be able to take any legal title to the property. As a result, if a spouse or other owner does not wish to become liable for the mortgage, they must sign a deed of trust instead.”
Can a non-borrowing spouse also be on the title to a VA loan?
In general, yes. If the house isn’t in a community property state, the non-borrowing spouse can be listed on the title without having to reveal financial details. To prove ownership, he or she will need to sign title paperwork as needed by state law.
Can a veteran and non-veteran be on the title on a VA loan?
There are lenders who will make a “joint loan” for a veteran and a non-spouse, non-veteran co-borrower (including Veterans United). A combined VA loan is when a veteran takes out a loan with their brother, father, or unmarried significant other.
These possibilities are entirely plausible, but they differ significantly from a conventional VA purchase loan. Because the VA only guarantees the veteran’s portion of the loan, this is the case (half in most cases).
To get more information on VA Loans or to get Prequalified click Cain Mortgage Team or contact us today at 803 261 9267!