final-house11

Can an eligible veteran/active duty VA buyer include his/her non military spouse’s income on a 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.

However, if a couple is not married, they may not be able to include this  income for a VA Loan.  Unlike FHA loans, the VA Loan does not allow a non-spouse as a co-borrower.  However, there is a process known as a “joint loan” in conjunction with a VA loan to allow a co-borrower who is not VA eligible and is not a spouse.  The service member is also allowed to receive gift funds for a VA Loan from “friends and family,” which could include a significant other while not married.  If a couple is not married, but both are eligible veterans, then they can purchase a home together with a VA Loan.

Also, it is important to note that even if not considering a spouse’s income for a VA Loan, the spouse’s credit must be pulled to check for any judgments against him/her.  These judgments will have to be paid prior to closing escrow on the purchase.

The Chapman Lending Team at HomeBridge Financial is honored to help dozens of veterans utilize their VA home loan benefit each and every year.  We ARE NOT a call center.  Our goal is to provide the best customer service in the industry along with the most competitive rates and fees.

Other VA Loan Questions:

Semper Fi, Dan Chapman CAPT, USMC (vet)

Please enjoy the series of articles, and email with any questions at all.

ChapmanTeam@HomeBridge.com

Get a Free Rate Quote  –  Start an Online Application

DanChapman_webTop1Percent

About the author:  Dan Chapman is the branch manager at HomeBridge Financial Services in North County San Diego, CA.  HomeBridge performs VA loans in 46 states.  Dan is a Naval Academy graduate, served as a Captain (O-3) in the Marine Corps, and is a Operation Iraqi Freedom veteran.  He has been focused on helping active duty military and veterans attain the dream of home ownership since 2007.  He is actively involved in several local veteran causes and performs VA loan seminars throughout greater San Diego on a monthly basis.  For a free consultation, please contact us anytime.

Related Articles

The Department of Veterans Affairs can now back loans that exceed the conforming loan limit.  A bill eliminating this cap was signed into law by President Donald Trump on June 25th, 2019. [caption id="attachment_124871" align="alignright" width="300"] VA Loan Caps Could be Gone in 2020[/caption] The Blue Water Navy Vietnam Veterans Act allows…
Read More of the post Bill Eliminating VA Loan cap signed into law

Most veterans know they can purchase a home with ZERO down payment with a VA loan.  However, when refinancing with a VA loan, can one pull out 100% of the home's value? The short answer is yes, however, it does depend on the lender.  Many lenders have "overlays" capping the…
Read More of the post VA Home Loan 100% Cash-Out Refinance: How it Works, Get Rates and Apply

The 2019 VA Home Loan County Limits have been released. [caption id="attachment_108511" align="alignright" width="300"] 2019 VA Loan Limits Announced[/caption] For 2019, the ZERO down payment limit will increase to $484,350 for most counties. For some "high-cost" counties (table below) such as San Diego, the limit has increased from $649,750 to…
Read More of the post 2019 VA Home Loan County Limits Released

THE TAX BENEFITS OF BEING A HOMEOWNER When purchasing or selling a home, one should consider the many tax benefits.  Buying a home is usually the biggest investments a person will ever make. Due to various tax benefits put in place by the government to encourage consumers to purchase homes,…
Read More of the post But BAH Is Not Taxed, Can I Still Write All This Off On My Taxes???