VA loan question about qualifying

I just helped another client with exact scenario. If he wants to stay at $0 down then only a spouse could be on the loan with him. If someone other than a spouse is on the loan then he can only use half of his entitlement and then a down payment of roughly 12.5% would be needed in this example. You would be better off considering an FHA loan with 3.5% down and perhaps adding some down payment assistance if its needed to keep the out of pocket costs to a minimum. I would be happy to put some numbers together for both scenarios for you if it helps. Tsahc is offering 4% toward closing if your ok with a little higher rate. Another option would be to try and use Boarder income but there are conditions to using it: Temporary Boarder Rental Income Single Family Residence The verification of temporary boarder rental income requires the following: • Individual income tax returns, signed and dated, plus all applicable schedules for the previous 2 years, which show boarder income generated by the property, AND • The rental cannot impair the residential character of the property and cannot exceed 25 percent of the total floor area. Analysis of Temporary Boarder Rental Income • Include rental income in effective income only if the borrower has a reasonable likelihood of continued success due to the strength of the local market. Provide a justification on VA Form 26-6393, Loan Analysis. • PITI reserves are not necessary to consider the income, and all the income may be used in the analysis Feel free to reach out with any questions at all, Im always here to help. Rick Carrier - 281.767.6700 - www.CarrierMortgage.com

Your article is very positive

Thanks for know me about this !

First off, please thank your Father for his service to our country! Also thank you, I know it’s a “family affair” to have served!!! As many have stated, I agree that the best place to go is to a mortgage lender. A good lender will be up to date on all the programs available and a VA Loan MAY NOT be the best given your family circumstances. Should you need help in finding resources, let me know. I am happy to point you in the right direction.

Great question and the best route is to work with a good lender that can guide you through the process. I have one that could help you and your family would qualify for my Military Program as well where I give a portion of my commission back toward your closing costs. If interested in a brand new home, I know a builder that has a program that you may qualify for as well - zero down and almost no closing costs. We can compare all your options to see what works best for your family. I provide a Home Buyer Guarantee where I will buy your home back or sell it for free if you do not love it for any reason to provide a greater peace of mind to my clients. Minor conditions do apply. Feel free to reach out to me on my cell phone at 832-509-4100.

I would need to get a few more details before I could give you a definitive answer. But typically speaking, yes. However any income being considered can only be from a co-borrower. There are a few more caveats to this and some more details you may want to consider. I am a mortgage broker as well as a realtor. If you would like to discuss further feel free to email or call. Brandon@infiniterealtytx.com

Hello. My name is Rhonda Evans. I can he reaches at 832-844-0238. I would be honored to represent you as your realtor. Nevertheless, VA qualifying inquiries cos be answered by Sharon Victorian at +1 (919) 641-2576. She is a lender that specializes in VA loans, is located here in Houston, and comes highly recommended. Give her a call and put your new home journey in progress.

All the Best.

Mollie, this is a relevant and valid question! Co-signing along with your FIL might be a beneficial route for all of the monetary contributors of your family home. I'd advise you to work with a mortgage professional along with your agent to consult with you on the best strategy for your approach.

If you should need an agent, feel free to contact me 24/7. If I can not help you in the area you seek I am happy to refer you to the best team in your area.

Nikoya Jones, Realtor
Fathom Realty
832.294.3367

You need to talk to a Lender most of the Lenders do VA loans. If you need referral please let me know I have several Lenders that I can refer you.

Hi Mollie,
I am a VA Certified Realtor -- and I work with 2 lenders that provide cash back on closing to Veterans. I'd love to work with you and your family to find a new home.
Lauren Luneau
CENTURY 21 Realty Partners
LaurenLuneau12gmail.com
(832) 381-4120

Hi Mollie, I have a lender that can help. Contact me 281.773.3387 and I’ll help you with the entire process. Thank you!!

That's a great question, but I think it would be more in the purview of a mortgage professional. I have several that I work with that I could refer you to, if you would like me to provide them?

Hello, the best way to determine if you all qualify for a VA Loan, is to speak to a lender that specializes in this area. Would love to guide you in this matter, feel free to contact me at KurupKeys.com, thanks!

Hi Mollie,

Please tell your father we thank him for his service to our country.
I am a USAA Team A member and will be happy to guide you through VA loan requirements.
Please email me at: yvonnechauvin@yvonnechauvin.com.
And yes, your question makes sense, but I will need more information to provide you with the more accurate answer.
Thank you,

Yvonne Chauvin- REALTOR®
MCNE, CNE
Better Homes & Gardens Real Estate Gary Greene
YvonneChauvin@yvonnechauvin.com
Cell: 281-686-0143