The VA guidelines recognize legally married spouses of qualified veterans as co-signors on
VA loans and can include their income. These loans can be fully guaranteed by the VA.
The VA guidelines will allow for more than one eligible veteran(s) to purchase a home.
If more than one eligible veteran is involved, VA divides the entitlement charge equally
between them, if possible. These loans can be fully guaranteed by the VA.
While the VA guidelines may allow for a non-veteran to co-sign for a mortgage loan, they will
not fully guarantee the loan. The VA Guarantee is limited to that portion of the loan
allocated to the veteran's interest in the property. That means the VA will not fully
guarantee this type of loan and our company cannot originate loans that are not fully
guaranteed by the VA.
FREQUENTLY ASKED QUESTION # 20 [ -more VA Loan questions- ] - - - - - - Q: VA Loans and Your Debt Ratio - How is my VA home loan eligibility determined?
A: To qualify for a VA home loan, you must fall into a certain debt ratio. Your income, credit card debts and the new indebtedness created by the VA mortgage are all tallied up to see where you land in terms of debt. The maximum debt ratio you may have and still qualify for a VA home loan is 41%. This is only one factor used to determine eligibility, the others include your reliable income and credit rating. If you are considering applying for a VA home loan, you may wish to make an appointment with a financial planner and debt counselor to see how you might improve your standing in advance of the application process.
VA Loan Rates
for 1/06/2009
30 year fixed
-----------------
0.000 points
5.000%
5.106% APR
15 year fixed
-----------------
0.000 points
6.500%
6.694% APR
