Great News!

The VA just announced (3-that they are now allowing unmarried and non-veteran co borrowers!

Background:

Previously VA loans were limited to the Veteran and spouse only. If the Veteran was unmarried, we were not allowed to use the income from a partner or co-borrower which reduced the ability to qualify.

Conditions:

• Purchase or rate and term refi only (no cash out or IRRRL)
• 12.5% down payment needed.  Half of the VA guarantee.
• VA funding fee (if not exempt) is 50% of full amount.
• Veteran must still have ability to repay their 50% of mortgage payment.

There are some pros and cons, but I believe the change is ultimately beneficial!

NOTE: 100% financing still available for Veterans alone or married spouse.

Get the word out and please feel free to reach out with any questions, any time!

Mike