Financing in Flint>Question Details

Aiko, Home Buyer in Michigan

My father is going to co-sign on my mortgage. He's a veteran. Can we qualify for a VA loan?

Asked by Aiko, Michigan Sun Apr 6, 2014

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Hello, Aiko,

The answers below about your father having to occupy the property are correct. However, even if he does, you will only get the benefit of one half the VA entitlement if you are on the loan as well. (essentially meaning that you will have to make a down payment of 12.5% of the purchase price of the home.

If he will not occupy the home, or you can't make a down payment of that much, I have the FHA program that allows a co-signed to not live in the house, but I also have a conventional loan that allows a co-signer to not live in the house. (not all lenders appear to be offering this program)

Please make sure that you speak with an experienced lender who will lay out various options and intelligently discuss the pros and cons of each with you.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
1 vote Thank Flag Link Mon Apr 7, 2014
Hi Aiko,

If you are not a veteran, your father would have to occupy the property as his primary residence and be the primary borrower, not a co-signer.

Best regards,

Elva Wormley
Mortgage Consultant
(408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS 331981
1 vote Thank Flag Link Sun Apr 6, 2014
The answer below is correct. Your father would have to occupy the home for V.A. however FHA allows for non occupied borrowers.

Call me 734-755-1064
0 votes Thank Flag Link Mon Apr 7, 2014
Yes, but he would need to call a local loan officer to get pre-approved. He may have to occupy or homestead the property per VA guidelines, but again that would be a lender question.
0 votes Thank Flag Link Sun Apr 6, 2014
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