Financing in 57105>Question Details

Amy, Home Buyer in 57105

My fiance is eligible for the VA loan, do we need to be married in order to apply for the VA loan? Or can we apply and close after we are married?

Asked by Amy, 57105 Sun Feb 13, 2011

We are in the process of looking at houses right now. We want to do the VA loan, but we aren't sure if we can apply for it now and have me a co-signer since we are not married yet. We are getting married this summer...would we have to wait til after we are married to even apply for the VA loan? Or can we apply for the loan, get pre-approved and then wait to do all the final paperwork after we are marrieD?

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Amy, I hope you two have a great marriage and a happy life. Two big things in one year, getting married and getting a new home. Also, tell your future husband thanks for protecting our country. The first thing is to find lenders that know how to do a VA loan. I can refer you to a couple I know that are very good at VA loans. Every situation is different. Have the lender look at both of your credit and debt. Sometimes putting everything together might hurt your income to debt ratio. A good lender will tell you if your husband should do it by himself or with both of you. Be sure to shop around on lenders too because some do charge higher rates. make sure they give you a GFE (Good Faith Estimate) of what all of your charge are so you know what your payment will be per month Once you get that pre-approval letter and know how much you can go up to n a house that is when you start looking for that dream home.

I tell people right away, do not get the first house you see, take a look at all kinds of house, styles, area, and prices for all are very different. Find the house that both of you like that fits what you are willing to pay each month.

I wish you two the best of luck. If you need any help please contact me anytime.

Exit Realty Connection
Tony Cady
605-753-3948 Office
605-237-1421 Cell
2 votes Thank Flag Link Sun Feb 13, 2011
Per VA Underwriting guidlnes, you can have a owner-occupant co-borrower that is not a spouse and is a non-vet but the combination of entilement and down payment must equal at least 25%. This generally means you might need to have a bit of a down payment. There is a calculation that is used to determine how much, if any downpayment is required. Any joint loan with a co-borrower that is not a spouse must be prior approved by VA after the appropriate level decisioner ( underwriter ). So while I hate to disagree with my esteemed colleagues, you can have a non-spouse owner-occupant, you just might need to have a down payment. If you are looking for 100% financing, being married is your best option.
Thanks,
Mtg Guru at your service. Carry on.
1 vote Thank Flag Link Tue Apr 26, 2011
Amy,

Ken Rusten, Larry Luetke, and the others who gave you the advice on starting the application process now, then waiting until after marriage to both close on the VA home loan is correct. It is simple to apply together to get a good idea of what you and your fiance' can afford so you can begin looking sooner than later. There are several grants and other programs available at this time that may make it advisable to apply for a home loan sooner than later. Give me a call or email if you have any other questions.

Craig Markhardt
Mortgage Banker
Advana Mortgage
605-275-2777
http://www.advanamortgage.com
1 vote Thank Flag Link Tue Mar 1, 2011
Congratulations!! I just got this answer from one of our lenders.Your fiancé can execute the VA Certificate, however VA only will allow married co-borrowers on the loan/mortgage. Significant other can take title with Veteran but no income came be used for qualification purposes unless you are married.

Thanks so much, let me know if there is anything else i can do to help. Have fun houseshopping!

Daneen Jacquot
South Dakota Real Estate Company
605 484 7832
605 342 1810
1 vote Thank Flag Link Mon Feb 14, 2011
Amy, I originate a great many VA Loans. First off VA only recognizes married couples when qualifying both borrowers for a mortgage loan. Also, you can have two VA Eligible borrowers as well. So you acting as a co-signer wouldn't be accepted. With that said I can't imagine you wouldn't be able to apply jointly for a loan now, receive a preliminary loan pre-approval, be able to go under contract should you find the right house, have your loan underwritten, and be CONDITIONED that the loan funds after you can document via a marriage certificate that you are married to the Veteran.

If you have any questions please call me at (866) 552-5912.
1 vote Thank Flag Link Mon Feb 14, 2011
Congratulations on both your getting married and making the step to become home owners. What an exciting time for you. Both Jackie and Dick have given you good advice. First I would advise you to meet with a lender who does VA loans. When you find what you want depending on what your lender has advised you can either be settled in your new home just before or after your wedding. It's never to early to begin the home search but it will be made easier by speaking with a lender first. Just call with any questions you have on who to contact ~ there are 2 lenders that I would highly recommend.

Nancy Hopp
Hegg Realtors
Sioux Falls, SD
605-360-1974
Web Reference: http://www.hopponline.com
1 vote Thank Flag Link Sun Feb 13, 2011
If you have $40,000 down and have good credit a conventional could be a better choice. The VA does not allow for a second person on the loan unless you are married. If you are buying in a rural area there is a program called Rural Development and their program mirrors the VA loan with minor differences. With $40,000 down unless you get a VA disability check the VA the conventional could beat out the VA loan even if you are married. Pam Hoefert RE/MAX Professionals Inc 606 W 33rd St Sioux Falls SD 57105 cell 605-366-7119
0 votes Thank Flag Link Thu Dec 5, 2013
Daneen is right. You would have to be married when you close on the loan. You could put an offer in on a house and everything before hand but you must be married before you close on the house. So you could close the next day after you are married.

Let me know if you have any more questions or if you want the sioux falls lender that gave me the info. Happy shopping..

Larry Luetke, ABR, SRS, CREN, e-PRO
Ameri-Star Real Estate
larry@larryluetke.com
605-310-8886
0 votes Thank Flag Link Tue Feb 15, 2011
I think you do need to be married- move up that date or wait until summer to buy a house.
0 votes Thank Flag Link Mon Feb 14, 2011
A joint loan between a veteran and a non veteran who is not a spouse is generally not acceptable. However, A loan to a veteran and fiancé/fiancée who intend to marry prior to loan closing and take title as veteran and spouse will be treated as a loan to a veteran and spouse (conditioned upon their marriage), and not a joint loan.
To buy your home with a VA loan with your finance, you may apply with a lender, get pre-qualified, shop for a house, and put in an offer. But you cannot close on your home until after the wedding.
0 votes Thank Flag Link Mon Feb 14, 2011
You should both be able to apply now. By any chance, was your fiance recently deployed overseas? If so, he may still be eligible for the $8000 tax credit. I have another client who recently closed on a home as is able to get the tax credit. If you would like, I know some lenders who specialize in VA loans and can give you all the info you need. Feel free to contact me at any time.

Sincerely,
Dick Hahn
605-940-5100
Millennium 3 Real Estate.
0 votes Thank Flag Link Sun Feb 13, 2011
Since you state that you are already begun your search--it is highly recommended that you visit with any qualified loan officer(s) now in order to determine qualification--be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously--what is your agent advising...
0 votes Thank Flag Link Sun Feb 13, 2011
First of all, congratulations on the upcoming wedding! Secondly, you can apply for the loan at any time and close whenever you want. A lot of couples do get pre-approved prior to getting married due to the differences in each persons income, and debt - sometimes it's better to make your loan decisions before you are married. Lastly, once you do close and are married you can change the title to reflect both of you. Please feel free to contact me if you have additional questions.

Jackie Fischer, Realtor
Hegg Realtors
605-360-2574
0 votes Thank Flag Link Sun Feb 13, 2011
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