Financing in 57105>Question Details

Phynix103081, Home Buyer in 31326

My husband is a veteran & we are curious about the VA loan. Can he get the loan just in his name or will both of our credit histories be looked?

Asked by Phynix103081, 31326 Sat Jul 30, 2011

at? VA home Loans

0 votes Share Flag Financing in 57105

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Hi there- he can get the loan in just his name and they won't check your credit, but then you can only get qualified using his income. If you need lender recommendations or have other questions, feel free to call me at 261-1152. Thanks!
Chelsea Fortney, remax
2 votes Thank Flag Link Sun Jul 31, 2011
Since South Dakota (same with Georgia, where the 31326 area code is) is not a community property state, like Chelsea said, only the people who are going to be applying for the VA loan will have their credit checked (as well as their income is considered). You can still be permitted on title of the home even if you are not on the loan.
1 vote Thank Flag Link Sun Jul 31, 2011

When applying for a VA home loan, I can just look at the Veteran's credit status, but both of the spouses may be on the title to the property. When applying, just place the informaiton on the application for one person, rather than both before an appointment is made to discuss the options available. The VA loan program is excellent and I highly recommend it. We are experts at this loan and can walk you through the process quite easily.

I hope to hear from you.

Craig Markhardt, CRMS
Sr. Mortgage Banker
0 votes Thank Flag Link Mon Oct 17, 2011
Just a check add, I always encourage home buyers (if possible) to finance independently of their spouses for several reasons. I am a VET and I chose not to include my wife on our loan. The main reason is if something were to happen to me and I couldn't pay my mortgage, my credit suffers not hers. If I ended up losing my home, as long as my wife could income and credit qualify, my previous foreclosure would not impact her ability to purchase. If we had purchased and financed together both of us would be toast. I always tell be couples in this day in age to recession proof themselves if humanly possible. Just my opinion.

Best of Luck!
Web Reference:
0 votes Thank Flag Link Sun Jul 31, 2011
If both incomes are to be used to establish your level of credit, then both credit histories will be evaluated. If either credits are at issue, it is well worth your time to have your credit and credit history scrutinized by a company that can eliminate false or incorrect reports on your records. It may take a period of time and a fee for their services, but in the long run your financial future will be the better for it. Buying and owning a home should be considered a big deal. Having a sound financial foundation is more important than buying a home. Having "zero down, 100% financing" is a convenient way to get into a home "to call your own", but with nothing down, all you bought was a loan: The bank owns the majority, if not 100% of the equity in the property. I wish you and others well in the pursuit of home ownership. I encourage all of my clients to buy when they can afford to purchase an equity position in the property they will call "Home."
0 votes Thank Flag Link Sun Jul 31, 2011
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