Financing in Chicago>Question Details

Mclut05, Home Buyer in Chicago, IL

VA non spouse loan.

Asked by Mclut05, Chicago, IL Thu Apr 11, 2013

A buddy and myself are looking to do a non spousal split 50/50 VA loan. He is not a veteran. I understand the rules that the VA will only cover my portion. The question isn't regarding a loan rather finding a lender. I get tons of loan officers calling me up , but then telling me they can't do it. They do they me it is possible though.

Any Ideas on finding these said mystery lenders?

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Answers

5
Mystery solved - I can help you
Sam Sharp
Senior VP of Mortgage
Guaranteed Rate
773 290 0455
1 vote Thank Flag Link Thu Apr 11, 2013
in regards to your question here is the basic answer, or as basic as it can be:

a non veteran co-borrower who is not the veteran's spouse can be eligible as long as the following parameters are met:

-Eligible veteran must be primary borrower on the loan
-additional down payment that is greater than or equal to 25% of the non-veterans's half of the loan is required
-Prior approval by VA Regional Loan Center (if in illinois then Minnepolis, MN office)
-VA guaranty will not exceed the lesser of the 25% of the veterans half of the loan or veteran's available entitlement- if veteran's half of the loan is less than or equal to $144,000, bonus entitlement cannot be used, regardless of total loan amount
-Down Payment plus VA guaranty must be greater than or equal to 25% of the total loan amount, including the financed funding fee
-All borrowers must occupy the property
-Veteran's income must be sufficient to qualify for his or her half of the loan.

These are the basic requirements that will insure that the deal gets done if the following steps are followed.

If you would like more information in relation to how this can be done feel free to reach out to me at your convenience, I am available seven days a week to assist.

Chris Diamond
Diamond Residential Mortgage Corporation
NMLS:771882
chris.diamond@thedrmc.com
847-775-2181
0 votes Thank Flag Link Fri Apr 12, 2013
Mclut05,

I too trust Sam Sharp.
0 votes Thank Flag Link Fri Apr 12, 2013
Sam Sharp below seems to know. I would call him right away. I am sure hes an excellent resource to figure this out.
0 votes Thank Flag Link Thu Apr 11, 2013
Talk to Ryan Mecum at Wintrust Mortgage. If he can't do it, then it can't be done. He will shoot you straight and not string you along at all.

Rmecum@wintrustmortgage.com

If you get the loan straight, give me a call at 773-435-1605. I do a lot if work with Vets and VA loan. I'll find you a great place.

Thanks,

Mark Malave
Web Reference: http://Www.markmalave.com
0 votes Thank Flag Link Thu Apr 11, 2013
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