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.
Diamond Residential Mortgage Corporation
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.