5 Thoughts on Can a veteran take a va home loan for their child?
  1. Reply
    the kid
    February 12, 2014 at 8:19 am

    If the vet is co borrower, yes. There really is no cosigning on mortgages. The vet would be on the deed and have ownership interest in the home. VA loans may require the home to be a primary residence.

  2. Reply
    Landlord
    February 12, 2014 at 8:47 am

    Yes, if they live with their child. VA loans can only be used by the vet for the house they live in.

  3. Reply
    Lisa L
    February 12, 2014 at 9:09 am

    Only a spouse can be on a VA loan as a co-borrower. Amen. End of story.

  4. Reply
    corduroy-fire-kills-7
    February 12, 2014 at 9:51 am

    Yes, as a co-borrower, you can be on the loan. You do NOT have to be on the deed. And, you CAN have co-borrowers that are not a spouse. You can even have more than 2 people on the mortgage. You do NOT have to live in the home, and you can even purchase a primary home and an investment home with the same VA eligibility as long as the total value of dollars guaranteed on your behalf remain under the maximum guarantee amount you are eligible for. And, yes, you can pass on your eligibility to someone else. My ex-husband passed his eligibility to me because I had custody of our child. He did not live in the home. When he later needed his eligibility to purchase a house for himself, I refinanced on a conventional loan and he retained his eligibility. I have a friend who was co-borrower with his brother-in-law and sister even though his brother-in-law was the only one with VA eligibility. (Friend was co-borrower because brother-in-law and sister are both on disability and they could not qualify based on their income alone.) All 3 are on the mortgage and deed.

    With that said, beware, VA is usually NOT the best route to take if you have a downpayment. The only perk of a VA loan comes when you don’t have a downpayment becauswe VA loans are guaranteed and therefore the bank won’t/can’t charge you PMI.

  5. Reply
    kemperk
    February 12, 2014 at 10:08 am

    the intent is wonderful; but never ever co-sign on a house loan.

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