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Veterans of the American military are able to get a variety of benefits from their position as retired military personnel. One of those benefits is home loans that are guaranteed by the Veterans Administration, including joint VA loans. Joint VA loans are granted to veterans and their legally married spouses or other qualified non-veterans who are qualified to act as co-signers on the loan. These co-signers generally add their income to the veteran's in order to qualify for a better, nicer home.

Who qualifies to act as a co-signer on a joint VA loan?

There are three types of people who can qualify to co-sign a joint VA loan with a veteran. An eligible spouse can co-sign a joint VA loan. Another eligible veteran can co-sign for a joint VA loan. A non-veteran can co-sign for a joint VA loan. Each of these types of people is subject to some stipulations when they co-sign on a joint VA loan.

What are the stipulations on a joint VA loan?

When a joint VA loan is between an eligible spouse and a veteran or between a non-veteran and a veteran, the loan is not guaranteed when the veteran dies. The guarantee the Veterans Administration will give on a joint VA loan is limited to the portion of the joint VA loan that has been allocated to the veteran's interest in the property. Usually that interest would be considered half. The remainder of the loan will be the responsibility of the surviving spouse or co-signor. Because these types are not fully guaranteed by the VA, many mortgage companies will not originate these types of loans.

If your joint VA loans are co-signed by another veteran and one of the veteran's passes on, the joint VA loan is fully guaranteed by the VA. The VA divides the entitlement charge between the two eligible veterans as equally as they possibly can.

How do I get a joint VA loan if I'm a non-veteran co-signing with a veteran?

Whenever you try to qualify for a joint VA loan, you need to double check with lender to see whether or not they will originate a loan that is not fully guaranteed by the VA. You need to shop around for a mortgage company that will accept a joint VA loan, but you may be liable to make a down payment that covers the risk on the non-guaranteed portion of the loan.

A joint VA loan is a great way for a veteran, their eligible spouse or other eligible non-veteran to secure a home. By applying for a joint VA loan, they will be able to take advantage of VA benefits that keeps their interest rates lower and allows them to get more house for the money they have to spend.