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VA Loan Facts
CO-SIGNORS OR JOINT VA LOANS
The VA guidelines recognize legally married spouses of qualified veterans as co-signors on
VA loans and can include their income. These loans can be fully guaranteed by the VA.
The VA guidelines will allow for more than one eligible veteran(s) to purchase a home.
If more than one eligible veteran is involved, VA divides the entitlement charge equally
between them, if possible. These loans can be fully guaranteed by the VA.
While the VA guidelines may allow for a non-veteran to co-sign for a mortgage loan, they will
not fully guarantee the loan. The VA Guarantee is limited to that portion of the loan
allocated to the veteran's interest in the property. That means the VA will not fully
guarantee this type of loan and our company cannot originate loans that are not fully
guaranteed by the VA.
FREQUENTLY ASKED QUESTION # 1 [ -more VA Loan questions- ]
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Q: Definition of a VA Loan - What is a VA loan?
A: The VA loan began in 1944 through the original Servicemen's Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
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VA Loan Rates
for 7/04/2009
30 year fixed
-----------------
0.000 points
5.500%
5.610% APR
15 year fixed
-----------------
0.000 points
5.500%
5.686% APR
Serving the military community with personal loans from $500 to $10k.
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