The VA Joint Loan: Everything You Need to Know
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- čas přidán 29. 11. 2021
- #valoans #preapproval #realestate
Serving Veterans is my civilian MOS! Need a mortgage or want to discuss your scenario? We are licensed and serving Veterans in 48 states for purchase and refinances.
Here is how to contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: connect.valoansforvets.com
2. Email me at jimmy@valoansforvets.com
3. Call me 602-908-5849
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Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
VALoansForVets.com Headquarters: 3602 E Campbell Ave, Phoenix, AZ 85018
Equal Housing Lender- For licensing, go to www.nmlsconsumeraccess.org
Top 1% VA Lenders in the Nation
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The VA Joint Loan: Everything You Need to Know! Several veterans have reach out and asked me the question- "Can I buy a house with a non-veteran. To clarify, a non-veteran that is NOT your spouse?" The answer is YES. Yes you can! Here's the deal. A lot of mortgage lenders out there will tell you NO you can't. The reason why is they don't know how to originate these types of loans. The VA has a name for this loan. It's called a VA Joint loan. That simply means a veteran and non-veteran who are not married are purchasing a home together. Allow me to explain and share with you the requirements. First, obviously is has to be a veteran that's taking advantage of their VA loan benefit. Second, the non-veteran that's NOT a spouse that is on the VA loan needs to live in the home. In other words, it's got to be a primary residence, for everyone living in the home. Remember, the VA does not lend the money. They simply guarantee the loan. If you were to foreclose on your loan for any reason, the department of Veterans Affairs would send your lender a check for 25% of your loan balance. That's the only thing the VA does. Think of it this way; every veteran has a 25% entitlement guarantee from the VA loan. For example, if I were buying a home with a non-veteran who is not my spouse, the VA would reduce my guarantee in half. In other words, we would have to come in with a 12.5% down payment. That 12.5% down payment is half of 25% because I'm purchasing the home with a non-veteran. For example if a veteran is using a $100,000 loan, the veteran would need to come in with a $12,500 down payment. This is really the most important thing veterans and active duty service members need to be aware of when purchasing a home with a non-veteran. Yes the VA Joint Loan can be done. Remember, the VA HAS TO APPROVE IT. We'll take your loan package to the VA to get their stamp of approval.
#VALoans #VALoansForVets #VAMortgages
Excellent
Thank you! Cheers!
hello, jimmy, first of all thank you for your service. my question is, how does it work if we refi cash-out on our home, we have the loan balance of $144,000 on the va loan. what happen with remaining eligibility that we have left? thank you.
Thank you Josephine! Great question, your VA Loan balance will increase. Any unused eligibility will be reserved for future purposes. Please let me know if I can answer any other questions... jimmy@valoansforvets.com
Hi jimmy, thank you for your service. My mom and I (I’m the vet) working with a lender now and she keeps telling me VA joint Loan is no longer accepted this year. Is this true? She is saying she is trying but wants us to do a second choice with a conventional home loan. Does this sound right?
If a VA Joint loan was no longer being accepted I’m certain I would have been informed on it. So, no. That does not sound right to me. Let me know how I can help.
Thank you Jimmy for the response. I’ll visit your website and give you a call
Can a surviving spouse of a veteran who's death wasn't service related at all still use a VA Loan or VA Joint Loan? Asking for my mother. She was able to obtain a COE and has the DD214 on hand a few years before the veteran's (my step father's) death.
My condolences. VA requires that the cause of death be related to a service injury in order to use a VA again in the future.
Hey jimmy I’m active duty in San Diego and my father in law wants to buy a home with me but it would be more of a vacation home for him but still my primary residence. Does that still qualify? What other types of options are there if that doesn’t work?
Hey Kendrick - if you’re occupying the home as your primary residence it can be done. However VA would require that you out down 12.5 %. Let me know what other questions I might be able to answer for you - jimmy@valoansforvets.com
Do you know of anyone who had done a joint VA loan with 2+ veterans for a 5 or 6 family home?
It’s allowed under the VA guidelines but I’ve never heard of anyone who’s actually done it.
Hi Lorenzo - good question. VA will only allow up to a 4 unit property. 5-6 unit would be considered commercial.
Could you get a grant to cover the 12.5 % needed for non vet. Especially if it the first time buying a home
Hi Tiaja -- I don't see why not.
@@JimmyVercellino I'd like to follow up her question by asking how would you do that? Specifically in a situation where the non-veteran family member lives in another state.
I'm currently active duty. Am I able to purchase a home with my sister (non-military) using the VA joint loan and have her live in it while my primary residence is elsewhere? I was under the impression all VA loans required the military member to live in the property.
Hey Jesse, You're 100% correct. Let me know if you have any other questions. Jimmy@VALoansForVets.com
Hello Jimmy. So I am a usmc veteran and I am interested in using a va joint loan with my aunt, grandmother and cousin who are non-veterans. So after watching your video, what you're saying is that we need to put down half what is expected as a downpayment? Or am I putting down my portion of what the va will approve towards the loan? I've just been watching different videos and getting mixed messages. Thank you so much brother.
You bet Marine! 12.5% would be the required down payment necessary.
Thanks bro. I like your videos! It's helped me out a lot
If two veterans, one spouse, and one non-vereran did a joint VA loan with both veterans using benefits would the part of the 25% not backed by the VA be 8.33% (25%/3) or 6.25% (25%/4)? Its been hard to find information with a veteran spouse and a non veteran.
Hey Bert, think of it like this. Both Veterans would use 25% of the guarantee for whatever the loan amount is. So let's say you were purchasing a 200K home. Both of you would be charged 25K towards your entitlement. Hope that helps.
Do you know how long does it take for VA to approve after lender approve for VA Joint Loan ?
24-48 hours P Tran! Let me know if I can answer any other questions...Jimmy@valoansforvets.com
Could I buy land with another veteran (not my spouse) and build 2 detached single family homes on that same property? (Talking about like 10 acres)
Hi, I don't believe that would fit VA guidelines.
I have tried multiple mortgage companies/lenders and every single one says they dont offer joint VA loans. Is there a specific lender you can recommend?
Yes. His name is Jimmy Vercellino and he is the founder of this channel. We can personally assist you with a VA joint loan.
Thank you. How can We get started?
Can you have more than one non-veteran (non spouse).
Say an elderly veteran brings in his son and daughter-in-law.
Is that permissible.
So on a 1.25 million loan. The veteran has to put down $156K.
So the balance owed is $1.1 mil. Is the 1.1 mil split up into thirds?
This could be done with prior approval from VA.
How would it work for engaged veteran to veteran couple?
Hi Erin! Great question. Prob a good idea to set up a prelim mortgage consult. Please contact my office at jimmy@valoansforvets.com to get that going and I can get all of your questions answered.
Can you buy a 7 unit property if using a joint VA loan if both are veterans
Hello - VA will only allow obtain financing on up to a 4-Unit
@@JimmyVercellino i saw something saying 4units for homes and up to two business dwelling one for each buyer
DID you know any lenders that is doing joint VA loan??
Yes. This guy right here ;-) jimmy@valoansforvets.com feel free to reach out.
why would a Vet do a Joint VA loan at 12.5% down when they can just do a FHA loan at 3.5%
They could entertain that option. Keep in mind that they would be paying monthly pmi for the duration of the mortgage. So in that way, a VA would save them money.