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Answers (2)
- wayne lancaster, "funds2"
- Contributions:1177
Danielle,
Thank your boyfriend for his service. In order to use a VA no money down loan benefit your income can only be counted if you are married to an eligible veteran Your boyfriend is obviously eligible for VA financing but only his disability income would count.
If you had 3.5% down payment (could be gift from relative) you and your boyfriend could buy together on an FHA loan program and count your income and his disability income. Good luck.
Thank your boyfriend for his service. In order to use a VA no money down loan benefit your income can only be counted if you are married to an eligible veteran Your boyfriend is obviously eligible for VA financing but only his disability income would count.
If you had 3.5% down payment (could be gift from relative) you and your boyfriend could buy together on an FHA loan program and count your income and his disability income. Good luck.
- John Dietel, "MN Broker"
- Contributions:82
1: Possibly, contact the VA
2: Probably, especially if he is not currently working
3: Yes
The issue about not being married will be mainly on how you would accept title, whether you would be joint tenants, or tenants in common.
http://www.benefits.va.gov/homeloans/
Contact the VA first, and procure a "Certificate of Eligibility". When you have that, you may start shopping.
Or, contact a reputable mortgage broker for other options.
Good Luck
2: Probably, especially if he is not currently working
3: Yes
The issue about not being married will be mainly on how you would accept title, whether you would be joint tenants, or tenants in common.
http://www.benefits.va.gov/homeloans/
Contact the VA first, and procure a "Certificate of Eligibility". When you have that, you may start shopping.
Or, contact a reputable mortgage broker for other options.
Good Luck
Question about buying first home with VA Loan
I was wondering if I could receive some information about buying a first home using a VA loan. My boyfriend of 3.5 years and I are looking to buy a home relatively soon. I'm 28 years old, I have a steady job and decent income and he is currently in school and is 25 years old, and has been out of the military for 4 years. He receives service-connected disability compensation each month (and this will continue for the rest of his life) as well as a stipend from the VA for vocational rehabilitation (similar to the GI bill). Currently he is not working - just going to school, but we use most of his disability compensation for rent each month. Our rent is currently 895.00 per month, no utilities included, and we are managing pretty well. Because he is a veteran, he is eligible to receive a VA home loan as far as we know.
However, there are a few issues that I am unsure of in the home buying process. Question 1: Will he be able to receive a VA loan given that he is not currently working? Question 2: Will his disability compensation and vocational rehabilitation monies be considered income? Question 3: Since we are not married, will I be able to be on the loan with him? What kind of issues will we run across by not being married?
Any information about these issues will be very helpful! Thanks so much, and please let me know if I can provide any additional details.
Thanks,
Danielle
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