If you are going through the process of applying for a va loan and your spouse is not listed as a co-owner on their loans, they might not be able to qualify for this loan.
Who is eligible to apply for a va loan?
Eligibility to apply for a va loan is determined by three factors: your marital status, current income, and the property type of the home. If you are married, have been married for 15 out of the last 20 years, and do not own rental property, then you are eligible to use a va loan to purchase a home.
A va loan is a type of federal government-guaranteed home loan that can be used to buy, build, or repair a home. Individuals who are unable to work because they have a permanent disability (such as blindness), they received an honorable discharge from the military after serving at least 90 consecutive days and their dependents also cannot work because of the same disability, can apply for a va loan to purchase or build homes for themselves and their dependents.
When does the process start?
In order to qualify, the applicant must file a joint application with the spouse that qualifies them. After filing the joint application, the mailing process starts. The parties are required to complete a questionnaire and a form to provide additional necessary information. Within five years from their date of marriage or commencement of cohabitation, applicants need to have cohabitated for at least three years and have lived together continuously for at least nine months.
The process of obtaining a va loan begins the day your spouse dies. However, there are some specific requirements that need to be met before the process can be started. These requirements vary depending on where you live and what type of loan your spouse had.
How do I find out if my spouse can co-sign for the loan?
Eligibility requirements vary depending on the type of loan. The most common eligibility requirements are listed below:
If you are married, your spouse is not eligible to co-sign for the loan unless he or she meets the following requirements:
-Is at least 18 years of age
-Has a steady income at least equal to the amount of the loan
-Has good credit
What other things do I need to know before applying for the loan?
Applying for a loan is a big decision, especially if it’s your first time. However, you should know that the spouse of the person applying for the loan also has to have their own credit score and income in order to qualify.
You have to be married to your spouse for at least two years before applying for the loan. You need no less than $10,000 in liquid assets at the time of application. If you are unable to provide the documentation required, the lender can deny your loan application.
What happens if my spouse doesn’t have enough credit history
If your spouse does not have credit history, there are still loan options for you. You may be able to find someone in your family that can help you obtain the loan. Most lenders will require that the borrower has a two-party written agreement as well as other documentation as proof of marital status and income. Loan amounts are determined by the amount of funds needed and how much of a risk lenders want to take on.
If your spouse’s credit history is not sufficient to qualify for a loan, you can still take out a loan for them and co-sign it. The co-signer will be legally responsible for repaying the loan if your spouse can’t.
Where can I find information about va loans in Spanish?
Los requisitos del beneficio VA para los cónyuges de ascendientes vivos se pueden encontrar en: https://www.benefits.va.gov/spouse/surviving-spouse/
Si usted es el cónyuge de un veterano o veces que está en servicio activo, usted puede solicitar un beneficio que se denomina “va loan survivor benefits”.
The surviving spouse loan is a special loan available to widows, widowers, and divorced persons who were married for at least 10 years. The borrower must have significant equity in the property and be willing to keep living in the home.
As you can see, there are a lot of requirements for the surviving spouse to qualify for the VA loan. You will have to be married to your late husband/wife for at least 10 years and provide documentation of the marriage. You will also have to show that you’ve had some kind of relationship with your deceased spouse in order to qualify.