VA Joint Loan Options
Many of our fighting men and women in the armed services have seen the terms “mil-to-mil couple” and “mil-to-mil spouses” so often that it is common knowledge. These phrases refer to married people who are both currently serving in the military. When these couples are ready to buy a home using their VA mortgage eligibility they have several options available to them.
Using Only One Certificate
Many couples choose to use only one certificate to buy their first home and reserve the other VA certificate for a larger home purchase later on. If the spouse does not co-sign on the loan then they most likely will not be held responsible for the loan. This is not true in states that observe community property laws like Wisconsin.
Using Part of one Certificate Along with Another Certificate
If the husband or wife previously used their certificate to buy a home using the VA loan they can use any remaining eligibility, along with their spouse’s current certificate, to purchase a new home.
Sharing the Certificates
It is also possible for two veterans to use their certificates equally in order to purchase a home. This makes both people equally responsible for the loan and equal owners.
The VA loan rules are pretty straightforward when it comes to occupancy rules. If a veteran uses their VA certificate to buy a home then they have to live at that home as their primary residence. A spouse that does not sign on the loan does not have to meet the same requirements.
- Important Disclosure
VA loans are only available to eligible veterans and/or their spouses.
Madisonmortgageguys.com is not acting on behalf of or at the discretion of the Department of Veteran Affairs or the Federal Government.