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Can an Eligible Veteran Have a Co-Borrower on a VA Loan?
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTEâ€.
This week, we answer the question:
Can an eligible veteran have a co-borrower on a VA Loan?
In some circumstances, there is a need for a co-borrower in order to qualify for a mortgage. This person will be equally liable for this loan. Luckily, with a VA loan, you ARE allowed to have a co-borrow, however it is limited to another veteran or your spouse. So, if you are interested in having a co-borrower on a VA loan, make sure they fall under one of those two categories. Please give us a call with any questions on this or any home loan related topic.
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What are Fannie Mae and Freddie Mac?
What are Fannie Mae and Freddie Mac?
No they aren’t actual people. Fannie Mae is also known as the Federal National Mortgage Association and Freddie Mac is just another name for the Federal Home Loan Mortgage Association.
Fannie Mae and Freddie Mac are government-sponsored enterprises. This shareholder-owned corporation was created by Congress in 1938 to provide stability, liquidity and affordability in the mortgage market as part of President Roosevelt’s New Deal. They are now our nation’s largest purchaser of home mortgages.
Basically, Fannie and Freddie purchase Mortgages from lenders, so that the lenders have more money to lend out. They then securitize the loans and sell them as mortgage backed securities to investors.
What is Debt to Income Ratio?
If you are reading about qualifying for a mortgage online, or speaking with someone in the real estate or mortgage profession, you may hear the
What is Loan to Value?
The loan to value is the amount of money your are borrowing divided by the the value of the property. SO if you are borrowing $80,000 on a home that is worth $100,000, your loan to value would be 80%.
How Do You Cancel Your Mortgage Insurance?
How do you cancel your mortgage insurance? With a conforming loan, you may qualify to cancel your mortgage insurance. To cancel your mortgage insurance, you must have at least 20% equity in your home.
What is a Rate Lock Period?
A rate lock or a rate commitment is a lender’s promise to hold a specific interest rate and fee for you for a specific period of time while your application is being processed.
Can You Roll Closing Costs Into a VA Loan?
Most closing costs cannot be rolled into a VA purchase loan. Learn what can be financed and how seller or lender credits may reduce the cash needed at closing.
What is a COE?
COE stands for “Certificate of Eligibility”. The COE verifies, to the lender, that you are eligible for a VA-backed loan
Can you use a VA Loan if a Prior VA Loan was Foreclosed on?
Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions. On this week’s Joe Knows Mortgages MINUTE, we answer the question: Can you