Apply With Mother - Joint VA Loans - HomePromise (2024)

FAQs

What will fail a VA home inspection? ›

There are many reasons why a home may fail the VA appraisal. Common reasons include major issues with the foundation, roof, electrical systems, plumbing, and heating systems. Missing handrails and chipping paint can also cause appraisal issues.

During the VA loan application process – and when you close on your home purchase – you'll be required to sign VA Form 26-1820 and VA Form 26-1802a. These two documents indicate that you, as the home buyer, intend to personally reside in the house as your primary residence and use the property as your main address.

These loans typically don't require a down payment or mortgage insurance, don't charge a penalty if you pay it off early and limit lender fees to 1% of your loan amount. Like other government-backed loans, they are considered non-conforming, meaning they don't follow the rules set by the Federal Housing Finance Agency.

If you're a Veteran and want to apply for a VA mortgage with your mother, then a joint VA loan might be the right way to go. The joint VA loan program allows Veterans and/or active-duty military members to use a joint borrower who is not a spouse or other Veteran.

Red flags include the presence of radon gas, asbestos or lead-based paint within the home, or properties located in a flood zone, near a sinkhole, or proximity to any type of environmental contamination.

Differences. The primary difference between VA and conventional appraisals is that VA appraisals have minimum property requirements, or MPRs. While MPRs may sound daunting to buyers who worry the appraisal requirements could get in the way of their loan approval process, denials are relatively rare.

Note: We require that a seller can't pay more than 4% of the total home loan in seller's concessions. But this rule covers only some closing costs, including the VA funding fee.

The Rules Of Primary Residence

Where you spend the most time. Your legal address listed for tax returns, with the USPS, on your driver's license and on your voter registration card. The home that is near where you work or bank, recreational clubs where you're a member or other family members' homes.

Occupancy at a date beyond 12 months after loan closing generally cannot be considered reasonable by VA. Occupancy (or intent to occupy) by the spouse or dependent child satisfies the occupancy requirement for a veteran who is on active duty and cannot personally occupy the dwelling within a reasonable time.

Joint VA loans allow non-military members to enjoy the benefits of VA loans, including no down payments and lower credit score requirements. With joint VA loans, all co-borrowers assume responsibility for the monthly mortgage payments.

How many people can be on a joint VA loan? ›

The VA typically allows a max of four borrowers on any loan.

The standard VA loan limit in 2024 is $766,550 for most U.S. counties, increasing from $726,200 in 2023. VA loan limits also increased for high-cost counties, topping out at $1,149,825 for a single-family home. VA loan limits do not represent a cap or max loan amount.

The Bottom Line. Children cannot use their Veteran parent's VA loan benefits, but it's not impossible for a Veteran or their surviving spouse to assist their child through a joint VA loan.

Yes, VA loans are assumable. For prospective buyers, the ability to assume a VA loan with a low interest rate is a significant benefit when rates are on the rise. But assumptions can also present some risks for the Veteran allowing their loan to be assumed.

The joint VA loan program allows Veterans and/or active-duty military members to use a joint borrower who is not a spouse or other Veteran. Most lenders won't allow these kinds of loans and will block Veterans from buying a home with a sister, brother, mother, father, son, daughter, or someone who is unrelated.

Broken or worn wipers, misplaced stickers, windshield cracks, and malfunctioning defrosters will send you straight to the repair room and back for another inspection.

Home Inspections and the VA Appraisal

Home inspections assess the overall structure (including the roof, HVAC system, foundation and more) against local building codes to uncover potential issues the VA MPRs may miss. Home inspection costs vary by location, home size and property type.

The primary objective when evaluating a property by the VA is to ascertain its safety, sanitation, and structural soundness for the veteran and their family. If these requirements are not met, qualification for a VA loan would be unlikely.