Let’s keep it short and sweet today and talk about a topic that very few people understand when it comes to VA loans and that is simply this: Can a veteran purchase a home with somebody else other than their spouse and utilize their VA home loan benefit?
The answer, it may surprise you, is yes. Yes, veterans and active duty service members can. So your mom, your dad, your brother, your sister, your relative, and yes, you can purchase a home with them and utilize your VA home loan benefit, but here’s what you need to know.
Firstly, both parties need to live in the property. So it’s got to be a primary residence.
Secondly, you have to come in with a down payment, roughly 12 and a half percent and in many cases.
The second item may be a sticking point for some, as veterans generally take advantage of the VA loan because it doesn’t require any money down. But it doesn’t stop you from utilizing the various VA Loan benefits with your relatives.
Make sure you talk to an experienced VA Loan originator if you’re looking into this kind of arrangement. You’ll be able to tell if they’re at least somewhat experienced simply by asking them the question: “Can I buy a home and use a VA Loan with a non-veteran relative?” If they answer “no” or “I don’t know” then move on to someone else.