My boyfriend and I are planning on buying a condo together. He wants to get a VA loan but it would only cover him because we are not married. They do not allow unmarried couples to get the loan together. Does anyone know if it's true that for a VA loan they only approve you for a certain dollar amount like $150,000? If so, could he apply for $150,000 from VA office and me apply for $150,000 from a regular bank? Has anyone ever heard of such a thing?
2007-07-19 08:59:09 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
no. get a conventional mortgage as unmarried co-borrowers. joint tenancy. It gives you both an equal 50% share in the property. Rates are just as good, if qualified.
2007-07-19 09:06:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That will not work. Both mortgages would insist on being in first place as the primary mortgage.d There cannot be two primary mortgages listed under liens.
2007-07-19 16:38:46 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Can't do that. There is some heat with VA and veterans with "significant others". They would like to see that rule abolished. If your boyfriend qualifies on his own, VA will lend up to $417,000.
2007-07-19 16:35:26 · answer #3 · answered by ? 4 · 0⤊ 0⤋