Can a Non Veteran Assume a Va Loan
VA Loans For Not-Veterans? A Reader Question
A reader asks, "My father is veteran And I was wondering as a non-veteran could I qualify for a Five.A. loan for a home?"
In general, VA home loans are only for eligible service members (current or one-time) and in some cases the surviving spouse of a military member who died "while in service or from a service connected disability". Surviving spouses of prisoners of war or of those who are missing in action may also be able to apply.
According to the VA official site, "You may also apply for eligibility if y'all autumn into 1 of the post-obit categories:
- Sure U.Southward. citizens who served in the armed forces of a government allied with the Usa in World War 2
- Individuals with service as members in sure organizations, such as Public Wellness Service officers, cadets at the United States Military, Air Forcefulness, or Declension Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War Two service, and others"
In the instance of this reader question, unless the reader falls into one of the higher up categories, the answer would be no. However, there's goose egg to forestall a qualified VA borrower from obtaining a home loan and allowing an eligible non-veteran to assume that loan. VA loans are assumable and the person who assumes the loan does non have to be a veteran.
That said, the person assuming the loan would exist required to qualify for the mortgage with the lender–bad credit, poor repayment history and other factors would exist taken into account where applicable. The lender's participation in the loan supposition for most VA loans is required (with exceptions made for certain loans airtight prior to March 1, 1989).
Do you have VA loan questions? Ask united states of america in the comments department.
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Source: https://www.vanewsblog.com/va-loans-for-non-veterans-a-reader-question/
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