Can A Va Loan Have A Cosigner?

Are you a veteran or an active-duty service member looking to purchase a home? If so, you may have heard of VA loans, which offer favorable terms and benefits. However, you may be wondering if you can have a cosigner…

Are you a veteran or an active-duty service member looking to purchase a home? If so, you may have heard of VA loans, which offer favorable terms and benefits. However, you may be wondering if you can have a cosigner to help you qualify for a VA loan. The short answer is yes, but there are some important considerations to keep in mind. In this article, we’ll explore the ins and outs of VA loans with cosigners, so you can make an informed decision about your homebuying journey.

Can a Va Loan Have a Cosigner?

Can a VA Loan Have a Cosigner?

If you are a veteran or an active duty service member, you may be eligible for a VA loan. This type of loan is designed to help veterans and service members buy a home with no down payment and no private mortgage insurance. However, not everyone can qualify for a VA loan on their own. Sometimes, a cosigner may be needed to help you meet the lender’s requirements. In this article, we will explore whether a VA loan can have a cosigner or not.

Who can be a cosigner for a VA loan?

If you are considering getting a cosigner for your VA loan, it’s essential to know who can qualify. Generally, a cosigner is someone who agrees to take responsibility for your loan if you are unable to make payments. For a VA loan, a cosigner can be anyone who is willing to sign the loan documents with you. However, there are some requirements that they must meet to be eligible:

1. Credit score: The cosigner must have a good credit score of at least 620 or higher. This is because the cosigner’s credit history will be used to determine if you qualify for the loan.

2. Income: The cosigner must have a steady income and enough money to cover your mortgage payments if you are unable to pay them. They will also need to provide proof of their income and assets.

Benefits of having a cosigner for a VA loan

Having a cosigner for your VA loan can have several benefits, including:

1. Increased chances of approval: Having a cosigner with a good credit score and steady income can increase your chances of getting approved for a VA loan.

2. Lower interest rate: If your cosigner has a better credit score than you, it can help you qualify for a lower interest rate, which can save you money over the life of the loan.

Disadvantages of having a cosigner for a VA loan

While having a cosigner for your VA loan can be beneficial, there are some disadvantages to consider, such as:

1. Shared responsibility: When you have a cosigner, they are equally responsible for repaying the loan. If you fall behind on payments, it can hurt their credit score as well.

2. Strained relationships: Money can be a sensitive topic, and if you have problems making payments, it can strain your relationship with your cosigner.

VA loan vs. Conventional loan with a cosigner

If you are considering getting a conventional loan instead of a VA loan, you may wonder if you can have a cosigner. The answer is yes; you can have a cosigner for a conventional loan. However, there are some differences to consider:

VA loan Conventional loan
Credit score 620 (minimum) Usually 680 or higher
Down payment None required Usually 10% or more
Monthly payments No PMI required PMI required if down payment is less than 20%

Conclusion

In conclusion, a VA loan can have a cosigner as long as they meet the lender’s requirements. Having a cosigner can increase your chances of getting approved and qualify you for a lower interest rate. However, it’s important to consider the shared responsibility and potential strain on your relationship with your cosigner. If you are considering a conventional loan, you can also have a cosigner, but it may require a higher credit score and a down payment.

Frequently Asked Questions

Who can be a cosigner for a VA loan?

If you are looking to get a VA loan, you can have a cosigner. However, not everyone can be a cosigner. The VA has specific requirements for who can be a cosigner. A cosigner must be a spouse or another veteran who meets the VA’s eligibility requirements. The cosigner must also be willing to accept responsibility for the loan if the borrower defaults.

It is important to note that a cosigner is not necessary for a VA loan. If you are eligible for a VA loan and can meet the requirements on your own, you do not need a cosigner.

Can a non-veteran be a cosigner for a VA loan?

As stated before, a cosigner for a VA loan must be a spouse or another veteran who meets the VA’s eligibility requirements. A non-veteran cannot be a cosigner for a VA loan. However, a non-veteran can still help with the loan process by co-borrowing with the veteran. This means that both the veteran and the non-veteran will be responsible for the loan.

What are the benefits of having a cosigner for a VA loan?

Having a cosigner for a VA loan can be beneficial for a few reasons. First, it can make it easier for you to qualify for the loan. If you have a low credit score or a high debt-to-income ratio, a cosigner can help offset these factors and make it more likely for you to get approved. Additionally, having a cosigner can help you get a lower interest rate on your loan, which can save you money in the long run.

Can a cosigner be removed from a VA loan?

Once a cosigner is added to a VA loan, they cannot be removed. The only way to remove a cosigner is to refinance the loan without them. This means that you will need to meet all of the eligibility requirements on your own and qualify for the loan without the cosigner’s help.

What are the risks of having a cosigner for a VA loan?

While having a cosigner for a VA loan can be beneficial, there are also risks involved. If you default on the loan, the cosigner will be responsible for paying it back. This means that if you cannot make your payments, it will affect your cosigner’s credit score. Additionally, if the cosigner is a spouse, they may be at risk of losing their home if you default on the loan. It is important to carefully consider these risks before adding a cosigner to your VA loan.

VA loans and co-signers


In conclusion, a VA loan can indeed have a cosigner. This option is available to help borrowers who may not meet the VA’s strict requirements for loan approval. Having a cosigner with a strong credit score and financial stability can increase the chances of loan approval and even help secure a lower interest rate.

It’s important to note that the cosigner must also meet certain eligibility requirements, such as being a veteran or an active-duty service member, or being the spouse of one. Additionally, the cosigner’s income and debts will be taken into consideration during the loan application process.

Overall, having a cosigner can be a helpful option for those looking to obtain a VA loan. It’s always best to consult with a VA-approved lender to fully understand the requirements and options available for cosigners.

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