VA Loan Co-Signers: Who Can Co-Sign On A VA Loan in Washington State?

February 8, 2023
Last updated:
February 8, 2023
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VA home loans are backed by the government, which means they usually have much more lenient approval standards than conventional loans and come with a whole host of borrower benefits. If you are a veteran and need help buying a home, you absolutely should consider getting a VA loan.  If you do qualify for a VA loan, but would like someone to co-sign on your home loan, then you may have some questions about the process. In this blog post, we’ll discuss who can co-sign on a VA loan in WA State and why.

Buying a home is an exciting process, but in order to purchase their dream home, most people need to qualify for financing. For those who qualify for VA loans, purchasing the house they have always wanted becomes much easier. Thi is why there are so many individuals looking to take advantage of the benefits that accompany a VA loan.

The VA Home Loan is a benefit provided by the United States government through the Department of Veterans Affairs (VA) for military veterans/service members and their spouses. VA loans offer home buyers funding for a home purchase without needing a traditional mortgage loan. One of the most notable benefits of a VA loan with regards to purchasing a home is its low down payment requirement.

VA loans are called Veterans Administration loans because they are actually guaranteed by the U.S. government, with the VA acting as the guarantor on the loan in place of a bank or a private lender. That said, when applying for a VA loan, it is important to understand if you will be able to get financial help from your co-signers.

Many people assume only a few people can co-sign a loan, but that is not true. Co-signing on a VA loan means that you are effectively providing money to the loan processor as well as providing them with collateral that they may use to obtain the VA loan. Wondering if you can get just anyone to co-sign on a VA loan? Generally, only current or former spouses can co-sign on a loan, but there are a few exceptions. Make sure you ask the lender if they have any specific guidelines or requirements about who can co-sign on a loan. This can be tricky because not every lender has the same guidelines for co-signing on VA loans.

Here’s how you find out if you’re eligible to get a co-signer on your VA loan.

Can You Get A Co-Signer On A VA Loan in WA State?

It is very common for people to ask if they can get a co-signer on a mortgage or a VA loan in WA state. You can, but there are a few stipulations. For instance,  VA-backed loans allow you to have a co-signer, but that person must be either your spouse, a veteran or active duty military service member (an eligible family member or someone who qualifies for a VA loan, in other words).

Moreover, if said co-signer qualifies for your VA loan, there are other things to consider, like how you want to borrow and how close you are to making the loan. If you are close to making the loan, then the rules for co-signers change slightly. You do not need a signed document to make a loan together with other people. But if you are making a smaller loan amount (such as $500,000), then you may still need a signed document from each candidate individually saying that they agree to faithfully repay the loan.

VA Home Loan Co-Signer Vs. Co-Borrower

When it comes to VA loans, it is important to note that a VA loan co-signer and a co-borrower are not the same thing. A co-signer serves to guarantee your debt if you cannot qualify for a VA loan by yourself. This person helps you get approved for the loan and serves as a second line of defense should you run into financial troubles or cannot afford to pay a mortgage/VA home loan.

In contrast, a co-borrower usually shares responsibility for the monthly mortgage payments and the associated risk/risks as well as the benefits of homeownership. Yet another distinction between the two is that a co-borrower is added to the title while a co-signer is not. Additionally, when qualifying for your VA loan, your co-borrower’s income, credit, and assets would also be used.

Married VA Co-Signers in WA State

If you are approved for a VA loan, there are important things you must know about co-signing a loan. Many people ask the following questions: If I do not have a spouse/partner co-signing on the loan, can I still qualify? The short answer is yes. But it takes a little more work than one might think. But be that as it may, if you have a VA loan with a spouse co-signer in WA state, you may be able to get access to better interest rates than other borrowers with bad credit or a low credit score. This is because the VA opens up an avenue for your wife or husband to essentially lend money to you. Note, VA loans do not typically require income from the spouse, but they tend to use the spouse’s income for liability purposes.

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Unmarried Co-Borrowers

It’s not standard practice to allow unmarried partners who will live in the home or residential property to also have their name put on the mortgage. Most lenders don’t permit it, and in most cases, only a veteran/service member or spouse is eligible to be a co-borrower or co-signer on a VA loan.

However, if a lender does allow a non-married co-signer for a VA loan in WA state, then said co-signer would likely need to be a veteran/service member as well.  Note, in some states and localities, there is a maximum loan amount that can be spent on a single VA loan or home equity loan (if borrowed for more than the purchase price). Therefore, it is important that you find out what the limit is in your area before applying, along with whether or not you can have a non-spouse co-signing your VA loan.

Ultimately, when it comes to getting a WA state VA loan, there are several different options to consider. While some people prefer to go it alone on their loan application, others prefer the added responsibility and lower monthly financial obligation of a co-borrower.  And for those who are unable to buy a home by themselves, an eligible co-signer could be the best way to make their dreams of homeownership happen.

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Ready To Buy A Home?

Do you have questions about WA state VA loans, or would you like more information about qualifying for the home buying process with a co-signer? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.

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