VA Home Loan Question & Help

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So...good news, I finally recovered my credit from the damage my ex-wife did. I now qualify for a VA home loan. Here's the caveat, I co-signed for an auto loan a few years ago for a close family friend. She has made the payments and no serious issues. However; my lender stated they needed to see 12 months of consecutive on-time payments (cancelled checks) from the buyer. After getting that from her, it was discovered that she had June & July 2017 payments "deferred" to the end of the loan. She has made on-time payments aside from the deferments. My lender said that is a problem. He said there can be no deferments, missed payments, etc. He also stated I cannot use a co-signer who is a non-veteran for a VA loan. So, I'm trying to do this loan on my own and I am seeking advice if I should wait until I can get 12 months of consecutive payments from the buyer of the auto or if I should seek out a different lender. I am going into this with $0 down.

Another thing, I am going to have a close friend (co-worker, fellow veteran & forum member) move in and rent from me who will be paying $600/month. The lender stated on a VA loan, that has no bearing whatsoever on the approval.

I know there are some real estate guru's who will hopefully chime in here. I appreciate any & all constructive input.

[CoGirl303]

As a vet (yet to use my VA loan to buy a house), I'd work both angles. See if you can get the proof of consecutive payments, but at the same time, be seeking a new lender that doesn't have this requirement that way you have some leverage and you can say, hey I have someone else willing to give me the loan.

[SAnd]

See if your cosign friend can get a loan with no cosign. She has a history of good payments and maybe some equity now.

[BushMasterBoy]

Find another lender. The federal government is guaranteeing the lender will be repaid if a default occurs. Might be good if you can find a loan officer who is a veteran also.
Make sure you get a national bank lender and not a "mortgage broker".

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Find another lender. The federal government is guaranteeing the lender will be repaid if a default occurs. Might be good if you can find a loan officer who is a veteran also.
Make sure you get a national bank lender and not a "mortgage broker".

Thank you very much! I was suspecting this would be the path to go. Any suggestions for a lender?

[Honey Badger282.8]

You’re talking about a mixed loan. Some lenders will allow you to do this but the VA will only guarantee your portion of the loan, not your co-signers. Generally, that means their half of the loan will be subject to standard fees, down payments, and closing costs. It was pretty frequent with folks trying to buy a house with a non-vet fiancé, they usually got the marriage certificate earlier to save themselves the hassle.

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Yeah, that is why I want to get the loan on my own. I qualify for enough on my own to afford the house. The thing that's pissing me off is my current lender not budging on the co-signed loan. This isn't my damn debt and it shouldn't count against me.

[Bailey Guns]

Find a new lender.

[fairrpe86]

Call JP at American Dream Mortgage, awesome guy and knows his stuff. USAFA grad, still active in the Air National Guard. Tell him Brandon sent you.

http://www.loansclose.com/StaffProfiles?ID=923669

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Call JP at American Dream Mortgage, awesome guy and knows his stuff. USAFA grad, still active in the Air National Guard. Tell him Brandon sent you.

http://www.loansclose.com/StaffProfiles?ID=923669

Thank you so much. I will call him tomorrow first thing. I really am thankful for everyone's help/input. I've been practically down to tears all afternoon because all I want is to get my son into a house that he deserves.