This Article On VA Mortgage Guidelines For Same-Sex Married Couples Was Written By Gustan Cho of Gustan Cho Associates

The U.S. Department of Housing and Urban Development (HUD) the parent of FHA, allows non-occupant co-borrowers to be added on FHA Home Loans.

• Fannie Mae and Freddie Mac permits non-occupant co-borrowers
• The U.S. Department of Veterans Affairs (VA) only permits married spouses of eligible veterans to be co-borrowers on VA Loans
• This only applied to opposite-sex married couples
• There are new VA Mortgage Guidelines For Same-Sex Married Couples
• With more and more states recognizing same-sex marriages, VA Mortgage Guidelines For Same-Sex Married Couples has been revised and implement which we will discuss on this blog

In this article, we will discuss and cover VA Mortgage Guidelines For Same-Sex Married Couples.

Updated VA Mortgage Guidelines For Same-Sex Married Couples

The Department Of Veterans Administration announced that the VA would permit qualified income they treat opposite-sex married couples the same for same-sex married couples per VA Mortgage Guidelines For Same-Sex Married Couples.

• More and more same-sex couples are voicing their rights throughout the United States. States, therefore are recognizing and legalizing same-sex marriages for couples
• It is important for many veterans to have their married same-sex domestic partner to be included on their VA Loan to qualify for the loan amount on homes they want to purchase

With new VA Mortgage Guidelines For Same-Sex Married Couples, veterans can now include their married domestic partner on their VA Loan to purchase the home of their dreams.

VA Mortgage Guidelines For Same-Sex Married Couples And Eligibility Requirements

The above VA Circular specifically states that same-sex married couples can now be eligible for VA Home Loan Benefits the same way opposite-sex married couples are. However, this only applies to legally marry same-sex couples in the states that will recognize and permit same-sex marriages. If both same-sex married couples are veterans with full eligibility, then this VA Mortgage Guidelines For Same-Sex Married Couples has no impact on their eligibility to use their VA Home Loans. It will benefit if only one spouse is a veteran when applying this VA Mortgage Guidelines For Same-Sex Couples.

Other Loan Programs For Same-Sex Married Couples

The idea of same-sex marriages is still new.

• Not all states recognize same-sex marriage
• Just because it is legal in one state does not mean same-sex marriages are legal in other states
• Same-Sex domestic partners can qualify for not just VA Loans but other home loan programs
• One of the cons about VA Home Loans is that only married spouse of veterans can be added on the VA Loan
• Fannie Mae and Freddie Mac allow non-occupant as well as occupant co-borrowers to be added on conventional loans. HUD, the parent of FHA, allows family that is related to main borrowers by law, marriage, blood to be added as non-occupant co-borrowers and co-borrowers
• However, if non-occupant co-borrowers are not related to main borrowers, then 25% down payment is required
• Same-sex couples do have other options besides VA Loans
• Unfortunately, with the exception of USDA Loans, all other loan programs require down payment
• VA Home Loans are hands down the best owner-occupant mortgage loan program in the United States

Only veterans with Certificate Of Eligibility (COE) are eligible for VA Mortgage Loans.

Qualifying For VA Home Loans With Direct Lender With No Overlays

Not all lenders have the same credit and underwriting requirements. The U.S. Department of Veterans Affairs has no credit score requirements. Veterans Affairs has no debt to income ratio requirements. However, most lenders have their own credit score and DTI requirements called mortgage lender overlays on VA Loans. These lenders with overlays may require a 620 to 640 credit score requirement. They may also require a 43% to 50% debt to income ratio requirements when the VA does not have one. Many lenders will require veterans to pay outstanding collections and/or charged-off accounts when the VA does not require it. The good news is that Gustan Cho Associates Mortgage Group has no lender overlays on VA Loans. We close 100% on all of our loans because all of our pre-approvals are fully underwritten and signed off by our mortgage underwriters. All of our pre-approvals are loan commitments to lend. To start the pre-approval process with no stress during the mortgage process, please call or text us for a faster response at 800-900-8569. Or email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.