Hey! I had a great question asked of me the other day at an open house and I’d like to share it with everyone here in Treasure Valley, ID. So, I had an individual, her son has service-connected disability of 100%.
She was wanting to buy a house with him, like an ADU type thing where they can live in separate quarters but be on the loan together. She was told over and over you couldn’t go through and do this on VA. You can! You can put a non-veteran with a veteran on a transaction even if they’re not married or they’re both not veterans. The person being added to the transaction has to put 12.5% down. That covers the full insurance. When you go through and average it together, it’s covering the 25% VA guarantee. Now the reason why this makes the most sense is because they’re going through and putting it into a VA type structure. Let’s say down the road when rates start going through and falling, they can take advantage of doing the restructuring versus having to go out and do a full refinance. So, it does make sense because they’re going to get a better interest rate and he’s service connected, so they’re not paying
that fee. There’s a lot of variables and stuff on why it makes more sense for them to go VA so knowledge is power. Now that you know that there are circumstances you’ll hear that don’t work. A lot of banks can’t do it. There are only a few selective places that can do it. But us being a broker, we have ability in the Treasure Valley to place a loan like that and be able to go through and make it work. So, this individual is moving to Meridian, ID. right here in town. It’s a big deal to go through and look at those different options and knowledge is power. So hopefully that little bit of nugget right there gives you more information. If someone tells you that you can’t have a non-purchasing VA veteran with a veteran, that’s just not true. So hopefully that helps. Call us with any other questions.