Securing a loan is critical step in the home-buying process. For those who are engaged and considering the VA’s home loan as an option, considering when to buy is just as important as choosing the home itself. The VA has strict rules that consider spouses and only spouses to be equal partners to veterans in the home-buying process. This means that fiancee’s will only be able to secure a 50% guarantee on their loan from a lender. In order to avoid this, home buyers can either ensure they are married before actually closing on the loan, or consider other loan options.
- If you buy a home with a fiance, you will not get the full guaranty where you don’t have to put money down because you aren’t yet married, so you would need 25% of the down payment.
- TO get around the rules, you can apply for the loan on your house when engaged, but closing on the house must wait until you are married for the full guaranty.
- If you aren’t interested in getting married, you may want to look into another type of loan such as and FHA, which will allow for a smaller down payment.
“The best way to go about buying a home with your fiancé and VA financing is to wait until you are about to get married.”