My father VA loan application, he is older and if something happened to her loan Va says I can not?

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pay off their loan, unless I am his wife or co-borrower, I do not know if I should co-borrower b / c my credit is bad. It does not affect the loan? Similarly, in Virginia, says that we can buy insurance life mortgage, but how is that they will not ask how much? “Please reply S I need advice! Thank you !!!!!

3 Comments
  1. Reply
    Beverly S
    May 15, 2011 at 4:11 pm

    Your credit will affect the loan- even though VA doesn’t have score requirements the loan is done through a lender who does. Better idea than mortgage insurance is a term life policy for the amount of the loan- which is waaaay cheaper! Mortgage life doesn’t ask medical questions but it is expensive- depends on the amount & age of the borrower.

  2. Reply
    glenn
    May 15, 2011 at 4:41 pm

    I think what they are saying is that you can not assume his loan.

    If you inherent the home and have the funds to totally payoff the loan right away they would have no problem with that.

    You better answer all the questions they ask truthfully or they may not payoff when your Dad passes. I think it would be worthwhile to check into the cost if you think he may pass soon.

  3. Reply
    loanmasterone
    May 15, 2011 at 5:09 pm

    I don’t think that the lender of the VA loan your father is applying for care who pays off the mortgage loan if something happen to him.

    He would not be here, if the family wanted to keep his house someone would have to pay it off.

    You should check with your mortgage loan officer for a clarification of that statement.

    If something does, you would have to go to probate court unless he make a family trust naming you as the executor of his estate. He could do the same thing with a will, but a family trust is better as a trust would prevent you from going through probate.

    Now is something was to happen to your father who would the VA expect to pay off the mortgage loan?

    Your father might purchase a mortgage life insurance that would pay off his mortgage if something happens to him. There are several companies that do this so shop around for the best deal for you and your father.

    Your credit would not be a factor in your father getting a VA mortgage loan as only his wife would be able to be on the mortgage with him. Va does not allow go-signers or borrowers unless they are the spouse.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

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