I'd like to use my VA benefits to get a first home. Can I apply with my fiancee and use her income to qualify?

The Short answer is yes you can use your fiance's income to qualify for the purchase of a primary residence. here are the important rules:1. your VA guarantee will be limited to your portion of the loan in this case half. 2. you the Veteran with the eligiblity must be able to afford your portion of the payment. while you as the veteran can make more to support your fiance's portion of the payment, your fiance's income cannot be used to support your portion of the payment.

Yes and no.. First, if you are engaged, and will be married before the closing on your loan, then it's possible you can use your full entitlement to purchase as husband and wife, even though your not married when you applied.. VA does not specifically say how long after the closing takes place that you must be married, but the lender will most likely require you to be within 30-90 days.. The other way is by Jointly applying.. VA guidelines address this in chapter 7, section 1 of the Lenders handbook.. Under the guidelines, must be able to qualify for your portion of the mortgage payment with your income only.. and you can only do 100% on your HALF of the purchase price..so you will need to put money down.. however, even though VA allows it, not every lender does.. Understand that VA does not lend money. they only insure loans against default.. the lenders, or those with the $$$ will oftentimes have their own rules above what VA calls for.. it's these "overlays" that makes lending rules different, one lender from another.. and for most, they will not allow for "Joint Loan's" though VA.. Another thing to note is that if you need your fiancee's income to qualify, then she must be on the loan and meet all other eligibility requirements.. credit scores, income, job history, etc.. This can be a tricky loan since very few lenders allow for this type of VA loan, so you need to call around to local mortgage brokers and see if they would allow it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347