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Old 06-02-2018, 08:22 AM
 
Location: MID ATLANTIC
7,568 posts, read 17,508,394 times
Reputation: 8030

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I am trying to find something consumer friendly, but most information is riddled with industry terminology.

Here's the basic information - if you are not a veteran, your dad will lose that portion of his entitlement and may forfeit his ability to purchase no money down in the future.

You must qualify for the loan. The lender will run ratios and the do a net cash available after all monthly expenses. The required amount available varies by the size of your family.

Credit - VA is fairly tolerant of credit mishaps, but your credit will be scrutinized.

Your father must apply for a release of liability or he will be liable if you default.

If you want to DM your questions to me, I am happy to try to help.
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