Expert: Dick Dennis - 1/4/2006

Question
My first question is, is it true that a brother, father, uncle, who has served in the armed forces can help a member of his/her family obtain a home through VA.  Meaning the family member could receive the same benefits as the veteran when buying a home?

The second question is, I plan to purchase a home through the 1st time buyers program.  However, I don't believe I make enough a money without my husband's income.  He owes the government, but is currently paying monthly payments and they take his tax returns.  He also probably has a few other moderate debts he is currently paying, too. (he is a little secretive about what he owes)  Would I necessary have to include my husband or  could I include him without his past debt being an issue.  I had heard of a program that considers the co-borrower's score is not considered but income is used to quality.  It sounds too good to be true, but is there any truth to this?

I only make about 30k a year.  He makes approximately twice the amount of my yearly salary.  We live in Indiana if that helps you any to answer my question.

I hope I don't sound stupid, but I wondered if I might have a chance of getting an okay home.  Also, I plan to try to put down 5 to 7 percent.

Help me with some information, please
Debra  

Answer
Question 1: No. The vet must be one of the buyers, at least. And the property must be in his name, at least partly. And if the income from the other non-vet buyers is needed, then they may use it.

Question 2: If your husband has credit problems and obligations to the government, I seriously doubt any lender is going to consider him as a buyer. As for his income being considered without being on title, I strongly suggest you ask your local lender. But if he is on title, be aware that the government could put a lien on the property and if the property gains value in the future, they may force you to sell the property to get their money he owes. So, you really cannot put him on title.

Which ever lender you are talking to, be sure to tell the lending agent EVERYTHING. He wants to make the deal and he will think of a way to allow YOU to buy the house.

I do wish you well, Debra.

Dick Dennis   dixiedee13@aol.com