Expert: Dick Dennis - 7/16/2006

Question
I entered into a contract for the purhcase of a
home for my son in his home state of FL while he was in
Korea on active duty. He and his wife are separated and have temporary papers calling for
the division of property, child care, etc.  Until
we made an appointment to lock in a mortgage rate
with the loan application on the property, no one
mentioned that he could NOT use his VA loan nor
purchase the home without the "almost ex" at closing and on the deed. Is this the case?

Answer
The VA loan is to be used exclusively by the vet, except if he cannot qualify for the loan without his wife. If there is no wife, then he is going to have to wait until he can qualify for a loan on his own, most likely, at this point, a less expensive house.

However, if you want to continue on with the purchase in your name, then later on, transfer title over to your son, you certainly may. The rest of your question is a bit confusing. I'm afraid you're going to have to talk to one or both of the attorneys in your son's divorce, or engage a REAL ESTATE attorney on your own.

I do wish you well, Patsy.

Dick Dennis