VA Loan Options For Dual Military Couples

Serving in the military is a unique experience. When a couple is dual military, however, an entirely new level of uniqueness presents itself, even when it comes to VA mortgage loans. In fact, as a dual military couple, you will have a number of options that traditional couples don't; learn about some of them here. 

Rate Flexibility

A major advantage of a VA loan over a conventional loan is the relaxed credit requirement. While applicants are still required to meet credit standards, the required score is considerably lower than conventional loans. 

If for some reason you or your spouse has a score that is below the threshold, you have the advantage of only including the individual with the proper credit score on the loan, provided they have the income necessary to cover the payments. With a traditional military couple, if the veteran does not have the necessary credit score, they can't move forward with the loan. 

Split Entitlement

As a dual military couple, you can also choose to split your entitlements. For example, say the two of you wanted to purchase a home in the city. However, you two always had a dream of owning a farmhouse property outside the city limits. Given your status, the two of you could use one person's entitlement to purchase the primary home and then the other person's entitlement to purchase the second property. 

Both of your names could still be on the loan, which would leave you both financially responsible, but you could maximize your entitlements by basically taking out two different VA loans at the same time. 

Combining Entitlements

Another option is to combine your entitlements into one single loan. This option is often helpful if one party previously used a portion of their entitlement on a loan. For example, say you purchased a home before you were married and the property is now a rental property.

However, you want to buy a home with your spouse, but you don't have enough entitlement left to do so on your own. In this instance, your spouse could combine their entitlement with your remaining entitlement in order to cover the cost of an additional loan. Even if either party has never purchased a property before, combining entitlements is still an option to increase purchase power. 

You've earned the opportunity to apply for and enjoy the benefits of a VA loan — in fact, you both have. Speak with a loan specialist for any additional concerns you have about the process.