veteran home loan child parent

VA Loans

Can You Use a Veteran Home Loan to Buy a House for a Child or Parent?

There’s nothing more important than your family. So of course, we understand the desire to help your loved ones purchase a home. However, VA loans have specific requirements regarding who can use them. In this post, we’ll clarify if you can use a veteran home loan to buy a house for a child or parent.


VA Loan Basics

First, let’s review some VA loan basics. These government-backed loans help eligible military members, veterans, and surviving spouses finance a home. Their key benefits are no down payment and competitive interest rates. To qualify, you must have sufficient income and good credit. The home must meet the VA’s Minimum Property Requirements too.


Who Qualifies for a VA Loan?

Now, getting back to our original question, who can use a veteran home loan? VA loans are only available to the following individuals:

  • Military members with at least 90 days of service
  • Veterans who were discharged under favorable conditions.
  • Surviving spouses of service members or veterans who died in the line of duty or from a service-related disability.

While well-intentioned, you cannot take out a VA loan solely to purchase a home for a child or parent who does not meet these criteria. VA loans can only be issued to individuals listed above. 


Using a VA Loan for a Dependent

If you are a qualified VA loan recipient, you may purchase a home where a parent or child will reside. However, you too must live in the home as your primary residence. The VA will not approve loans for homes used solely by others.


Alternatives to Help Family Buy a Home

If you want to help a family member buy a home, consider these options instead of a VA loan:

  • Direct purchase using your name and a non-VA loan.
  • Provide part of their down payment as a gift
  • Co-sign on a regular mortgage with a relative
  • Refer them to first-time homebuyer programs.


Get Expert Insight

Whether you’re using a VA loan or not, it’s probably a good idea to consult a lender first before attempting to buy a home for others. At Mortgage Solutions Financial, our experienced team can provide the expert insight you need. We’re more than happy to provide you with information about the latest guidelines surrounding VA occupancy rules and eligibility requirements. Additionally, we can also help you find alternative ways to assist your family members with buying a home.


Call Mortgage Solutions Financial Today

To learn more about veteran home loans, contact our office today. Our team is ready to help you and your loved ones achieve your homeownership dreams!