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Can I add my son to my current VA mortgage, & how?

He has excellent credit and him and his wife will be moving in with me shortly. I'd like him to eventually take over the payment since I will be retiring and moving to a smaller property. What can we do to get him on? It's VA and he is also VA by greginnis784656433 from Huntington, West Virginia. Feb 11th 2015 Reply


Scott Kinne (Skinne)
#30 ranked lender in Virginia - 66 contributions

The only way to Add a borrower to a loan is through the process of refinancing, and since he has his own VA eligibility then yes he can be added to a NEW loan. Otherwise, anyone can be added to Title to the property which would allow him to refinance later when you are ready to retire, and by doing so then, your VA eligibility would be released, but that means he is subject to interest rates in the market at that time. If he or his wife will occupy the property shortly, you could "Sell" him the property which would release your VA Eligibility, and would allow him to lock in today's low VA mortgage rates. I would be happy to discuss all your options at your convenience. Call me. Scott Kinne - NMLS# 182351 - First Heritage Mortgage - 703-293-6146.

Feb 11th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,938 contributions

two ways to do it.. he can assume your existing loan by qualifying and not use his benefits.. in this scenario, your entitlement would be tied up until he has paid off the loan.. or he can assume your loan and use his entitlement.. this way your benefits are released.. you would not be able to just sign the property over to him.. that could cause a "Due on Sale" trigger, and your loan would be called due.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 11th 2015
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Scott Kinne (Skinne)
#30 ranked lender in Virginia - 66 contributions

To further elaborate, to refinance you need to have at least one person remain from the prior loan onto the new loan, which means your VA eligibility would need to stay tied to the property. Since he is Not on Title now (I assume) then if you don't want to have your VA tied to the property, he would need to Purchase the home from you, at terms you both decide are agreeable. I hope this helps clarify further.

Feb 11th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You can refinance, or sell him the property, or just let him take over the payments, if the interest rate is low.

Feb 11th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

If you want to use your VA eligiblility again and have him responsible for the mortgage he'll need to take out a new mortgage in his name. Its possible for him to also to assume your mortgage and that is done through the current servicer.

Feb 11th 2015
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