I have been unsuccessful finding information regarding a FHA/VA Combo Loan, which leads me to believe this program no longer exists. We have a Veteran that wants to use his entitlement to qualify for a VA Loan, which is not the issue. However the Veteran would need to add a co-borrower to the loan to be able to meet the minium income standards. The co-borrower is not a spouse of the Veteran. Is there a program out there that would allow the VA to guaranty a portion of the loan, and combine it with the co-borrower's FHA loan?
In 15 years in the business, I've never heard of a "combo FHA/VA" loan. I seriously doubt they exist, if they ever did in the first place. Totally separate programs, guidelines, and eligibility requirements.
The program that I believe you are thinking of does not exist any longer. The program was the "Veteran's Preference" option on the FHA 203B program. It was not a VA program and VA did not guarantee the loan. It was discontinued about 10 years ago.
The Veteran's Preference option allowed an eligible veteran to get an FHA loan with a reduced down payment requirement. Eligibility for Veteran's Preference was determined by a completed Certificate of Veterans Status (VA 26-8261).
Here is a link to a Mortgagee Letter that described the program.