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VA Benefits Roll Over?

My Mother recently passed, shes a Navy veteran and I am 20 years old. I am a college graduate and I am now working making $70k/year at the ports in SF, CA. I don't have much credit, a car, but no bad. My credit Karma FICO score is 589. I want to know if my moms VA benefits will roll over because I want to buy a home for my sister and I. Thanks. by James_vicskate77910 from Benicia, California. Jul 16th 2018 Reply


John Burke (jburke)
#30 ranked lender in Texas - 200 contributions

Hi James,Unfortunately the answer is no. You'll need to look at FHA to purchase home or raise your scores & go conventional.Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50

Jul 17th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

Unfortunately, VA benefits are only available to the veteran or the un-remarried surviving spouse, not surviving children. Also, you might want to get with a mortgage professional and let them look at your credit.. 589 credit score is very low, but credit Karma is not the best source to determine what your credit scores are.. it's very inaccurate.. if you are correct in not having bad credit, your score shouldn't be that low. FHA is a good source, but if you are buying from a relative, then FHA guidelines require that the Loan to value not exceed 85%.. so if the home is worth $100K, then the most you can finance is $85K.. You don't need 15% down, because FHA allows a "Gift of Equity".. but she has to be willing to sell it to you at the reduced price. Let me know if you would like me to look at your profile more closely.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jul 18th 2018
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