Frequently Asked Questions

What is the difference between disability compensation and pension from the Department of VA?
Compensation is paid to a veteran with a disability that is related to military service. To qualify for a pension, a veteran must have wartime service and be permanently and totally disabled or age 65 or older. A veteran's eligibility for a pension is determined by income level and the number of his/her dependents.

What rates does the Department of Veterans Affairs pay to veterans with service-connected disabilities?
For the most up to date information, please visit the VA Administration Compensation and Pension Benefits website.

Does VA increase disability compensation rates annually?
The amounts of the benefits are set by Congress, which often approves annual cost-of-living increases for VA compensation payments.

Can a service-connected disability rating be changed?
Yes. It may be increased or deceased in accordance with medical findings of changes in the affected condition.

Is disability compensation from VA based on military pay grade?
No. Compensation rates are set according to the degree of disability, regardless of rank or pay grade.

Does the Dept. of Veterans Affairs set the interest rate on VA guaranteed home loans to veterans?
No. VA has not set interest rates since 1992. Interest rates and the payment of discount points must be negotiated between the veteran, seller and lender.

I did not serve in the U.S. Military. Can I buy a home that the VA has acquired as a result of foreclosure of a VA-guaranteed loan?
Yes. Both veterans and non-veterans may purchase the home.

If a veteran dies before paying off the VA-guaranteed loan on his/her house, will the VA guarantee pay off of the balance?
No. The surviving spouse or other co-borrower must continue to make the payments, or the loan becomes the obligation of the veteran's estate.

If a veteran has trouble repaying his VA-guaranteed loan, what should he/she do?
Talk with the lender as soon as possible. Depending on circumstances, it might be best to sell the property. VA might be able to assist in arranging a repayment plan or an alternative to foreclosure. VA also offers home loan counseling through regional offices.

 

 

 

 

 

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