Many United States veterans pay an enormous toll to serve our country. While many sacrifice their lives on the battlefield, millions are left with significant physical and mental disabilities.
In fact, nearly 4 million veterans are collecting disability payments from the Department of Veterans Affairs. Another interesting statistic is that one-third of all veterans with a mortgage have a VA home loan.
You can get a VA home loan while collecting disability benefits. Read on to explore how to use a VA disability calculator. Learn more about the VA disability process and how to apply for benefits.
What Is a VA Disability?
A disability is an injury or illness that negatively affects your physical and mental health. Eligibility for VA benefits is decided by your military service. Benefits are reserved for service members who were on active duty or participated in military training.
Another prerequisite for receiving benefits is the nature of your disability. One of the following three criteria must be true to be eligible.
First, you got sick or injured while actively serving. This is referred to as an in-service disability claim.
Another option is that military service made a preexisting health condition worse. This is called a preservice disability claim. Lastly, a postservice disability claim is when a disability related to your service appears after you are discharged.
A VA disability calculator will help determine how many benefits you may receive. The primary input to these calculators is your disability ratings. These ratings drive how much you will take home in benefits.
How to Apply for VA Disability?
After you determine your eligibility, the next step is collecting evidence to support your claim. You should compile all medical records that indicate your condition or demonstrate how it worsened.
These medical records may come from a VA hospital or private medical facility. In some cases, applicants collect statements from personal connections showing how their condition has deteriorated.
There are several different ways to apply for VA disability benefits. You can submit an online application on the Department of Veterans Affairs website. Also, you can apply in person with a signed application or mail it to a claims intake center.
Can You Get a VA Home Loan While on Disability?
The answer to this question is a resounding yes. Collecting disability benefits does not preclude you from getting more favorable terms on your home mortgage.
You want to check on VA loan affordability before getting more serious. Here, you use a VA loan calculator to check how much your monthly mortgage payments will be.
The calculator takes simple inputs like loan terms and the home price. It will also ask if you are putting in a down payment and what the interest rate is. You may need to work with your VA loan provider to get an idea of what the rates are.
Your Guide to the VA Disability Calculator
You can now apply for VA disability benefits and explore home loans. These generous VA benefits are reserved for those who served our country and suffered injury or illness due to their service.
If you enjoyed this article about the VA disability calculator, 2023 is the year you’ll find more great content in our Benefits section.
