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Author:
Bill Kelly Loan Officer
Life experience and 24 years active duty in the Coast Guard, have taught me that personal connections, finding the right person, and getting the best information are keys to success.
I provide Practical Mortgage Options for All Home Buyers. As a career Coast Guard Officer (retired) and prior college professor, I have spent decades helping people achieve their goals, and I can help you. Are you are looking for a mortgage professional in Massachusetts or New Hampshire? Are you a Veteran in need of assistance accessing your VA Home Loan benefit? Are you trying to decide whether to rent or buy? Do you want to upgrade your existing home with a renovation or addition? Let’s talk about your mortgage options, and let me help you find the right fit for your unique situation.
Comments:
There are essentially two types of 100% ratings (for our discussion, it doesn’t matter if they are P&T or not); Schedular rating – which uses the VA Schedule for Rating Disabilities (VASRD) to rate veterans for their service-connected items (https://www.benefits.va.gov/WARMS/bookc.asp).
Yes, technically you could also have a 100% rating based on an extraschedular rating review, but that is a one-off unique and veteran specific case. And not accounted for in this discussion.
The other common 100% rating is, Total Disability Based on Individual Unemployability (TDIU). If a veteran qualifies for this program (see my Video on IU), the VA then compensates the veteran at the 100% level.
So can I work or not? With a 100% schedular rating, there is no limit on employment or income. So, yes you can work. With TDIU compensated at the 100% level, you can not work and earn above the Health and Human Services set poverty level (I know I said HUD in the video). For 2021, the 100% poverty level income limit is $12880 for the veteran themselves. It does not include other members of the household.
(https://aspe.hhs.gov/poverty-guidelines).
Be aware that the IRS and the VA databases do connect and if your income from gainful employment is over the limit, the VA will find out about it through your IRS tax filings. EDIT: I REMOVED THE REFERENCE TO MORE THAN ONE PERSON. THE LIMIT IS FOR THE VETERANS INCOME EARNED FROM GAINFUL EMPLOYMENT – NOT RETIREMENT OR SPOUSAL INCOME, BUT INVESTMENT INCOME MAY BE CONSIDERED A FORM OF SELF-EMPLOYMENT AND COULD COUNT TOWARDS THE LIMIT.
If you were TDIU but now can work, your combined VA disability rating returns to whatever it was (per the schedule) before the TDIU was applied.
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4/3/2021