2008 Veterans Compensation Tables
Auunally the Department of Veteran Affairs adjust the
compensation tables for benefits paid to veterans with service-connected
disabilities. You can use these tables
with respect to the Dependent status of a veteran to determine the monthly
benefit for loan qualification. This is
a non-taxable benefit and may be grossed up to a higher amount based on the
specific lender’s underwriting guidelines.
The underwriter will need a copy of the most current award letter. Award letters are usually mailed in mid
January. If you are using this income
to qualify a veteran later in the year and the veteran has misplaced their
award letter but have direct deposit, you can usually document the income source
with a successive series of bank statements as a paper trail. The Department of
Veteran Affairs will issue a replacement award letter, but I have seen them
take as long as 90 days as there is usually long backlog of correspondence.
A lot of veterans are returning from military service and
offer a large population of homebuyers for realty professionals familiar with
VA financing and underwriting. This
could be a potentially niche’ market in some areas with high concentrations of
veterans.
10% - 20% (No Dependents)
|
Percentage
|
Rate
|
|
10%
|
$117
|
|
20%
|
$230
|
30% -
60% Without Children
|
Dependent
Status
|
30%
|
40%
|
50%
|
60%
|
|
Veteran Alone
|
$356
|
$512
|
$728
|
$921
|
|
Veteran with Spouse Only
|
$398
|
$568
|
$799
|
$1006
|
|
Veteran with Spouse & One Parent
|
$432
|
$613
|
$856
|
$1074
|
|
Veteran with Spouse and Two Parents
|
$466
|
$658
|
$913
|
$1142
|
|
Veteran with One Parent
|
$390
|
$557
|
$785
|
$989
|
|
Veteran with Two Parents
|
$424
|
$602
|
$842
|
$1057
|
|
Additional for A/A spouse (see footnote b)
|
$39
|
$52
|
$64
|
$77
|
70% -
100% Without Children
|
Dependent
Status
|
70%
|
80%
|
90%
|
100%
|
|
Veteran Alone
|
$1,161
|
$1,349
|
$1,517
|
$2,527
|
|
Veteran with Spouse Only
|
$1,260
|
$1,462
|
$1,644
|
$2,669
|
|
Veteran with Spouse & One Parent
|
$1,339
|
$1,553
|
$1,746
|
$2,783
|
|
Veteran with Spouse and Two Parents
|
$1,418
|
$1,644
|
$1,848
|
$2,897
|
|
Veteran with One Parent
|
$1,240
|
$1,440
|
$1,619
|
$2,641
|
|
Veteran with Two Parents
|
$1,319
|
$1,531
|
$1,721
|
$2,755
|
|
Additional for A/A spouse
|
$90
|
$103
|
$116
|
$129
|
30% -
60% With Children
|
Dependent
Status
|
30%
|
40%
|
50%
|
60%
|
|
Veteran with Spouse & Child
|
$429
|
$610
|
$850
|
$1068
|
|
Veteran with Child Only
|
$384
|
$550
|
$776
|
$978
|
|
Veteran with Spouse, One Parent and Child
|
$463
|
$655
|
$907
|
$1136
|
|
Veteran with Spouse, Two Parents and Child
|
$497
|
$700
|
$964
|
$1,204
|
|
Veteran with One Parent and Child
|
$418
|
$595
|
$833
|
$1046
|
|
Veteran with Two Parents and Child
|
$452
|
$640
|
$890
|
$1114
|
|
Add for Each Additional Child Under Age 18
|
$21
|
$28
|
$35
|
$42
|
|
Each Additional Schoolchild Over Age 18
|
$68
|
$90
|
$113
|
$136
|
|
Additional for A/A spouse
|
$39
|
$52
|
$64
|
$77
|
70% -
100% With Children
|
Dependent
Status
|
70%
|
80%
|
90%
|
100%
|
|
Veteran with Spouse & Child
|
$1,332
|
$1,545
|
$1,737
|
$2,772
|
|
Veteran with Child Only
|
$1,228
|
$1,425
|
$1,603
|
$2,623
|
|
Veteran with Spouse, One Parent and Child
|
$1,411
|
$1,636
|
$1,839
|
$2,886
|
|
Veteran with Spouse, Two Parents and Child
|
$1,490
|
$1,727
|
$1,941
|
$3,000
|
|
Veteran with One Parent and Child
|
$1,307
|
$1,516
|
$1,705
|
$2,737
|
|
Veteran with Two Parents and Child
|
$1,386
|
$1,607
|
$1,807
|
$2,851
|
|
Add for Each Additional Child Under Age 18
|
$49
|
$56
|
$63
|
$71
|
|
Each Additional Schoolchild Over Age 18 (see
footnote a)
|
$158
|
$181
|
$204
|
$227
|
|
Additional for A/A
|
$90
|
$103
|
$116
|
$129
|
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