Can I pass along any VA benefits to a younger promising family member to help them get a business loan, a home loan or anything?

2016-04-05T21:23:47-04:00

Response by PO3 Ellsworth Allen Westgate made Apr 5 at 2016 9:24 PM

2016-04-05T21:24:30-04:00

I'm 55 no Spouse, kids, nothing. Can I pass along any VA benefits to a younger promising family member to help them get a business loan, a home loan or anything? To help them out before I fall ill or die?

Response by CPT Aaron Kletzing made Apr 5 at 2016 10:03 PM

2016-04-05T22:03:45-04:00

I don't think you can do this officially. But you could always get a business loan and 'start' the company with them and help them grow it from there. It's a gray area sometimes but I think you could make it work okay being totally transparent and above board on it.

Response by SPC Paul Jennings, J.D. made Apr 5 at 2016 10:06 PM

2016-04-05T22:06:46-04:00

If you're looking to just gift them money than you can do that up to the annual federal tax exclusionary amount, which is if memory serves me at $14,000. VA benefits once paid are yours to spend how you see fit, with the exception that you can't give them away to try and qualify for hardship benefits I'd imagine.

Response by Sgt Private RallyPoint Member made Apr 5 at 2016 10:18 PM

2016-04-05T22:18:07-04:00

PO3 Ellsworth Allen Westgate I admire what you are trying to do. I have searched the VA Benefits website and can not find anything that fits your situation. Below is the VA Benefits Website. I recommend that you call them to make sure that there is not a program available to you. There might also be someone on RallyPoint with an answer that can help you. Best wishes!

Response by CPT Aaron Kletzing made Apr 6 at 2016 12:22 AM

2016-04-06T00:22:02-04:00

You seem like a really nice guy, best of luck to you on this!

Response by SGT David Brimmer, MS made Apr 6 at 2016 8:59 AM

2016-04-06T08:59:34-04:00

Nope. Frank, the only benefits that VA extends past the Veteran are health care and education (except under certain, fairly rare circumstances). In your case, VA most likely cannot extend a loan to your niece for either of those things, but you may qualify. So long as the home is your primary residence, you may be eligible to use the VA Home Loan Guaranty to purchase a house. Also, there are certain pathways to getting VA to support the opening of your small business (that your niece would certainly be a part of). Vocational Rehabilitation comes to mind the fastest though I'm not confident that program would be realistic in your situation.

If I were you, looking to leverage my military service to secure one of the two loans for your niece, I'd look outside the VA. There are plenty of other programs out there that are designed to aid Veterans in obtaining loans (be careful!), which you could use to work with your niece to get the ball rolling on one of those ideas.

Source: Horse's mouth.

You sound like a great uncle, Frank! Kudos to you and thanks for your service!

Response by SPC Jeffrey Thomason made Jan 22 at 2020 11:12 PM

2020-01-22T23:12:28-05:00

I used my VA loan in1973. Since that time the loan was satisfied years ago. Can I get a new loan on a new property? I'm not certain but I heard you can only use the VA loan one time.

Response by LCDR Edward Collins made Jan 29 at 2020 8:54 PM

2020-01-29T20:54:04-05:00

Good question

Response by SGT Wayne Cooks made Jul 21 at 2020 6:53 AM

2020-07-21T06:53:33-04:00

Me and my wife are buying our first home and only home since this virus my wife lost her job now it's me trying to keep up with the mortgage situation I only get 10% for now I have some help health problems but I'm still working how can I save the only home we got i served for 16 years in military can we get some help

Response by SSG Shyronda Boose made Jul 24 at 2020 6:08 PM

2020-07-24T18:08:33-04:00

Unless you are married, to that person NO!!