Dec 4, 2019   SOURCE: BusinessWire

VA purchase loans increase for eighth-straight year, overall usage up 43 percent compared to five years ago

VA loans to purchase homes increased for an eighth-straight year in Fiscal Year 2019, with the government backing more than 624,000 loans, a 43 percent increase compared to five years ago, according to data from the Department of Veterans Affairs.

Veterans and service members made their presence felt in cities and metro areas nationwide using their hard-earned home loan benefit. Washington, D.C., was the top market for VA loan usage, followed by Phoenix, Virginia Beach, Atlanta and Riverside, California.

Generation Z and Millennial buyers accounted for 45 percent of all VA purchase loans in FY19.

“Younger Veterans and service members are fueling the continued growth of this historic loan program,” said Chris Birk, Director of Education for Veterans United Home Loans. “This benefit was built to help boost access to homeownership for those who serve, and it’s helping a new generation of Veterans and military families put down roots in communities across the country.”

VA loans allow qualified Veterans and service members to purchase with some big-time benefits, including $0 down payment, no mortgage insurance, more flexible credit guidelines and the industry's lowest average interest rates.

To recognize growth in usage this year, Veterans United compiled a list of the Top 30 Cities for VA Loan Usage in FY 2019.

Top 10 Cities for VA Loan Usage in FY 2019

  1. Washington-Arlington-Alexandria, DC-VA-MD-WV MSA
  2. Phoenix-Mesa-Scottsdale, AZ MSA
  3. Virginia Beach-Norfolk-Newport News, VA-NC MSA
  4. Atlanta-Sandy Springs-Marietta, GA MSA
  5. Riverside-San Bernadino-Ontario CA MSA
  6. San Diego-Carlsbad-San Marcos, CA MSA
  7. Dallas-Fort Worth-Arlington, TX MSA
  8. Colorado Springs, CO MSA
  9. Tampa-St. Petersburg,-Clearwater, FL
  10. San Antonio, TX MSA

Changes to VA loan limits that take effect on Jan. 1, 2020, will likely increase lending in many of these markets. In a huge win for Veterans, these limits will be removed for qualified buyers, eliminating a down payment requirement in some of the costliest cities in the country.

About Veterans United Home Loans

Based in Columbia, Missouri, the full-service national lender financed more than $12.8 billion in loans in FY19 and is the country’s largest VA lender. The company’s mission is to help Veterans and service members take advantage of the home loan benefits earned by their service. The company’s employee-driven charitable arm, Veterans United Foundation, is committed to enhancing the lives of Veterans and military families nationwide by focusing on supporting military families and nonprofit organizations that strengthen local communities. Veterans United Home Loans and its employees have donated more than $51 million to the Foundation since its founding in November 2011. Learn more at EnhanceLives.com.

VeteransUnited.com | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, MO 65203 | NMLS ID #1907 (www.nmlsconsumeraccess.org). A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Equal Opportunity Lender. Mortgage Research Center, LLC.