Skip to Content

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

December 3, 2019

COLUMBIA, Mo. – 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 Bernardino-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.

Veterans United Facts

  • $34 billion
    in loans financed in 2022
  • Defense Employer Support Freedom Award Recipient
    by the Secretary of Defense
  • More than 4,300 employees
    in more than 36 states
  • More than $130 million
    raised for nonprofit charitable arm, Veterans United Foundation since Nov. 2011
  • No. 8 Best Place to Work
    according to Glassdoor Best Places to Work in 2022

Featured In

  • Chicago Tribune
  • Los Angeles Times
  • Yahoo! Finance
  • US News & World Report
  • CNN Money
  • The New York Times
  • INC 500


Media Team

Chad Moller
Communications Manager
(573) 876-2600 ext. 6924

Tierre Banks
Sr. Media Relations Specialist
(800) 814-1103 ext. 3220

Meet The Expert

Chris Birk, Vice President of Mortgage Insight at Veterans United Chris Birk
Author, The Book on VA Loans

Chris is the nation’s leading expert on VA Loan benefits. He authored The Book on VA Loans in 2011, and maintains the VA Loans Insider blog. His analysis and articles have appeared at a host of sites and publications, including the Washington Post, The New York Times, the Wall Street Journal, ABC News, USA Today, the Houston Chronicle and more. Members of the media may request a free copy of The Book on VA Loans to learn more about the VA loan program.

See Chris' Bio »