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VA Purchase Loans Increase for Seventh-Straight Year, Surge 59 Percent Compared to Five Years Ago

November 13, 2018

COLUMBIA, Mo. For the seventh-straight year, VA purchase loans increased year-over year, with volume for fiscal year 2018 up 59 percent compared to five years ago, according to the annual VA loan statistics map released by Veterans United Home Loans, the nation's largest VA lender. The VA backed more than 610,000 loans in FY18 worth over $161 billion.

"This historical benefit program has experienced a resurgence since the housing crisis," said Chris Birk, director of education at Veterans United. More Veterans have used this $0 down loan in the last five years than in the prior dozen years combined. While the VA's data show refinance loans cooled in 2018, the purchase market remains strong as more Veterans and military families turn to what's become the most powerful home loan on the market.

VA loans now make up about 10 percent of the mortgage market, a huge increase in market share from even just a decade ago. VA loans allow qualified Veterans to buy with no money down, no private mortgage insurance and offer more flexible and forgiving credit guidelines.

According to mortgage software firm Ellie Mae, the VA loan has had the lowest average interest rate on the market for the past 53 straight months. Despite not requiring a down payment, the VA loan has had the lowest foreclosure rate of any loan product for 48 consecutive quarters, according to data from the Mortgage Bankers Association.

This hard-earned job benefit turns 75 years old in 2019, Birk said. The VA loan program continues to fulfill its original mission and help a new generation of Veterans and service members achieve the American dream of homeownership.

Veterans United Facts

  • $16.4 billion
    in loans financed in 2019
  • No. 17 on the 100 Best Companies to Work for List
    published by Great Place to Work and Fortune in 2020
  • More than $50 million
    raised for nonprofit charitable arm, Veterans United Foundation since Nov. 2011
  • More than 3,000 employees
    in more than 20 states

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Newsroom

Media Team

John Quin
Director of Communications, Veteran
(800) 814-1103 ext. 4540
john.quin@vu.com

Chris Cline
Senior Media Relations Specialist
(573) 817-4523
communications@vu.com

Meet The Expert

Chris Birk, Director of Education 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 »