Millennial and Gen Z Veterans accounted for more than half of all VA purchase loans in a record year for this historic benefit program. Gen Z in particular is starting to make its presence felt in markets across the country.
Millennial and Generation Z homebuyers helped drive the VA loan program to a record year in Fiscal Year 2021.
The VA backed more than 1.4 million loans in FY21, eclipsing last year's previous all-time high by nearly 200,000 loans. VA purchase loans were up 3.6% from last year, marking the 10th consecutive year of annual increases. With rates still hovering near modern-day lows, refinance remained the story of VA lending this fiscal year.
But younger homebuyers continue to make their mark in a major way.
Millennial and Gen Z Veterans accounted for 52% of all VA purchase loans in FY21, a 6.6% increase from last fiscal year.
While Millennials represent the bulk of VA purchase lending, Gen Z in particular is starting to make its presence felt in markets across the country. VA purchase loans were up 84% year over year for this group.
|MSA||FY 2020 VA Purchase Loans||FY 2021 VA Purchase Loans||% Difference|
|Virginia Beach-Norfolk-Newport News, VA-NC||8,532||10,477||22.8%|
|San Antonio, TX||4,919||5,541||12.6%|
|Colorado Springs, CO||4,770||5,022||5.28%|
|Dallas-Fort Worth-Arlington, TX||4,791||4,515||-5.76%|
|San Diego-Carlsbad-San Marcos, CA||4,368||4,308||-1.37%|
|Houston-Sugar Land-Baytown, TX||3,433||3,752||9.29%|
|Riverside-San Bernardino-Ontario, CA||3,260||3,702||13.5%|
|Killeen-Temple-Fort Hood, TX||2,786||3,278||17.6%|
|Atlanta-Sandy Springs-Marietta, GA||3,130||3,232||3.26%|
|Tampa-St. Petersburg-Clearwater, FL||2,666||2,779||4.24%|
|Las Vegas-Paradise, NV||2,466||2,722||10.4%|
|Pensacola-Ferry Pass-Brent, FL||1,982||2,261||14.1%|
|Fort Walton Beach-Crestview-Destin, FL||1,917||2,213||15.4%|
|St. Louis, MO-IL||1,840||2,081||13.1%|
|Augusta-Richmond County, GA-SC||1,685||1,970||16.9%|
|El Paso, TX||1,629||1,929||18.4%|
|Oklahoma City, OK||1,843||1,821||-1.19%|
|Los Angeles-Long Beach-Santa Ana, CA||1,667||1,799||7.92%|
|Charleston-North Charleston, SC||1,565||1,615||3.19%|
|Minneapolis-St. Paul-Bloomington, MN-WI||1,594||1,584||-0.63%|
|Kansas City, MO-KS||1,413||1,504||6.44%|
|Austin-Round Rock, TX MSA||1,601||1,394||-12.9%|
|Miami-Fort Lauderdale-Pompano Beach, FL||1,300||1,359||4.54%|
|Hinesville-Fort Stewart, GA||734||1,210||64.8%|
|Omaha-Council Bluffs, NE-IA||1,236||1,154||-6.63%|
Buying a condominium with you VA home loan benefit is a great option. However, there are additional requirements that differ from purchasing a single-family residence or a multiunit complex.
Credit score requirements vary by lender. However, most lenders have similar criteria. Let's look at the minimum credit score for a VA loan and what lenders typically expect.