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%|
VA disability pay for 2023 increased by 8.7%. The new disability compensation rates took effect on December 1, 2022. See the current VA disability pay charts, and calculate your monthly compensation.
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.