The historic VA loan program backed an all-time record 1.2 million loans in Fiscal Year 2020. See which cities led the way in VA loan usage and growth year-over-year.
The historic VA loan program just made, well, history. Riding a wave of rock-bottom interest rates, Veterans obtained more than 1.2 million VA loans this fiscal year, smashing the all-time record for this 76-year-old benefit program.
Total VA loan closings doubled year-over-year, according to Department of Veterans Affairs data. The VA backed more loans in Fiscal Year 2020 than it did in the previous two fiscal years combined.
For the ninth-consecutive year, VA purchase loans increased year-over-year. But the big story of FY20 was the wave of refinance loans.
With interest rates at modern-day lows, Veteran homeowners used their home loan benefit to lock into lower mortgage payments in numbers never before seen.
MSA | FY 19 Number of Loans | FY 20 Number of Loans | % Difference |
---|---|---|---|
Washington-Arlington-Alexandria, DC-VA-MD-WV MSA | 20,141 | 49,764 | 147.08% |
Phoenix-Mesa-Scottsdale, AZ MSA | 16,567 | 35,607 | 114.93% |
Virginia Beach-Norfolk-Newport News, VA-NC MSA | 14,821 | 32,132 | 116.80% |
San Diego-Carlsbad-San Marcos, CA MSA | 11,842 | 29,774 | 151.43% |
Riverside-San Bernardino-Ontario, CA MSA | 12,812 | 27,930 | 118.00% |
Atlanta-Sandy Springs-Marietta, GA MSA | 13,998 | 27,030 | 93.10% |
Dallas-Fort Worth-Arlington, TX MSA | 11,383 | 24,934 | 119.05% |
San Antonio, TX MSA | 10,469 | 23,117 | 120.81% |
Colorado Springs, CO MSA | 10,520 | 21,700 | 106.27% |
Seattle-Tacoma-Bellevue, WA MSA | 10,305 | 21,461 | 108.26% |
Las Vegas-Paradise, NV MSA | 10,174 | 19,814 | 94.75% |
Tampa-St. Petersburg-Clearwater, FL | 10,502 | 19,495 | 85.63% |
Denver-Aurora, CO MSA | 8,641 | 18,454 | 113.56% |
Los Angeles-Long Beach-Santa Ana, CA MSA | 7,287 | 18,320 | 151.41% |
Houston-Sugar Land-Baytown, TX MSA | 7,757 | 16,690 | 115.16% |
Baltimore-Towson, MD MSA | 6,408 | 15,240 | 137.83% |
Jacksonville, FL MSA | 7,941 | 15,064 | 89.70% |
Chicago-Naperville-Joliet, IL-IN-WI MSA | 7,313 | 14,913 | 103.92% |
Sacramento-Arden-Arcade-Roseville, CA MSA | 5,433 | 12,360 | 127.50% |
Portland-Vancouver-Beaverton, OR-WA MSA | 5,350 | 11,577 | 116.39% |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA | 5,739 | 11,384 | 98.36% |
Orlando-Kissimmee, FL MSA | 5,869 | 11,312 | 92.74% |
Minneapolis-St. Paul-Bloomington, MN-WI MSA | 5,133 | 10,759 | 109.60% |
New York-Northern New Jersey-Long Island, NY-NJ-PA MSA | 5,189 | 10,451 | 101.41% |
St. Louis, MO-IL MSA | 5,573 | 10,335 | 85.45% |
Miami-Fort Lauderdale-Pompano Beach, FL MSA | 4,720 | 9,545 | 102.22% |
Tucson, AZ MSA | 4,370 | 9,385 | 114.76% |
Honolulu, HI MSA | 3,848 | 9,318 | 142.15% |
Charlotte-Gastonia-Concord, NC-SC MSA | 4,559 | 9,311 | 104.23% |
Kansas City, MO-KS MSA | 4,658 | 8,705 | 86.88% |
Fayetteville, NC MSA | 4,334 | 8,567 | 97.67% |
Nashville-Davidson-Murfreesboro-Franklin, TN MSA | 4,329 | 8,483 | 95.96% |
Detroit-Warren-Livonia, MI MSA | 4,408 | 8,429 | 91.22% |
Killeen-Temple-Fort Hood, TX MSA | 4,507 | 8,209 | 82.14% |
Richmond, VA MSA | 3,945 | 8,118 | 105.78% |
Austin-Round Rock, TX MSA | 3,584 | 8,004 | 123.33% |
Indianapolis-Carmel, IN MSA | 3,906 | 7,863 | 101.31% |
Boston-Cambridge-Quincy, MA-NH MSA | 3,485 | 7,678 | 120.32% |
Pensacola-Ferry Pass-Brent, FL MSA | 4,079 | 7,544 | 84.95% |
Charleston-North Charleston, SC MSA | 3,717 | 7,461 | 100.73% |
Raleigh-Cary, NC MSA | 3,582 | 7,401 | 106.62% |
Oklahoma City, OK MSA | 3,981 | 7,040 | 76.84% |
Clarksville, TN-KY MSA | 4,094 | 6,992 | 70.79% |
Columbia, SC MSA | 3,466 | 6,607 | 90.62% |
Jacksonville, NC MSA | 3,634 | 6,303 | 73.45% |
Augusta-Richmond County, GA-SC MSA | 3,463 | 6,293 | 81.72% |
Cincinnati-Middletown, OH-KY-IN MSA | 3,324 | 6,120 | 84.12% |
Columbus, OH MSA | 3,321 | 6,053 | 82.26% |
Fort Walton Beach-Crestview-Destin, FL MSA | 3,079 | 5,938 | 92.85% |
Boise City-Nampa, ID MSA | 3,141 | 5,872 | 86.95% |
MSA | FY 19 Number of Loans | FY 20 Number of Loans | % Difference |
---|---|---|---|
MSA Name | FY19 Number of Loans | FY20 Number of Loans | % Difference |
San Diego-Carlsbad-San Marcos, CA MSA | 11,842 | 29,774 | 151.43% |
Los Angeles-Long Beach-Santa Ana, CA MSA | 7,287 | 18,320 | 151.41% |
Washington-Arlington-Alexandria, DC-VA-MD-WV MSA | 20,141 | 49,764 | 147.08% |
Honolulu, HI MSA | 3,848 | 9,318 | 142.15% |
Baltimore-Towson, MD MSA | 6,408 | 15,240 | 137.83% |
Sacramento-Arden-Arcade-Roseville, CA MSA | 5,433 | 12,360 | 127.50% |
Austin-Round Rock, TX MSA | 3,584 | 8,004 | 123.33% |
San Antonio, TX MSA | 10,469 | 23,117 | 120.81% |
Boston-Cambridge-Quincy, MA-NH MSA | 3,485 | 7,678 | 120.32% |
Dallas-Fort Worth-Arlington, TX MSA | 11,383 | 24,934 | 119.05% |
Riverside-San Bernardino-Ontario, CA MSA | 12,812 | 27,930 | 118.00% |
Virginia Beach-Norfolk-Newport News, VA-NC MSA | 14,821 | 32,132 | 116.80% |
Portland-Vancouver-Beaverton, OR-WA MSA | 5,350 | 11,577 | 116.39% |
Houston-Sugar Land-Baytown, TX MSA | 7,757 | 16,690 | 115.16% |
Phoenix-Mesa-Scottsdale, AZ MSA | 16,567 | 35,607 | 114.93% |
Tucson, AZ MSA | 4,370 | 9,385 | 114.76% |
Denver-Aurora, CO MSA | 8,641 | 18,454 | 113.56% |
Minneapolis-St. Paul-Bloomington, MN-WI MSA | 5,133 | 10,759 | 109.60% |
Seattle-Tacoma-Bellevue, WA MSA | 10,305 | 21,461 | 108.26% |
Raleigh-Cary, NC MSA | 3,582 | 7,401 | 106.62% |
Colorado Springs, CO MSA | 10,520 | 21,700 | 106.27% |
Richmond, VA MSA | 3,945 | 8,118 | 105.78% |
Charlotte-Gastonia-Concord, NC-SC MSA | 4,559 | 9,311 | 104.23% |
Chicago-Naperville-Joliet, IL-IN-WI MSA | 7,313 | 14,913 | 103.92% |
Miami-Fort Lauderdale-Pompano Beach, FL MSA | 4,720 | 9,545 | 102.22% |
New York-Northern New Jersey-Long Island, NY-NJ-PA MSA | 5,189 | 10,451 | 101.41% |
Indianapolis-Carmel, IN MSA | 3,906 | 7,863 | 101.31% |
Charleston-North Charleston, SC MSA | 3,717 | 7,461 | 100.73% |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA | 5,739 | 11,384 | 98.36% |
Fayetteville, NC MSA | 4,334 | 8,567 | 97.67% |
Nashville-Davidson-Murfreesboro-Franklin, TN MSA | 4,329 | 8,483 | 95.96% |
Las Vegas-Paradise, NV MSA | 10,174 | 19,814 | 94.75% |
Atlanta-Sandy Springs-Marietta, GA MSA | 13,998 | 27,030 | 93.10% |
Fort Walton Beach-Crestview-Destin, FL MSA | 3,079 | 5,938 | 92.85% |
Orlando-Kissimmee, FL MSA | 5,869 | 11,312 | 92.74% |
Detroit-Warren-Livonia, MI MSA | 4,408 | 8,429 | 91.22% |
Columbia, SC MSA | 3,466 | 6,607 | 90.62% |
Jacksonville, FL MSA | 7,941 | 15,064 | 89.70% |
Boise City-Nampa, ID MSA | 3,141 | 5,872 | 86.95% |
Kansas City, MO-KS MSA | 4,658 | 8,705 | 86.88% |
Tampa-St. Petersburg-Clearwater, FL | 10,502 | 19,495 | 85.63% |
St. Louis, MO-IL MSA | 5,573 | 10,335 | 85.45% |
Pensacola-Ferry Pass-Brent, FL MSA | 4,079 | 7,544 | 84.95% |
Cincinnati-Middletown, OH-KY-IN MSA | 3,324 | 6,120 | 84.12% |
Columbus, OH MSA | 3,321 | 6,053 | 82.26% |
Killeen-Temple-Fort Hood, TX MSA | 4,507 | 8,209 | 82.14% |
Augusta-Richmond County, GA-SC MSA | 3,463 | 6,293 | 81.72% |
Oklahoma City, OK MSA | 3,981 | 7,040 | 76.84% |
Jacksonville, NC MSA | 3,634 | 6,303 | 73.45% |
Clarksville, TN-KY MSA | 4,094 | 6,992 | 70.79% |
Veterans United Home Loans has been the country's largest VA purchase lender since 2016.
To create this list, we obtained VA lending data from the Department of Veterans Affairs for Fiscal Years 2020 and 2019 .
Metro areas needed at least 2,000 VA loans over the two-year span to be included in the analysis.
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