VA loans had their biggest year ever in Fiscal Year 2021, thanks to interest rates near modern-day lows and a wave of younger homebuyers. Check out the biggest markets for this historic benefit program.
VA loans just had their biggest year ever.
This historic benefit program guaranteed a record 1.4 million loans in Fiscal Year 2021, a nearly 17% jump from last year's former record haul, according to data from the Department of Veterans Affairs. VA purchase loans experienced their 10th year-over-year increase in a row, with younger Veterans and service members leading the way.
More than half of all VA purchase loans in FY21 went to Millennial and Generation Z Veterans.
But the story again this year was refinance. Riding a prolonged way of low rates, the program backed more than 876,000 refinance loans, up an incredible 22% from last fiscal year.
The 50 largest VA loan markets accounted for 54% of all VA loans in FY21.
|MSA||FY 2020 Loans||FY 2021 Loans||% Difference|
|Virginia Beach-Norfolk-Newport News, VA-NC||32,132||40,175||25%|
|San Diego-Carlsbad-San Marcos, CA||29,773||32,139||7.95%|
|Riverside-San Bernardino-Ontario, CA||27,930||30,013||7.46%|
|Atlanta-Sandy Springs-Marietta, GA||27,029||29,379||8.69%|
|San Antonio, TX||23,118||27,810||20.3%|
|Dallas-Fort Worth-Arlington, TX||24,934||26,237||5.23%|
|Colorado Springs, CO||21,700||22,940||5.71%|
|Tampa-St. Petersburg-Clearwater, FL||19,496||21,477||10.2%|
|Las Vegas-Paradise, NV||19,814||20,867||5.31%|
|Los Angeles-Long Beach-Santa Ana, CA||18,321||20,247||10.5%|
|Houston-Sugar Land-Baytown, TX||16,690||20,231||21.2%|
|St. Louis, MO-IL||10,336||12,639||22.3%|
|Minneapolis-St. Paul-Bloomington, MN-WI||10,759||11,885||10.5%|
|Killeen-Temple-Fort Hood, TX||8,209||10,292||25.4%|
|Miami-Fort Lauderdale-Pompano Beach, FL||9,545||10,286||7.76%|
|Kansas City, MO-KS||8,705||9,949||14.3%|
|Pensacola-Ferry Pass-Brent, FL||7,544||8,900||17.9%|
|Oklahoma City, OK||7,040||8,647||22.8%|
|Austin-Round Rock, TX||8,003||8,512||6.36%|
|Charleston-North Charleston, SC||7,462||8,406||12.6%|
|Raleigh-Cary, NC MSA||7,401||8,207||10.8%|
|Augusta-Richmond County, GA-SC||6,294||7,900||25.5%|
|Jacksonville, NC MSA||6,303||7,670||21.6%|
|Fort Walton Beach-Crestview-Destin, FL MSA||5,938||7,075||19.1%|
|Palm Bay-Melbourne-Titusville, FL||5,653||6,434||13.8%|
|Boise City-Nampa, ID||5,872||6,391||8.84%|
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.