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%|
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.