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 |
---|---|---|---|
Washington-Arlington-Alexandria, DC-VA-MD-WV | 49,761 | 61,411 | 23.4% |
Virginia Beach-Norfolk-Newport News, VA-NC | 32,132 | 40,175 | 25% |
Phoenix-Mesa-Scottsdale, AZ | 35,608 | 36,992 | 3.89% |
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% |
Seattle-Tacoma-Bellevue, WA | 21,464 | 23,388 | 8.96% |
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% |
Baltimore-Towson, MD | 15,241 | 18,724 | 22.8% |
Denver-Aurora, CO | 18,454 | 18,640 | 1.01% |
Jacksonville, FL | 15,064 | 17,566 | 16.6% |
Chicago-Naperville-Joliet, IL-IN-WI | 14,913 | 16,909 | 13.4% |
Sacramento-Arden-Arcade-Roseville, CA | 12,360 | 12,763 | 3.26% |
St. Louis, MO-IL | 10,336 | 12,639 | 22.3% |
Orlando-Kissimmee, FL | 11,313 | 12,456 | 10.1% |
Portland-Vancouver-Beaverton, OR-WA | 11,577 | 12,175 | 5.17% |
Minneapolis-St. Paul-Bloomington, MN-WI | 10,759 | 11,885 | 10.5% |
Fayetteville, NC | 8,566 | 11,203 | 30.8% |
Honolulu, HI | 9,318 | 11,152 | 19.7% |
Tucson, AZ | 9,385 | 10,407 | 10.9% |
Killeen-Temple-Fort Hood, TX | 8,209 | 10,292 | 25.4% |
Miami-Fort Lauderdale-Pompano Beach, FL | 9,545 | 10,286 | 7.76% |
Charlotte-Gastonia-Concord, NC-SC | 9,310 | 9,985 | 7.25% |
Kansas City, MO-KS | 8,705 | 9,949 | 14.3% |
Richmond, VA | 8,118 | 9,605 | 18.3% |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 7,631 | 9,593 | 25.7% |
Detroit-Warren-Livonia, MI | 8,429 | 9,293 | 10.3% |
Nashville-Davidson-Murfreesboro-Franklin, TN | 8,483 | 8,951 | 5.52% |
Pensacola-Ferry Pass-Brent, FL | 7,544 | 8,900 | 17.9% |
Oklahoma City, OK | 7,040 | 8,647 | 22.8% |
Indianapolis-Carmel, IN | 7,864 | 8,542 | 8.62% |
Clarksville, TN-KY | 6,993 | 8,534 | 22% |
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% |
Columbia, SC | 6,607 | 8,114 | 22.8% |
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% |
Cincinnati-Middletown, OH-KY-IN | 6,120 | 6,937 | 13.3% |
Albuquerque, NM | 5,183 | 6,749 | 30.2% |
Columbus, OH | 6,053 | 6,594 | 8.94% |
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.
VA loans allow Veterans to have a co-borrower or co-signer on the loan. Here we break down co-borrower requirements and provide common scenarios around co-borrowing and joint VA loans.