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Top 30 Cities for VA Loan Usage in FY 2019

More than 624,000 veterans and service members utilized their VA home loan benefits in Fiscal Year 2019. See which of the nation's cities lead the way in VA loan usage.

Top 30 Cities by VA Home Loan Usage in FY 2019

With Millennial and Generation Z veterans leading the way, the VA loan program had another big year in major markets nationwide.

Main Findings

VA loans to purchase homes increased for an eighth-straight year, and the government backed more than 624,000 loans, a whopping 43 percent increase compared to five years ago.

From Florida to Washington state, veteran homebuyers made their presence felt in cities and metro areas using their hard-earned home loan benefit.

Washington, D.C., was the No. 1 market for VA loans in FY 19, followed by Phoenix, Virginia Beach, Atlanta and Riverside, California.

California, Florida and Texas each had four cities make the Top 30 list.

Other Key Takeaways:

  • Generation Z and Millennial buyers accounted for nearly half (45 percent) of all home purchases in FY 19. These were the only two generations to see year-over-year growth in purchase loans.
  • VA refinance loans were up 44 percent in FY19 compared to five years ago. VA loans continue to have the lowest average interest rate on the market, according to data from Ellie Mae.
  • The VA has now backed more than 8 million loans over the last two decades, with nearly 70 percent coming within the last 10 years.
  • Changes to VA loan limits that take effect on January 1, 2020, will likely boost lending in many of these markets.

Top 30 Cities for VA Loan usage in Fiscal Year 2019

Rank MSA Name Number of Loans % Change from FY14
1 Washington-Arlington-Alexandria, DC-VA-MD-WV MSA 20,141 22.86%
2 Phoenix-Mesa-Scottsdale, AZ MSA 16,567 64.03%
3 Virginia Beach-Norfolk-Newport News, VA-NC MSA 14,821 27.35%
4 Atlanta-Sandy Springs-Marietta, GA MSA 13,998 75.19%
5 Riverside-San Bernardino-Ontario, CA MSA 12,812 44.47%
6 San Diego-Carlsbad-San Marcos, CA MSA 11,842 35.24%
7 Dallas-Fort Worth-Arlington, TX MSA 11,383 21.03%
8 Colorado Springs, CO MSA 10,520 55.81%
9 Tampa-St. Petersburg-Clearwater, FL 10,502 88.07%
10 San Antonio, TX MSA 10,469 19.81%
11 Seattle-Tacoma-Bellevue, WA MSA 10,305 43.50%
12 Las Vegas-Paradise, NV MSA 10,174 94.79%
13 Denver-Aurora, CO MSA 8,641 32.37%
14 Jacksonville, FL MSA 7,941 64.27%
15 Houston-Sugar Land-Baytown, TX MSA 7,757 13.69%
16 Chicago-Naperville-Joliet, IL-IN-WI MSA 7,313 60.23%
17 Los Angeles-Long Beach-Santa Ana, CA MSA 7,287 28.11%
18 Baltimore-Towson, MD MSA 6,408 30.67%
19 Orlando-Kissimmee, FL MSA 5,869 72.41%
20 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA 5,739 33.71%
21 St. Louis, MO-IL MSA 5,573 48.18%
22 Sacramento-Arden-Arcade-Roseville, CA MSA 5,433 34.35%
23 Portland-Vancouver-Beaverton, OR-WA MSA 5,350 37.57%
24 New York-Northern New Jersey-Long Island, NY-NJ-PA MSA 5,189 40.02%
25 Minneapolis-St. Paul-Bloomington, MN-WI MSA 5,133 41.44%
26 Miami-Fort Lauderdale-Pompano Beach, FL MSA 4,720 56.14%
27 Kansas City, MO-KS MSA 4,658 40.98%
28 Charlotte-Gastonia-Concord, NC-SC MSA 4,559 54.07%
29 Killeen-Temple-Fort Hood, TX MSA 4,507 14.86%
30 Detroit-Warren-Livonia, MI MSA 4,408 48.37%

Developing the Top 30 List

Veterans United Home Loans is the nation's largest VA lender. To create our Top 30 cities list, we ranked cities by the number of overall VA loans they had in FY19. Growth percentages were determined by comparing the FY19 data to FY14 volume.

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