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