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VA Loan Program Backs Record 1.4 Million Loans in FY 2021

VA loans keep making history.

This historic benefit program backed an all-time record 1.4 million loans in Fiscal Year 2021, a 16.5% increase from last year's previous record total, according to data from the Department of Veterans Affairs.

Despite skyrocketing home prices and tight inventory, VA loans to purchase homes were up 3.6% in FY21, the 10th year-over-year increase in a row. The VA backed just over 444,000 purchase loans, an all-time high. The average VA purchase loan was $344,274, up 13% from last fiscal year.

The VA refinance boom also showed few signs of slowing.

Veteran homeowners continue to tap into rates near modern-day lows in record numbers. Veterans secured nearly 1 million VA refinance loans in FY21, up 22% from last fiscal year. Nearly 85% of refinance loans were Interest Rate Reduction Refinance Loans (IRRRL), the program's low-cost, no-frills streamline option.

Once a small fraction of the mortgage market, VA loans today represent about 10 to 12% of the lending landscape.

Here's what the last decade in VA lending looks like in total loans:

Fiscal Year Total Loans
2021 1,441,745
2020 1,236,815
2019 624,544
2018 610,512
2017 740,339
2016 707,107
2015 631,142
2014 438,498
2013 629,312
2012 539,884

Source: Department of Veterans Affairs

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