More than 624,000 military service members and veterans used home loans from the Department of Veterans Affairs this year, with younger buyers accounting for the majority of these borrowers, according to research from Veterans United Home Loans. [†] VA loans were up 43% in 2019 compared to five years ago.
Millennial and Generation Z buyers comprised nearly half (45%) of all VA home purchases this year. Further, VA refinance loans rose 44% in 2019 compared to five years ago. Overall, the VA has backed more than 8 million loans over the last 20 years. Nearly 70% of those loans were originated in the past decade alone, according to Veterans United Home Loans.
The Blue Water Navy Veterans Act of 2019 recently removed loan caps for 2020. That means borrowers taking out a VA-backed mortgage in 2020 could be eligible to buy larger homes in pricier communities—still without a down payment.
† National Association of Realtors, Realtor Magazine, December, 2019
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