VA loans to purchase homes have increased for an eight straight fiscal year, and that’s driven by younger veterans and service members. That’s according to a report by Veterans United Home Loans, the largest U.S. VA lender.
The VA backed 624,544 loans overall in its 2019 fiscal year, which ended September 30, up slightly from 610,512 from fiscal 2018, according to U.S. Department of Veteran Affairs data compiled by Veterans United. The average VA loan rose to $281,225 in 2019, from $264,197 last year.
Millennials and Generation Z-ers made up almost half of all VA home purchases in fiscal 2019, and they were the only two demographic groups to show year-over-year rises in purchase lending, according to Veterans United.