Summary
Veterans are buying more homes in the U.S. due to favorable market conditions and greater availability of VA loans. In August 2023, the use of VA loans for home purchases increased, marking the highest percentage since 2019. Key areas with high VA loan usage include Virginia Beach, Jacksonville, and Washington, D.C.
Key Facts
- VA loans made up 7.3% of mortgaged U.S. home sales in August 2023.
- This is an increase from 6.5% a year earlier and the highest since 2019.
- VA loans are backed in part by the U.S. Department of Veterans Affairs.
- In August, 13.9% of mortgaged U.S. home sales used FHA loans, which require a minimum of 3.5% down payment.
- The number of VA loans rose by 3% from the previous year, contrasting with a 9% drop in conventional loans.
- Virginia Beach had the highest percentage of VA loan-backed purchases at 43.2%.
- Other high VA loan usage locations include Jacksonville, Florida, and Washington, D.C.
- Increased home inventory has given buyers more negotiation power, benefiting veterans using VA loans.
