VA loans surge to best year ever

Photo by Samuel Branch on Unsplash

REALTOR Magazine

Home loan activity through the Department of Veterans Affairs has jumped to a new high, climbing 114% since the beginning of the 2020 fiscal year, according to VA data. Refinance loans are a big portion of the increase, with homeowners looking to lock in lower mortgage rates.

[…]VA purchase activity is up 7% year over year. Millennial and Generation Z buyers are fueling the growth, Veterans United Home Loans reports. They were the only age demographics to see year-over-year increases in the third quarter of the fiscal year. Despite lenders tightening their credit requirements and employment checks during the pandemic, VA loans had timely closings. The average VA purchase loan in June closed in 47 days, one day faster than a year ago, according to Ellie Mae data.

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