VA loan turns 80; Fayetteville among top VA loan markets
By Staff Report, posted Jun 13, 2024 on BizFayetteville.com
Veterans and service members have turned to their home loan benefit in waves in recent years. Created 80 years ago this month, the VA loan program helps make homeownership more accessible for those who serve.
Fayetteville is the No. 5 market for Gen Z VA buyers, No.12 for Millennials VA buyers, and No. 18 for overall VA buyers: https://www.veteransunited.com/education/top-va-loan-markets/
According to Veterans United, the VA loan program has contributed $3.9 trillion to the U.S. economy. In anticipation of the 80th anniversary, Veterans United this spring surveyed 500 Veterans and service members to get their insights on the VA loan.
Veterans United compiled a range of key historical data points and trends about VA loans and Veteran homebuying over the last 80 years to commemorate the anniversary.
Key highlights:
- VA loans have the highest satisfaction rating of any Veteran benefit.
- 93 percent of Veterans and service members surveyed used a VA loan to buy their first home.
- 8-in-10 Veterans were 34 or younger the first time they used their home loan benefit.
- Military service and the VA loan are shrinking the homeownership and wealth gaps for minorities and female Veterans.
- Despite the huge growth of VA loans, 75 percent of Veterans surveyed believed at least one myth or misconception about the benefit.
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