VA loan volume just posted its strongest year since the refinance boom.
The VA guaranteed 528,340 home loans in fiscal year 2025, up 26.9 percent over FY2024 (VA Loan Network calculation: 528,340 vs 416,374). This page tracks official VA loan volume, dollar totals, and borrower data in one place, sourced directly from the Department of Veterans Affairs Lender Loan Volume Reports and Annual Benefits Reports, and updated as new monthly data posts.
How Many VA Loans Were Guaranteed in 2025?
The VA guaranteed 528,340 home loans in fiscal year 2025. That is a 26.9 percent jump from the 416,374 loans guaranteed in fiscal year 2024, and it is the program's strongest year since rates began climbing in 2022.
The growth did not come evenly. Purchase loans rose 8.5 percent, from 298,328 to 323,833, per the VA Lender Loan Volume Reports. The real movement was on the refinance side: total refinance volume climbed roughly 73 percent year over year. Interest Rate Reduction Refinance Loans (IRRRLs) surged about 135 percent as Veterans who financed at the 2022 and 2023 rate peaks moved to cut their payments, and cash-out refinances rose 26.9 percent as borrowers tapped equity. (All year-over-year percentages are VA Loan Network calculations from VA loan count data.)
A roughly 135 percent IRRRL surge means a large share of FY2025 volume is Veterans fixing expensive 2022 and 2023 loans, not new buyers entering the market. Purchase demand grew a steady 8.5 percent. Read the headline number with that split in mind before drawing conclusions about the housing market.
Fiscal year 2025 also carried a program milestone. On August 5, 2025, the VA guaranteed its 29 millionth home loan since the program was created under the GI Bill in 1944. Total lending since then is approaching $4 trillion, and roughly 4 million Veterans and service members currently hold active VA-backed mortgages.
VA Loan Volume by Year
The table and chart below show total VA-guaranteed loan volume by fiscal year, compiled from the VA Lender Loan Volume Reports. Fiscal years run October 1 through September 30. Click any column header to sort.
Stripe length is proportional to total loans guaranteed in each fiscal year.
| Fiscal Year | Loans Guaranteed | Total Volume | Average Loan |
|---|---|---|---|
| FY 2025 | 528,340 | $206.1B | $390,100 |
| FY 2024 | 416,374 | $155.4B | $373,291 |
| FY 2023 | 400,691 | $144.6B | $360,861 |
| FY 2022 | 746,064 | $256.6B | $343,887 |
| FY 2021 | 1,441,709 | $447.2B | $310,170 |
| FY 2020 | 1,246,792 | $375.3B | $301,035 |
| FY 2019 | 624,529 | $175.6B | $281,223 |
| FY 2018 | 610,497 | $161.3B | $264,197 |
| FY 2017 | 740,374 | $188.7B | $254,860 |
| FY 2016 | 705,391 | $178.6B | $253,246 |
| FY 2015 | 631,128 | $153.5B | $243,166 |
Loan counts come from the VA Lender Loan Volume Reports so every year in this table is measured the same way. The VA Annual Benefits Report counts differ slightly for some years (FY2024 is reported there as 416,376 loans, $155.4 billion, and a $373,290 average) because the two publications finalize data on different schedules.
How Is Fiscal Year 2026 Tracking So Far?
The VA publishes lender loan volume monthly. This tracker updates as each month posts, so the figures below always reflect the most recent official reporting window.
Who Is Using VA Loans?
First-time buyers drive a large share of the program. In fiscal year 2024, 118,898 VA purchase loans went to first-time homebuyers, about 40 percent of all purchase activity, at an average loan amount of $334,578. Repeat buyers borrowed more, averaging $414,376, which reflects the equity Veterans build on a first home before trading up. Both figures come from the VA FY2024 Annual Benefits Report.
The demographic story of FY2025 is age. Generation Z Veterans accounted for 38 percent of all VA loan activity in fiscal year 2025, according to Veterans United's analysis of VA lender data, and led every other generation in purchase growth. The zero-down structure of the benefit is doing exactly what it was built to do: putting the youngest cohort of Veterans into homes in an affordability-constrained market they would otherwise struggle to enter.
Average loan sizes keep climbing with home prices. In the lender volume data, the average VA loan was $301,035 in fiscal year 2020, $360,861 in fiscal year 2023, $373,291 in fiscal year 2024, and $390,100 in fiscal year 2025.
How Do VA Loans Perform Compared to FHA and Conventional?
VA loans sit between the two. In the MBA National Delinquency Survey for Q1 2026, the seasonally adjusted delinquency rate was 2.75 percent for conventional loans, 4.99 percent for VA loans, and 11.88 percent for FHA loans, against 4.44 percent for all loans. VA delinquency runs roughly 225 basis points above conventional and less than half the FHA rate, for a program that requires no down payment and skews heavily toward first-time buyers.
Seasonally adjusted delinquency rate by loan type, Q1 2026. Source: MBA National Delinquency Survey.
| Quarter | Conventional | VA | FHA | All Loans |
|---|---|---|---|---|
| Q1 2026 | 2.75% | 4.99% | 11.88% | 4.44% |
| Q4 2025 | 2.89% | 4.60% | 11.52% | 4.26% |
| Q3 2025 | 2.62% | 4.50% | 10.78% | 3.99% |
| Q2 2025 | 2.60% | 4.32% | 10.57% | 3.93% |
| Q1 2025 | 2.70% | 4.63% | 10.62% | 4.04% |
Seasonally adjusted total delinquency rates. Delinquency includes loans at least one payment past due and excludes loans already in foreclosure. MBA's historic average across all loans is 5.21 percent dating back to 1979.
The trend line matters more than the level. VA delinquency rose 39 basis points in Q1 2026 and VA foreclosure inventory reached its highest point since the second quarter of 2017. MBA points to a structural cause: the VASP purchase program ended, and the industry is still waiting on final guidance for the VA partial claim program that would let servicers cover missed payments for Veterans. Delinquent VA loans currently have fewer exits, so more of them roll deeper into the pipeline.
The VA's own servicing record shows what happens when a loss-mitigation tool exists. In fiscal year 2024, VA foreclosure prevention efforts helped 158,290 borrowers avoid foreclosure at a 97.58 percent default resolution rate, and completed foreclosures fell to 3,928 from 9,840 the year before, per the VA FY2024 Annual Benefits Report.
Zero-down borrowers running half of FHA's delinquency rate is the underwriting story here. The current uptick in VA delinquency is concentrated in servicing, where the loss-mitigation toolbox is missing a piece, not in origination quality. Read the spread against conventional in that light: different borrower profile, different safety net, same repayment discipline.
Which States Use VA Loans the Most?
Texas leads the nation. In fiscal year 2023, Texas residents took out 43,850 VA loans, more than 10 percent of all VA loans nationally, per the VA Loan Volume by State reports. Florida was second at 40,301, and no other state cleared 25,000. At the other end, North Dakota, Rhode Island, and Vermont each recorded fewer than 1,000 loans.
The pattern follows the Military footprint. States with large active-duty installations and deep Veteran populations dominate the list, and average loan amounts track local home prices, from Hawaii at the top of the range to Iowa at the bottom in the FY2023 data. A full state-by-state breakdown, with per-capita usage, is a separate report in progress on this site.
What Does the Program Cost Borrowers?
The VA funding fee keeps the program self-sustaining. A first-time buyer putting nothing down pays 2.15 percent of the loan amount, subsequent zero-down use is 3.30 percent, and an IRRRL carries a flat 0.50 percent, per VA.gov. Roughly one in three eligible Veterans pays no fee at all: borrowers receiving VA disability compensation, eligible surviving spouses, and active-duty Purple Heart recipients are exempt. Full rate tables, down payment tiers, and exemption rules are on our VA funding fee guide.
Do VA Loan Limits Apply to These Loans?
For most Veterans, no. A borrower with full entitlement has no county loan limit; the lender's qualification math sets the ceiling. Veterans with partial entitlement (usually because an existing VA loan is still active) are capped at the county baseline, which the FHFA set at $832,750 for 2026 in most counties. Check your county's figure with our VA county loan limit lookup.
VA Loan Statistics: Volume, Trends, and Program Data. VA Loan Network, July 2026. https://valoannetwork.com/va-loan-statistics/
Journalists and researchers are welcome to cite any figure on this page with attribution and a link. For custom cuts of the data, contact our team.
Methodology and Sources
Loan counts, dollar volume, and the FY2026 tracker come from the VA Lender Loan Volume Reports published by the Loan Guaranty Service. Average loan amounts, buyer type, and foreclosure prevention figures come from the VA Annual Benefits Reports (FY2020 and FY2024 editions). Market share is from CFPB Home Mortgage Disclosure Act (HMDA) data. Delinquency comparisons are from the Mortgage Bankers Association National Delinquency Survey, 2025 through Q1 2026. Generational share is from Veterans United's December 2025 analysis of VA lender data. Where the Lender Loan Volume Reports and the Annual Benefits Report disagree on a year's total, the table uses the Lender Loan Volume Reports for every year and the discrepancy is footnoted.
Loan counts and dollar volumes are from the U.S. Department of Veterans Affairs Lender Loan Volume data. Year-over-year growth rates and loan-type percentages cited on this page are VA Loan Network calculations based on those figures.
Source: VA Lender Loan Volume data — annual series from fy06-thru-fy25-lender-loan-volume-analysis.xlsx; FY2026 year-to-date compiled from the VA's monthly lender loan volume files, October 2025 through May 2026. Retrieved July 2026.
- VA Lender Loan Volume Reports Department of Veterans Affairs, Loan Guaranty Service
- VA Annual Benefits Report Veterans Benefits Administration
- MBA National Delinquency Survey Mortgage Bankers Association
- CFPB HMDA data Consumer Financial Protection Bureau
VA Loan Statistics FAQ
How many VA loans were guaranteed in 2025?
The VA guaranteed 528,340 home loans in fiscal year 2025, up 26.9 percent from the 416,374 loans guaranteed in fiscal year 2024, according to the VA Lender Loan Volume Reports. The year-over-year percentage is a VA Loan Network calculation from those counts.
What is the average VA loan amount?
The average VA loan was $390,100 in fiscal year 2025, per the VA Lender Loan Volume Reports, up from $373,291 in fiscal year 2024 and $301,035 in fiscal year 2020, tracking the rise in home prices.
What percentage of mortgages are VA loans?
VA loans accounted for 10.6 percent of first-lien home purchase originations in the most recent CFPB HMDA summary. That is roughly one in ten purchase mortgages nationally, concentrated in states with large Military populations such as Texas and Florida.