Coronavirus Boost VA Loan Activity

The housing market has been going strong through the coronavirus pandemic so it’s not a surprise that real estate and real estate financing are also doing well. The U.S. Department of Veterans Affairs (VA) reports that VA Loans are through the roof.

As of 2020’s third-quarter (which includes the months affected by the pandemic), the VA has issued 331,071 loans  showing a 113% increase year over year. This time last year, VA Loans were numbered at 155,685.

Across the country, VA Loans were reported at high numbers with the top metro areas for growth during the pandemic being Honolulu, San Diego, Baltimore, Los Angeles and Washington, D.C. In the South the highest metro area was Baltimore-Towson at 171.56% year over year, in the Northeast Philadelphia-Camden-Wilmington came in at 109.81%, in the Midwest Colorado Springs reported 125.13% and in the West, the highest for all four regions was Honolulu at 205.65%.

When it comes to generations Generation Z jumped the most year over year between April and June close to 178%. Next came Generation X with a rise of 125%, Baby Boomers jumped 120% and Millennials rose 95%. Out of these reported, refinancing loans made up most of the growth. The VA reported a 296% year over year increase in the third quarter. Millennials made up the majority of refinancing seeing growth of issued VA loans by 463% year over year.

Now is a perfect time for Veterans to take advantage of these record lows. For those with income and employment stability, there’s is no question right now is the time to purchase a new home.

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