The Most Popular States for VA Loans in 2024
In 2024, the Department of Veterans Affairs (VA) guaranteed over 416,000 home loans, totaling
more than $155 billion in loan volume.
VA loans offer benefits like no down payment requirements and competitive interest rates,
making homeownership more accessible for those who have served our country.
2024 data released by the VA reveals intriguing trends about where VA loans are most
frequently used and the average loan amounts in each state. But which states stand out as the
most popular for VA loans?
Understanding VA Loans
VA loans are designed to make homeownership more attainable for veterans, active-duty
service members, and eligible surviving spouses. This loan program stands out for many
reasons, especially because it usually does not require mortgage borrowers to make a down
payment.
Key benefits that come with VA home loans include:
- No Down Payment: VA loans don’t require a down payment, making them a great
option for buyers without substantial savings. - Competitive Interest Rates: Mortgage borrowers typically secure lower rates compared
to conventional loans. - Flexible Credit Requirements: VA loans are accessible even for those with less-than-
perfect credit. - No Private Mortgage Insurance (PMI): This can save mortgage borrowers hundreds of
dollars monthly compared to other loan types.
Top 20 States for VA Loans in 2024
According to the latest data, the following states led in VA loan activity based on the total
number of loans, loan amounts, and average loan sizes. The chart below highlights key metrics.
State | Total Number of Loans | Average Loan Amount | Total Amount Loaned | Total Purchase Loans | Total Refinance Loans |
Texas | 44,634 | $369,791 | $16,505,273,809 | 39,653 | 4,539 |
Florida | 39,776 | $389,486 | $15,492,214,248 | 29,198 | 3,798 |
North Carolina | 26,507 | $331,756 | $8,793,848,311 | 18,387 | 18,387 |
Virginia | 24,919 | $437,724 | $10,907,639,466 | 18,329 | 3,150 |
California | 19,744 | $565,694 | $11,169,066,792 | 15,144 | 4,600 |
Georgia | 17,526 | $324,681 | $5,689,405,822 | 14,650 | 2,876 |
Arizona | 16,187 | $374,099 | $6,048,921,384 | 13,129 | 3,058 |
Tennessee | 16,321 | $331,007 | $5,403,752,792 | 12,773 | 3,548 |
South Carolina | 13,383 | $325,312 | $4,353,646,032 | 10,598 | 2,785 |
Colorado | 12,512 | $449,488 | $5,627,130,601 | 10,481 | 2,031 |
Washington | 10,609 | $476,756 | $5,057,907,348 | 8,297 | 2,312 |
Alabama | 10,747 | $300,809 | $3,232,798,374 | 8,271 | 2,476 |
Ohio | 11,244 | $257,802 | $2,898,725,040 | 8,445 | 2,799 |
Maryland | 9,911 | $457,182 | $4,165,383,973 | 7,943 | 1,968 |
Missouri | 8,192 | $269,221 | $2,205,458,674 | 6,335 | 1,857 |
Pennsylvania | 8,037 | $284,140 | $2,283,635,401 | 5,871 | 2,166 |
Oklahoma | 7,237 | $269,537 | $1,950,636,722 | 5,793 | 1,444 |
Michigan | 7,169 | $255,987 | $1,835,172,311 | 5,088 | 2,081 |
Indiana | 7,314 | $264,317 | $1,933,211,627 | 5,269 | 2,045 |
Louisiana | 4,901 | $270,618 | $1,326,296,697 | 4,081 | 820 |
Why These States Dominate VA Loan Activity
- Texas:
With the largest veteran population in the U.S., Texas leads in VA loan activity. Its
affordable housing markets and growing economy make it a top choice for
veterans and active-duty service members. - Florida:
Florida’s popularity stems from its large military retiree population, warm climate,
and no state income tax, which appeals to veterans seeking a comfortable post-
service lifestyle. - North Carolina:
Home to several major military bases like Fort Liberty (formerly Fort Bragg),
North Carolina sees high VA loan utilization due to its strong military presence
and affordable housing. - Virginia:
As the home of the Pentagon and a hub for military families, Virginia’s higher-
than-average loan amounts reflect the state’s mix of robust housing markets and
veteran-friendly communities. - California:
While housing costs are higher, California remains a top state for VA loans due to
its significant veteran population and large military installations. - Other Key States:
States like Georgia, Arizona, and Tennessee also show strong VA loan activity
due to their affordability, military bases, and veteran-friendly policies.
Key Trends in VA Loan Usage
Rising Loan Amounts
States like California and Virginia report significantly higher average loan amounts compared to
other states, reflecting their more expensive housing markets.
Purchase vs. Refinance
Purchase loans dominate VA loan activity, making up the majority of loans in every state. This
indicates that more veterans are leveraging VA benefits to become homeowners rather than
refinancing.
Regional Variations
States with lower average home prices, such as North Carolina and Texas, have higher
numbers of total loans, while high-cost states like California have fewer loans but higher
average amounts.
Why VA Loans Are a Lifeline for Veterans
Since its inception near the end of World War II, the VA home loan program has remained one
of the most sought-after benefits for veterans.
VA loans address key barriers to homeownership that many veterans face, such as saving for a
down payment or qualifying for traditional mortgages with stricter credit requirements.
The ability to secure a home with no down payment and competitive rates allows service
members to build wealth and stability during and after their military careers.
Final Thoughts
Veterans and active-duty service members looking to buy or refinance a home have long relied
on VA loans as a valuable financial resource. The popularity of VA loans continues to grow as
more veterans and service members take advantage of the program’s unique benefits.
Whether in Texas, Florida, or Virginia, these loans make homeownership a reality for those who
have served. If you’re a veteran or active-duty service member, exploring VA loans could be the
key to your dream home.