How many VA loans were guaranteed in FY2025?
The VA guaranteed 528,340 home loans totaling about $206.11B, averaging $390,101 per loan.
2026 VA Home Loan Market Report
Official VA Annual Benefits Report and Lender Loan Volume figures: FY2025 guaranteed 528,340 loans (~$206.1B, avg $390,101). FY2024 baseline was 416,374 loans (~$155.4B, avg $373,291)—not scaled YTD estimates. This report also covers FY2026 YTD through the Q3 window, state rankings, charts, and CSV download. National VA Loans is not affiliated with the Department of Veterans Affairs.
2026 VA Home Loan Market Report
An analysis of FY2025 VA loan activity and FY2026 trends through Q3
Last reviewed: July 31, 2026
Reporting as of: July 2026
Reviewed by Jeff Newton, Senior VA Loan Specialist, National VA Loans
Key figures
- FY2025 total VA loans: 528,340 (+26.9% vs FY2024)
- FY2025 guaranteed volume: $206.11B (avg $390,101)
- FY2025 purchase loans: 323,832 (61.3% of total)
- FY2025 IRRRL loans: 119,458 (+135% YoY)
- FY2025 cash-out loans: 85,050 (+26.5% YoY)
- FY2024 official baseline: 416,374 loans / $155.40B (avg $373,291)
- FY2026 YTD: 443,107 loans / $179.50B (FY2026 YTD through May 2026 (Oct 2025–May 2026; covers published activity through most of Q3))
Top states by FY2025 loan volume
- Texas: 54,990 loans
- Florida: 46,206 loans
- North Carolina: 33,429 loans
- Virginia: 31,940 loans
- Georgia: 27,653 loans
- California: 26,657 loans
- South Carolina: 18,061 loans
- Tennessee: 17,763 loans
- Arizona: 16,871 loans
- Ohio: 16,082 loans
Full methodology
Fiscal years run October 1–September 30. FY2025 = Oct 1, 2024–Sep 30, 2025. FY2026 YTD in this report uses VA monthly lender volume files from October 2025 through May 2026, which covers published activity through most of Q3.
National totals for FY2025 come from the VA Annual Benefits Report (Loan Guaranty) tables: 528,340 loans, $206.11B total amount, average $390,101. Product splits: purchase 323,832, IRRRL 119,458, cash-out 85,050. The FY2024 baseline used for YoY is 416,374 loans / $155.40B (avg $373,291) from the same official sources—not a scaled YTD estimate.
State rankings use VA Loan Volume by State purchase and refinance loan counts and dollar totals (Grand Total aligned to 528,340 loans / ~$206.1B). Where public state tables publish refinance as a single category, estimated IRRRL/cash-out columns in the CSV allocate refinance using the national ABR mix.
Loans per 1,000 veterans divides FY2025 state loan totals by Census-based veteran population estimates stored in National VA Loans state profiles. This is a planning ratio, not a credit or eligibility score.
Figures summarize VA Home Loans Loan Volume by State/County/Lender reporting, the VA Annual Benefits Report (Loan Guaranty), and Census-based veteran population estimates. Data describe VA-guaranteed market activity and do not represent loans originated by National VA Loans.
Report FAQs
How does FY2025 compare with FY2024?
Official FY2024 totals were 416,374 loans and about $155.40B (avg $373,291). In FY2025, total loans rose 26.9% YoY. Purchase loans rose 8.5%, IRRRLs rose 135%, and cash-out refinances rose 26.5%.
Which states had the most VA loans in FY2025?
Texas (54,990); Florida (46,206); North Carolina (33,429); Virginia (31,940); Georgia (27,653)
How is FY2026 tracking so far?
Through the Q3 reporting window (FY2026 YTD through May 2026 (Oct 2025–May 2026; covers published activity through most of Q3)), VA lenders have guaranteed about 443,107 loans totaling roughly $179.50B.
What is the VA loan usage gap?
Loans per 1,000 veterans—states below the median may be underusing the benefit relative to population. See the adoption table in this report.
Premium state guides
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Educational content is reviewed for clarity and lending context; personalized eligibility requires borrower-specific review.
National VA Loans is not affiliated with the Department of Veterans Affairs or any government agency.
Last reviewed: July 31, 2026
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