Utilization rates of residential mortgages insured by the Department of Veterans Affairs remain at levels meaningfully lower than the eligible borrower population could theoretically support, according to a newly released study by Veterans United Home Loans, one of the largest originators in the U.S. of VA loans.
Despite the gap separating eligibility and uptake, VA production has steadily risen since the 2008 financial crisis, accounting for about 10% of all single-family originations in 2025.
Ginnie Mae gross issuance of $218 billion in unpaid VA loan balance last year was higher than every year pre-2020 and represented the highest total since 2022.
Nevertheless, said Veterans United, demand for VA loans lags the eligible demographic.
“Th...