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Montgomery among tops in nation for veteran home loan growth

Montgomery Advertiser - 6/28/2021

A lot more active-duty military, veterans and their families have been getting VA home loans in the Montgomery area over the past few months. In fact, only six other American cities have seen a faster rate of growth in that time, according to a new study.

Last year was a record year for VA-assisted home loans and refinancing, and the number of loans in the Montgomery area jumped another 75% through the first half of this fiscal year. That's the seventh-largest increase in the nation over that time, according to home lender Veterans United's analysis of Department of Veterans Affairs data.

The list is topped by the Honolulu, Washington, D.C., and Baltimore metro areas, all of which saw growth of more than 80%. Huntsville landed at No. 9 with 73% growth.

All of that's happening during an unprecedented boom period for VA loans, according to data from the Department of Veterans Affairs. The total number of VA loans issued nationwide nearly doubled from 2019 to 2020, hitting a record 1.24 million.

The VA loan rate is on pace to break that record this year. The pace of loans is up 52% nationwide through the first half of fiscal year 2021.

VA home loans are meant to help veterans, active-duty service members and qualifying family members to secure home loans by guaranteeing a portion of the loan, leading to more favorable terms from the lender. Their popularity has risen along with a hot national real estate market and near record-low interest rates.

On the market: Huge, beautiful home available in east Montgomery

Metro areas had to have at least 1,000 total loans to be included in the Veterans United analysis.

Contact Montgomery Advertiser reporter Brad Harper at bharper1@gannett.com.

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