VA Loan Statistics (December 2025):
- Total VA Loan Volume – $16.75 billion
- Number of Loans Guaranteed – 43,421
- Average Amount per Loan – $385,848
A VA loan is a government-backed mortgage that helps veterans and eligible members of the military community secure home financing through private lenders like banks, credit unions, and other mortgage companies. There are three major types of VA loans: cash-out loans that allow users to borrow from their home equity or swap out their normal home loans for VA-backed loans, purchase loans that help users buy or improve their home without a down payment, and interest rate reduction refinance loans (IRRRL) that can help lower the interest rates for existing VA home loans.
Below, you can find the latest statistics on VA loans, including market share by lender and originations by quarter. You can also see how rates and loan amounts have changed over time.
VA Funding Fee
The VA funding fee is a one-time payment on a VA-backed or VA direct home loan. This fee helps to lower the cost of the loan, since the VA home loan program doesn’t require down payments or monthly mortgage insurance.
| Loan Type | Funding Fee on First VA Loan | Funding Fee on Subsequent VA Loans |
|---|---|---|
| Purchase Loan | 2.15% | 3.30% |
| Cash Out Loan | 2.15% | 3.30% |
| IRRRL Loan | 0.50% | 0.50% |
Note: VA funding fee rates change based on your down payment for purchase backed loan and above rates indicated are for less than 5% down payment.
Total VA Loan Volume by Month
VA loans decreased by 10.91% in December 2025, compared to the prior month.
| Month | Purchase Loan (in Billions) | Cash Out Loan (in Billions) | IRRRL Loan (in Billions) | Total Loan Amount (in Billions) |
|---|---|---|---|---|
| Dec:2025 | $9.67 | $2.75 | $4.33 | $16.75 |
| Nov:2025 | $9.11 | $2.46 | $7.23 | $18.80 |
| Oct:2025 | $10.35 | $2.49 | $7.95 | $20.79 |
| Sep:2025 | $11.77 | $2.72 | $3.21 | $17.70 |
| Aug:2025 | $11.92 | $2.66 | $1.94 | $16.52 |
| Jul:2025 | $13.79 | $2.56 | $1.75 | $18.12 |
| Jun:2025 | $12.62 | $2.36 | $2.42 | $17.39 |
| May:2025 | $11.32 | $2.42 | $4.29 | $18.04 |
| Apr:2025 | $10.61 | $2.51 | $4.71 | $17.83 |
| Mar:2025 | $9.68 | $2.36 | $3.17 | $15.21 |
| Feb:2025 | $8.30 | $2.50 | $2.57 | $13.37 |
| Jan:2025 | $9.89 | $2.59 | $3.10 | $15.58 |
| Dec:2024 | $9.67 | $2.75 | $4.33 | $16.75 |
| Nov:2024 | $9.10 | $2.45 | $7.20 | $18.75 |
| Oct:2024 | $9.93 | $2.35 | $7.55 | $19.83 |
| Sep:2024 | $9.28 | $1.91 | $4.88 | $16.07 |
| Aug:2024 | $10.35 | $2.01 | $2.63 | $14.98 |
| Jul:2024 | $11.97 | $2.06 | $2.05 | $16.08 |
| Jun:2024 | $10.95 | $1.86 | $1.17 | $13.99 |
| May:2024 | $11.31 | $2.15 | $1.30 | $14.76 |
| Apr:2024 | $9.73 | $1.91 | $1.09 | $12.73 |
| Mar:2024 | $8.89 | $1.82 | $1.76 | $12.46 |
| Feb:2024 | $7.21 | $1.58 | $2.17 | $10.97 |
| Jan:2024 | $7.83 | $1.63 | $1.11 | $10.57 |
| Dec:2023 | $7.50 | $1.41 | $0.12 | $9.02 |
| Nov:2023 | $8.50 | $1.74 | $0.07 | $10.31 |
| Oct:2023 | $9.22 | $1.79 | $0.18 | $11.19 |
| Sep:2023 | $9.63 | $1.82 | $0.24 | $11.69 |
| Aug:2023 | $11.92 | $2.12 | $0.30 | $14.34 |
| Jul:2023 | $11.35 | $1.75 | $0.22 | $13.31 |
| Jun:2023 | $11.82 | $1.85 | $0.22 | $13.89 |
| May:2023 | $10.55 | $1.86 | $0.18 | $12.60 |
| Apr:2023 | $8.99 | $1.72 | $0.20 | $10.90 |
| Mar:2023 | $10.14 | $2.03 | $0.17 | $12.34 |
| Feb:2023 | $7.26 | $1.58 | $0.07 | $8.91 |
| Jan:2023 | $8.26 | $1.67 | $0.01 | $9.95 |
Total VA Loan Volume by Quarter
Total VA loan volume has declined by 14.94% in the past two years.
| Quarter | Purchase Loan (in Billions) | Cash Out Loan (in Billions) | IRRRL Loan (in Billions) | Total Loan Amount (in Billions) |
|---|---|---|---|---|
| 2023:Q2 | $25.66 | $5.29 | $0.25 | $31.20 |
| 2023:Q1 | $29.51 | $7.11 | $0.05 | $36.67 |
| 2022:Q4 | $38.80 | $10.30 | $0.07 | $49.17 |
| 2022:Q3 | $40.20 | $15.78 | $1.14 | $57.12 |
| 2022:Q2 | $34.26 | $21.87 | $10.86 | $66.99 |
| 2022:Q1 | $39.97 | $20.68 | $22.66 | $83.30 |
| 2021:Q4 | $43.57 | $16.88 | $32.02 | $92.47 |
| 2021:Q3 | $39.23 | $13.30 | $51.30 | $103.82 |
| 2021:Q2 | $32.54 | $11.65 | $84.02 | $128.20 |
| 2021:Q1 | $37.54 | $9.54 | $75.64 | $122.71 |
| 2020:Q4 | $41.80 | $8.89 | $65.94 | $116.62 |
| 2020:Q3 | $32.78 | $10.94 | $56.80 | $100.52 |
| 2020:Q2 | $27.35 | $13.19 | $42.01 | $82.56 |
| 2020:Q1 | $28.68 | $12.75 | $34.24 | $75.67 |
| 2019:Q4 | $33.48 | $12.13 | $19.45 | $65.06 |
| 2019:Q3 | $27.72 | $8.83 | $7.55 | $44.10 |
| 2019:Q2 | $21.18 | $8.76 | $1.99 | $31.93 |
| 2019:Q1 | $24.44 | $9.60 | $0.51 | $34.55 |
| 2018:Q4 | $30.24 | $9.23 | $0.68 | $40.16 |
| 2018:Q3 | $27.03 | $9.12 | $2.01 | $38.16 |
| 2018:Q2 | $21.59 | $11.27 | $6.21 | $39.06 |
| 2018:Q1 | $24.53 | $11.51 | $7.87 | $43.92 |
Total VA Loan Volume by Year
VA lending increased by 7.49% in 2024 compared to the previous year.
| Year | Purchase Loan (in Billions) | Cash Out Loan (in Billions) | IRRRL Loan (in Billions) | Total Loan Amount (in Billions) |
|---|---|---|---|---|
| 2024 | $114.13 | $22.16 | $19.14 | $155.43 |
| 2023 | $119.42 | $23.50 | $16.65 | $144.59 |
| 2022 | $153.22 | $68.62 | $34.73 | $256.58 |
| 2021 | $152.87 | $51.36 | $242.96 | $447.19 |
| 2020 | $130.60 | $45.77 | $198.97 | $375.35 |
| 2019 | $106.83 | $39.31 | $29.50 | $175.64 |
| 2018 | $103.39 | $41.13 | $16.77 | $161.29 |
| 2017 | $99.39 | $42.86 | $46.43 | $188.69 |
Top Lenders by Total VA Loan Volume
In December 2025, the top 15 lenders, based on total loan amounts, collectively held more than half (56.20%) of the total VA loan market share.
| Rank | Lender Name | Total Loan Amount (in Billions) | Loans Guaranteed | Avg. Loan Amount |
|---|---|---|---|---|
| 1 | VETERANS UNITED HOME LOANS | $1.63 | 5,033 | $323,722 |
| 2 | UNITED WHOLESALE MORTGAGE, LLC | $1.87 | 4,340 | $429,868 |
| 3 | FREEDOM MORTGAGE CORP | $1.23 | 3,412 | $359,191 |
| 4 | ROCKET MORTGAGE, LLC | $0.97 | 2,594 | $375,419 |
| 5 | NAVY FEDERAL CREDIT UNION | $0.69 | 1,723 | $401,186 |
| 6 | PENNYMAC LOAN SERVICES LLC | $0.53 | 1,348 | $393,546 |
| 7 | NEWREZ LLC | $0.35 | 0,848 | $414,018 |
| 8 | DHI MORTGAGE COMPANY LTD | $0.28 | 0,778 | $366,016 |
| 9 | CROSSCOUNTRY MORTGAGE LLC | $0.32 | 741 | $425,707 |
| 10 | USAA FSB | $0.28 | 729 | $390,691 |
| 11 | VILLAGE CAPITAL & INVESTMENTS LLC | $0.26 | 729 | $357,146 |
| 12 | MOVEMENT MORTGAGE LLC | $0.29 | 701 | $411,720 |
| 13 | LAKEVIEW LOAN SERVICING | $0.25 | 620 | $402,086 |
| 14 | LOANDEPOT.COM, LLC | $0.24 | 615 | $385,902 |
| 15 | GUILD MORTGAGE COMPANY LLC | $0.23 | 582 | $391,381 |
Total VA Loan Volume by State
Texas tops the list, with $5.34 billion in VA loans flowing into the state in Q4 2025, while Virgin Island had the lowest amount at $3.48 million.
VA Loan Data by State (Q4 2025)
| State | Total Loan Amount | Total Loans | Avg. Loan Amount |
|---|---|---|---|
| Alaska | $338,477,383 | 771 | $439,011 |
| Alabama | $1,211,013,238 | 3,664 | $330,517 |
| Arkansas | $469,397,106 | 1,634 | $287,269 |
| Arizona | $1,618,143,066 | 3,890 | $415,975 |
| California | $3,729,760,681 | 6,157 | $605,776 |
| Colorado | $1,634,519,488 | 3,247 | $503,394 |
| Connecticut | $266,695,679 | 643 | $414,768 |
| District of Columbia | $92,431,229 | 128 | $722,119 |
| Delaware | $192,780,912 | 499 | $386,334 |
| Florida | $4,603,015,508 | 11,570 | $397,841 |
| Georgia | $2,471,699,503 | 6,946 | $355,845 |
| Guam | $20,611,490 | 41 | $502,719 |
| Hawaii | $462,658,922 | 622 | $743,825 |
| Iowa | $270,954,393 | 962 | $281,657 |
| Idaho | $527,818,267 | 1164 | $453,452 |
| Illinois | $951,145,944 | 2,936 | $323,960 |
| Indiana | $822,698,497 | 2,789 | $294,980 |
| Kansas | $412,490,874 | 1,361 | $303,079 |
| Kentucky | $617,367,719 | 2,013 | $306,690 |
| Louisiana | $473,621,498 | 1,631 | $290,387 |
| Massachusetts | $471,805,434 | 877 | $537,977 |
| Maryland | $1,537,745,688 | 3,065 | $501,711 |
| Maine | $199,971,769 | 547 | $365,579 |
| Michigan | $823,243,390 | 2,746 | $299,797 |
| Minnesota | $583,016,951 | 1,617 | $360,555 |
| Missouri | $913,841,867 | 2,983 | $306,350 |
| Mississippi | $417,328,158 | 1,460 | $285,841 |
| Montana | $289,324,860 | 645 | $448,566 |
| North Carolina | $2,874,635,084 | 8,220 | $349,712 |
| North Dakota | $112,374,424 | 346 | $324,782 |
| Nebraska | $323,688,417 | 976 | $331,648 |
| New Hampshire | $243,508,828 | 525 | $463,826 |
| New Jersey | $643,107,632 | 1355 | $474,618 |
| New Mexico | $421,419,192 | 1203 | $350,307 |
| Nevada | $890,880,500 | 1946 | $457,801 |
| New York | $560,662,556 | 1497 | $374,524 |
| Ohio | $1,272,374,233 | 4,178 | $304,541 |
| Oklahoma | $748,222,296 | 2534 | $295,273 |
| Oregon | $638,168,197 | 1,471 | $433,833 |
| Pennsylvania | $923,567,277 | 2,832 | $326,118 |
| Puerto Rico | $59,864,843 | 228 | $262,565 |
| Rhode Island | $128,667,772 | 260 | $494,876 |
| South Carolina | $1,679,936,435 | 4,712 | $356,523 |
| South Dakota | $175,146,942 | 470 | $372,653 |
| Tennessee | $1,740,492,043 | 4,602 | $378,203 |
| Texas | $5,343,217,474 | 14,101 | $378,925 |
| Utah | $544,658,592 | 1066 | $510,937 |
| Virginia | $3,710,914,174 | 7,968 | $465,727 |
| United States Virgin Islands | $3,478,133 | 8 | $434,767 |
| Vermont | $56,264,467 | 151 | $372,612 |
| Washington | $1,855,881,686 | 3,531 | $525,597 |
| Wisconsin | $572,429,214 | 1,736 | $329,740 |
| West Virgina | $215,043,017 | 707 | $304,163 |
| Wyoming | $179,810,721 | 474 | $379,348 |
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