The number of loans backed by the Department of Veterans Affairs increased 2.3% in the 12 months through September, led by a 14% gain in the number of mortgages for Millennial-generation veterans and active-duty military.
Borrowers aged 23 to 38 accounted for 211,276 loans, a 34% share of the total 624,332 mortgages backed by the VA during the 12-month period, according to a report covering the entire market by Veterans United, the largest VA lender. That’s up from 30% a year earlier, the report showed.
“There has been a question in real estate circles for years about when Millennials are going to start buying,” said Chris Birk, director of education for Veterans United. Young buyers who are in the military or have veteran status “have been able to start buying way ahead of civilians because of these VA loans. They don’t have to spend years saving for a down payment.” [read full article on Housingwire.com]
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