Veterans United Analysis Estimates $41 Billion in Untapped VA Loan Volume

Gaps reach beyond expensive coastal markets, with eight Midwest metros among the top 25 by number of untapped VA loans

COLUMBIA, Mo., Nov. 11, 2026 /PRNewswire/ — VA loans grew to 10% of the mortgage market last year, but about 83,100 VA loans representing $41 billion in potential loan volume still went untapped across U.S. metro areas, according to a new Veterans United Home Loans analysis released today.

The study found that VA loan use remained below expectations in dozens of housing markets when compared with the size of their projected Veteran populations. The estimated untapped volume increased from $37.9 billion in 2024.

Veterans United used its VA Loan Opportunity Index to compare each metro’s Veteran population share with its VA loan utilization rate. A national benchmark was then used to estimate how many additional VA loans could have been originated in markets with shortfalls. The analysis includes qualifying home purchase and refinance loans.

The findings come at a time when affordability and saving for a down payment are standing in the way for many buyers. Yet in dozens of markets, this 0% down payment loan is used less than the local Veteran population would suggest. Myths about VA loans may be part of the reason, causing Veterans to potentially overlook it and some sellers and agents to view VA offers differently.

“Forty-one billion dollars in untapped VA loan volume is a significant number, but the bigger story here is the Veterans and service members behind it,” said Chris Birk, vice president of mortgage insight at Veterans United Home Loans. “At a time when so many people are struggling to save for a down payment and afford a home, there are tens of thousands of potential opportunities for Veterans to use their hard-earned benefit to access homeownership. The VA loan program continues to gain ground nationally, but these findings show there’s still a significant gap between the Veterans who could be using this benefit and those who actually are.”

The New York metro area had the largest estimated number of untapped VA loans at 3,597, followed by the Philadelphia metro area with 2,678 and the Chicago metro area with 2,410. The Los Angeles metro area followed with 2,305, then Boston with 2,186 and Detroit with 2,150.

The estimated loan shortfalls extended beyond coastal markets. Pittsburgh ranked seventh with 1,897 untapped VA loans, followed by Minneapolis-St. Paul-Bloomington with 1,738.

Nationally, VA loans accounted for 10.04% of the mortgage market in 2025, up from 9.80% in 2024 and 8.32% in 2023, according to Home Mortgage Disclosure Act (HMDA) data.

Refinancing accounted for most of the growth. VA’s share of home purchase originations rose more modestly, from 8.88% in 2024 to 9.22% in 2025.

To view the complete study and methodology, visit: https://www.veteransunited.com/education/va-loan-underutilization/

About Veterans United Home Loans

Veterans United Home Loans, a full-service national direct lender based in Columbia, Missouri, closed more than $26 billion in loans in fiscal 2025 and was the nation’s No. 1 VA purchase lender, according to Department of Veterans Affairs Lender Statistics. The company’s mission is to help Veterans and service members take advantage of the home loan benefits earned by their service.

VeteransUnited.com | 1-800-884-5560 | 550 Veterans United Drive, Columbia, MO 65201 | Veterans United Home Loans NMLS #1907 (www.nmlsconsumeraccess.org). Private lender. Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Licensed in all 50 states. Military advisors are paid employees of Veterans United. For State Licensing information, please visit www.veteransunited.com/licenses. Equal Housing Opportunity.

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SOURCE Veterans United Home Loans