But mortgages insured by the Department of Veterans Affairs offer qualified service members a leg up to purchase with no down payment, no mortgage insurance and without the requirement of top-tier credit. VA loans have risen in popularity for some time now and affordable mortgage options for veterans have been a legislative priority.
“Millennial veterans and service members are using their hard-earned VA loan benefits to jump into the housing market now, instead of being stuck on the sidelines like so many of their civilian counterparts,” Chris Birk, the director of education for Veterans United, said in a press release. “The VA loan program was created 75 years ago to level the playing field and boost access to homeownership for those who serve our country. Today, it’s still fulfilling that original mission and making a huge difference for a new generation.”
For the analysis, Veterans United took its purchase loan volume from 2018 and compared it to 2015 for any millennial — born between 1981 and 1996 — veteran or service member. To be included on the list, metro areas needed a minimum of 75 purchase loans made by millennials in both 2018 and 2015.