IE Business Daily Business news for the Inland Empire.
The Inland Empire was among the top U.S. metropolitan areas for the use of Veterans Administration home loans during the federal government’s fiscal year 2019.
Twelve thousand eight hundred and twelve VA home loans were taken out in Riverside and San Bernardino counties during the 12-month period that ended Sept. 30, according to data released by the U.S. Department of Veterans Affairs.
That was a 44.4 percent increase dating to fiscal year 2014, enough to rank the Inland region between fourth-place Atlanta and sixth-place San Diego.
Washington, D.C., ranked first, with 20,141 home loans secured. Los Angeles and Sacramento ranked 17th and 22nd, respectively, the only other California markets to make the top 25.
Nationwide, home loans issued by the veteran’s administration rose for the eighth consecutive year during the government’s just-completed fiscal year: It backed more than 624,000 home loans during that time, a 43 percent increase compared to five years ago.
Generation Z – anyone born in the mid to late 1980s – and Millennials – anyone who reached adulthood early in the 21st century – took out 45 percent of all VA home loans issued during fiscal year 2019.
VA home loans are issued by private lenders. They give qualified veterans and service members some significant benefits, including no down payment, no mortgage insurance, more flexible credit guidelines and the lowest possible average interest rates, according to the statement.
