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Salute to the loot.
Veterans of the United States military are unwittingly forfeiting billions in untapped financial support from the Department of Veteran Affairs (VA) across major cities, including NYC, due to lack of awareness and eligibility confusion, per a startling report.
Researchers for Veterans United Home Loans, the nation’s largest VA lender, determined that more than 58,000 VA loans went unused in 2024, revealing a $27.9 billion loss.
The funds are specifically allocated to assist active-duty service members, veterans, National Guard and Reserve members and certain surviving spouses in achieving homeownership. In fact, VA loan conditions are more flexible than conventional loans, say the experts. To qualify, folks can simply verify their status through the VA and obtain Certificate of Eligibility.
Still, usage remains uneven and disproportionately low in many metropolitan areas compared to the size of their veteran populations.
“Even in some of the country’s most competitive and expensive housing markets, thousands of Veterans might be missing out on the advantages of this benefit,” Chris Birk, vice president of mortgage insight at Veterans United, said in a statement. “Our study underscores the need for greater awareness of the benefits of the VA loan.”
“A stronger focus on education and access could make a meaningful difference for Veterans and their families.”
The eye-popping revelation comes as prices of everyday necessities are reaching an eye-popping high.
With astronomical cost of living demands and sparse affordable housing options in major markets, Americans of all walks of life are struggling to keep a roof over their heads.
Veterans of the armed forces are acutely suffering as VA loans, which have accounted for about 10-12% of the mortgage market in recent years, fell to a shocking 8% in ‘24 as a result of the tough rate and affordability environment, according to HMDA data.
Despite offering no down payment options and no need for private mortgage insurance (PMI), as well as competitive interest rates and limited closing costs, the VA home loan program remains underused, with many eligible veterans unaware of how much money is being left on the table.
To identify the gap in underutilization, researchers for Veterans United compared the VA loan’s market share to the share of Veterans in both large and small cities from coast-to-coast.
Hotspots like New York, Los Angeles and Boston each exceeded $1 billion in estimated lost VA loan volume. However, slightly less buzzy locales, such as Barnstable Town, Massachusetts, San Jose, California and Naples, Florida boast the highest untapped VA loan volumes.
“These are pricier markets where affordability is already a challenge and where the VA loan could have had a particularly meaningful impact,” noted the insiders.
Here are the top 25 cities with the largest gaps between Veterans and VA loan use.
| Rank | Metro | Veteran Population Share 2024 | VA Market Share 2024 | Median Income 2024 | “Untapped” VA Loan Volume* |
| 1 | Barnstable Town, Mass | 6.35 % | 2.51 % | $94,452 | $235,099,803 |
| 2 | San Jose-Sunnyvale- Santa Clara, Calif | 2.12 % | 0.84 % | $157,444 | $476,864,635 |
| 3 | Naples-Marco Island, Fla | 5.35 % | 2.81 % | $86,173 | $276,585,160 |
| 4 | Pittsfield, Mass | 4.67 % | 2.49 % | $72,565 | $39,519,803 |
| 5 | San Francisco-Oakland- Fremont, Calif | 2.65 % | 1.46 % | $133,780 | $888,082,275 |
| 6 | Bridgeport-Stamford-Danbury, Conn | 2.65 % | 1.47 % | $111,656 | $211,133,231 |
| 7 | Santa Cruz- Watsonville, Calif | 2.89 % | 1.72 % | $109,266 | $50,640,158 |
| 8 | Glens Falls, N.Y | 6.88 % | 4.15 % | $74,953 | $30,572,266 |
| 9 | Napa, Calif | 5.13 % | 3.18 % | $108,970 | $70,200,184 |
| 10 | Santa Rosa-Petaluma, Calif | 3.89 % | 2.42 % | $102,840 | $145,719,897 |
| 11 | Kingston, N.Y | 3.51 % | 2.18 % | $81,804 | $29,463,901 |
| 12 | Lancaster, Pa | 4.78 % | 3.19 % | $83,703 | $99,328,264 |
| 13 | Rochester, N.Y | 4.76 % | 3.22 % | $74,438 | $125,561,880 |
| 14 | Elkhart-Goshen, Ind | 4.23 % | 2.88 % | $65,617 | $29,423,654 |
| 15 | Waterloo-Cedar Falls, Iowa | 4.85 % | 3.31 % | $68,916 | $32,571,873 |
| 16 | Binghamton, N.Y | 5.36 % | 3.70 % | $63,347 | $21,425,467 |
| 17 | Cape Coral-Fort Myers, Fla | 6.66 % | 4.61 % | $73,099 | $465,336,883 |
| 18 | New Haven-Milford, Conn | 3.77 % | 2.64 % | $86,266 | $85,713,230 |
| 19 | Wenatchee, Wash | 6.44 % | 4.56 % | $79,007 | $54,476,301 |
| 20 | New York-Newark- Jersey City, N.Y.-N.J | 2.19 % | 1.56 % | $97,334 | $1,885,780,165 |
| 21 | Allentown-Bethlehem-Easton, Pa.-N.J | 5.01 % | 3.58 % | $82,602 | $175,408,331 |
| 22 | Johnstown, Pa | 6.98 % | 5.03 % | $56,292 | $8,386,025 |
| 23 | Ithaca, N.Y | 2.75 % | 1.99 % | $73,012 | $6,551,994 |
| 24 | Portland-South Portland, Maine | 6.12 % | 4.49 % | $88,602 | $255,033,656 |
| 25 | Boston-Cambridge- Newton, Mass.-N.H | 3.39 % | 2.58 % | $112,484 | $1,129,733,191 |
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