Veterans left about 83,100 VA loans on the table in 2025. How agents can close the gap
A new Veterans United analysis says the VA loan is still underused, even as VA loans passed 10% of the mortgage market. For agents, the gap is a question nobody asked at the first meeting.
The numbers
VA loans keep gaining ground, and plenty of eligible buyers still never use one. Veterans United Home Loans released its VA Loan Opportunity Index on November 11, 2026. It estimates that about 83,100 more VA loans, worth $41 billion, could have been made in 2025 if every metro used the benefit at a national benchmark rate. That is up from an estimated $37.9 billion in 2024.
Keep the source in mind: Veterans United is a large private VA lender with a stake in more VA lending, the index is a model rather than a count of real applications, and the VA does not endorse it. The direction is still useful for agents: many veterans and service members are buying or refinancing without the benefit they earned.
How Veterans United measured the gap
The index compares each metro's share of veterans with how often VA loans show up in that metro's mortgage data, then applies a national benchmark to estimate how many extra VA loans the low-use metros would have made. It counts both home purchases and refinances.
| VA share of mortgage originations (HMDA, per Veterans United) | Share |
|---|---|
| 2023, all loans | 8.32% |
| 2024, all loans | 9.80% |
| 2025, all loans | 10.04% |
| Home purchases, 2024 to 2025 | 8.88% to 9.22% |
Refinancing drove most of the growth. On the purchase side, VA use rose only modestly, which is where an agent has the most say.
Where the biggest gaps are
| Metro | Estimated untapped VA loans, 2025 |
|---|---|
| New York-Newark-Jersey City | 3,597 |
| Philadelphia-Camden-Wilmington | 2,678 |
| Chicago-Naperville-Elgin | 2,410 |
| Los Angeles-Long Beach-Anaheim | 2,305 |
| Boston-Cambridge-Newton | 2,186 |
| Detroit-Warren-Dearborn | 2,150 |
| Pittsburgh | 1,897 |
| Minneapolis-St. Paul-Bloomington | 1,738 |
| San Francisco-Oakland-Fremont | 1,683 |
| Cleveland | 1,587 |
| Seattle | 1,547 |
| Denver-Aurora-Centennial | 1,472 |
Big metros dominate the list because they have the most veterans. Pittsburgh, Minneapolis, Cleveland and Milwaukee show that the gap is not just a coastal story.
Why eligible buyers skip the VA loan
Veterans United points to myths about the program. The ones agents still hear:
- "It's one-time use." It isn't. Entitlement can be restored after a VA loan is paid off, and some buyers can hold more than one VA loan at a time.
- "Sellers won't take a VA offer." A VA buyer brings no down payment, not a weaker offer. The appraisal also checks minimum property requirements, so price and condition matter, as they do with any loan.
- "There's a loan limit." Borrowers with full entitlement have had no VA loan limit since 2020; the lender still sets what they qualify for.
- "I'll pay mortgage insurance." VA loans have no monthly mortgage insurance. There is a one-time VA funding fee, and veterans who receive VA disability compensation are generally exempt.
What this means for agents
The fix is a question. Ask every buyer at the first meeting: "Have you, or your spouse, ever served in the military?" Many eligible buyers are never asked, and some assume they don't qualify. If the answer is yes, send them to a lender who closes VA loans often, with a Certificate of Eligibility as the first step.
On the listing side, show sellers how a VA offer works before one arrives. VA allows seller concessions of up to 4% of the price, on top of normal closing costs, and a VA loan can be assumed by a qualified buyer, which is worth marketing on a listing with a low rate.
What to tell your clients
Buyers who served: "If you served, you may be able to buy with no down payment and no monthly mortgage insurance. Let's confirm your eligibility before we look at homes."
Sellers nervous about a VA offer: "The buyer's financing is a government-backed loan. What matters is the price, the property's condition and the closing date, the same as any other offer."
Homeowners with a VA loan they don't plan to keep: a buyer can assume a VA loan with lender approval, which can make a low rate a selling point.
A local example to share: The Kenna Group at Keller Williams DTC wrote a guide for service members moving to Colorado Springs on PCS orders: PCS to Colorado Springs.
Today's numbers
Where the market stands now
The story above is dated November 12, 2026. These update on their own as the publishers release new data.
Questions
Quick answers
How many VA loans went unused in 2025?
Veterans United estimates about 83,100 potential VA loans, worth $41 billion, were not made in 2025, up from an estimated $37.9 billion in 2024. It is a modeled estimate from a VA lender, not a count of applications.
What share of mortgages are VA loans?
VA loans were 10.04% of mortgage originations in 2025, up from 9.80% in 2024 and 8.32% in 2023, per HMDA data cited by Veterans United. VA's share of home purchase loans rose from 8.88% to 9.22%.
Can you use a VA loan more than once?
Yes. VA entitlement can be restored after a VA loan is paid off, and some borrowers can have more than one VA loan at the same time.
Do VA loans have mortgage insurance?
No monthly mortgage insurance. Most borrowers pay a one-time VA funding fee, and veterans receiving VA disability compensation are generally exempt.
How big is the VA loan gap in Denver?
Veterans United ranks Denver-Aurora-Centennial 12th among U.S. metros, with about 1,472 estimated untapped VA loans in 2025.
Sources
- Veterans United Home Loans via PR Newswire, “Veterans United Analysis Estimates $41 Billion in Untapped VA Loan Volume,” November 11, 2026. www.prnewswire.com
- Veterans United Home Loans, “VA Loan Underutilization report,” November 2026. www.veteransunited.com
- U.S. Department of Veterans Affairs, “VA home loan programs,” accessed November 12, 2026. www.va.gov
Written by the AgentCOS News Desk in our own words from the sources above. Numbers are as published on the dates shown; publishers sometimes revise them later.
