The Department of Veterans Affairs guaranteed 649,769 home loans in fiscal year 2026, which ended September 30, 2026. That was 23% more than the 528,340 in FY2025. The loans totaled $263.1 billion, and the average loan was $404,891, up from $390,100.
Refinancing drove most of the increase. VA’s streamline refinance, the Interest Rate Reduction Refinance Loan (IRRRL), rose 74% to 207,416 loans, 31.9% of the total, compared with 22.6% a year earlier. Purchase loans were 343,526, or 52.9%. Cash-out refinances were 98,827, or 15.2%.
Texas had the most VA loans (66,131), followed by Florida (56,399), North Carolina (40,365) and Virginia (38,662).
What the figures measure
VA does not usually lend the money itself. Private lenders make the loans, and VA guarantees part of each one, which lets eligible veterans, service members and some surviving spouses borrow, often with no down payment. These counts are loans VA guaranteed during the fiscal year, by the state where the property is located.
- Purchase: loans to buy a home.
- IRRRL: a refinance of an existing VA loan into a new VA loan, usually to get a lower interest rate.
- Cash-out refinance: a refinance, from a VA or other loan, that can let the borrower take out some of the home’s equity in cash.
Shares are of each state’s total VA loans. Refinance activity rises and falls with mortgage rates, so the mix can change a lot from year to year.
By state
| State or territory | VA loans, FY2026 | Change from FY2025 | Average loan | Purchase | IRRRL refinance | Cash-out refinance | Average purchase loan |
|---|---|---|---|---|---|---|---|
| Texas | 66,131 | +20.3% | $391,162 | 68.8% | 29.5% | 1.7% | $383,330 |
| Florida | 56,399 | +22.1% | $407,805 | 58.2% | 27.6% | 14.2% | $408,500 |
| North Carolina | 40,365 | +20.7% | $359,303 | 51.6% | 33.3% | 15.1% | $365,217 |
| Virginia | 38,662 | +21.0% | $480,818 | 52.0% | 34.4% | 13.6% | $492,308 |
| California | 34,191 | +28.3% | $628,357 | 48.6% | 35.3% | 16.1% | $641,242 |
| Georgia | 33,035 | +19.5% | $362,859 | 49.4% | 32.9% | 17.8% | $367,016 |
| South Carolina | 22,099 | +22.4% | $370,619 | 53.4% | 31.4% | 15.2% | $375,636 |
| Tennessee | 22,007 | +23.9% | $384,440 | 48.9% | 31.8% | 19.2% | $396,753 |
| Arizona | 20,607 | +22.1% | $427,858 | 50.9% | 33.2% | 15.9% | $436,808 |
| Ohio | 19,953 | +24.1% | $307,329 | 47.2% | 33.0% | 19.9% | $321,893 |
| Washington | 17,797 | +25.3% | $527,257 | 48.3% | 34.5% | 17.2% | $544,527 |
| Alabama | 17,406 | +21.8% | $338,897 | 51.4% | 31.3% | 17.3% | $342,293 |
| Colorado | 17,341 | +20.5% | $514,134 | 51.6% | 34.9% | 13.5% | $519,833 |
| Maryland | 15,408 | +23.4% | $512,839 | 49.3% | 35.6% | 15.0% | $525,940 |
| Missouri | 14,295 | +22.9% | $315,301 | 49.7% | 32.5% | 17.7% | $321,474 |
| Illinois | 13,776 | +22.7% | $334,245 | 49.1% | 33.9% | 17.0% | $341,974 |
| Pennsylvania | 13,696 | +25.7% | $338,299 | 48.2% | 30.4% | 21.4% | $352,099 |
| Michigan | 13,303 | +26.7% | $307,366 | 43.2% | 34.8% | 22.0% | $319,645 |
| Indiana | 13,048 | +23.0% | $304,110 | 45.5% | 34.3% | 20.2% | $321,641 |
| Oklahoma | 11,550 | +22.1% | $304,965 | 54.4% | 30.4% | 15.2% | $305,004 |
| Kentucky | 9,591 | +26.2% | $310,905 | 47.3% | 34.3% | 18.4% | $318,905 |
| Nevada | 9,149 | +17.2% | $475,565 | 52.1% | 32.5% | 15.4% | $483,134 |
| Wisconsin | 8,449 | +28.2% | $340,879 | 44.4% | 34.7% | 20.9% | $353,378 |
| Arkansas | 8,046 | +26.7% | $299,524 | 49.7% | 31.3% | 19.0% | $304,240 |
| Louisiana | 7,820 | +23.2% | $302,711 | 55.1% | 31.4% | 13.5% | $302,440 |
| Oregon | 7,565 | +30.5% | $448,641 | 46.3% | 33.4% | 20.3% | $463,188 |
| Minnesota | 7,347 | +24.5% | $368,548 | 49.4% | 31.4% | 19.2% | $378,572 |
| Mississippi | 6,799 | +20.7% | $300,611 | 52.9% | 31.0% | 16.1% | $302,653 |
| Kansas | 6,550 | +23.2% | $306,341 | 54.5% | 30.7% | 14.8% | $308,134 |
| New Jersey | 6,412 | +25.1% | $483,747 | 45.6% | 31.7% | 22.7% | $517,349 |
| New York | 6,383 | +20.4% | $389,069 | 62.0% | 18.0% | 20.1% | $399,055 |
| Utah | 5,893 | +34.3% | $518,131 | 49.7% | 33.5% | 16.8% | $522,737 |
| Idaho | 5,742 | +34.3% | $460,784 | 54.1% | 27.5% | 18.4% | $477,777 |
| New Mexico | 5,612 | +20.7% | $359,145 | 50.6% | 31.9% | 17.5% | $362,975 |
| Iowa | 4,888 | +27.5% | $297,364 | 55.1% | 29.1% | 15.7% | $299,860 |
| Massachusetts | 4,537 | +30.1% | $541,496 | 45.6% | 34.2% | 20.2% | $568,006 |
| Nebraska | 4,447 | +25.1% | $341,134 | 54.7% | 29.9% | 15.3% | $348,832 |
| West Virginia | 3,567 | +26.4% | $309,746 | 52.6% | 29.6% | 17.8% | $313,166 |
| Hawaii | 3,360 | +26.7% | $755,348 | 60.0% | 30.6% | 9.4% | $751,404 |
| Alaska | 3,123 | +16.8% | $450,607 | 62.3% | 27.2% | 10.5% | $461,822 |
| Montana | 3,122 | +28.4% | $444,642 | 47.7% | 32.9% | 19.4% | $442,902 |
| Connecticut | 3,032 | +21.9% | $427,734 | 48.1% | 31.8% | 20.1% | $452,000 |
| Maine | 2,703 | +21.9% | $373,803 | 42.6% | 34.2% | 23.2% | $388,922 |
| New Hampshire | 2,532 | +35.3% | $471,700 | 46.0% | 33.6% | 20.4% | $498,624 |
| Delaware | 2,440 | +21.8% | $403,997 | 46.0% | 33.3% | 20.7% | $417,666 |
| Wyoming | 2,235 | +28.0% | $387,938 | 50.5% | 30.6% | 18.9% | $397,139 |
| South Dakota | 2,122 | +28.7% | $371,610 | 58.7% | 26.6% | 14.7% | $367,073 |
| North Dakota | 1,523 | +14.2% | $329,436 | 59.0% | 26.9% | 14.1% | $331,013 |
| Rhode Island | 1,187 | +21.9% | $498,747 | 45.2% | 36.9% | 17.9% | $517,964 |
| Puerto Rico | 999 | +13.9% | $280,540 | 84.0% | 2.4% | 13.6% | $279,675 |
| Vermont | 658 | +14.6% | $387,607 | 48.5% | 34.4% | 17.2% | $409,214 |
| District of Columbia | 618 | +23.4% | $683,134 | 55.3% | 36.2% | 8.4% | $684,524 |
| Guam | 211 | +17.2% | $504,641 | 80.6% | 11.8% | 7.6% | $511,324 |
| U.S. Virgin Islands | 38 | +2.7% | $575,951 | 86.8% | 5.3% | 7.9% | $560,460 |
50 states and D.C., plus Guam, Puerto Rico, U.S. Virgin Islands. Sorted by loan count. Change from FY2025 is our calculation. The CSV includes loan amounts and averages for each loan type.
Source
U.S. Department of Veterans Affairs, Loan Guaranty Service, Loan Volume by State, FY 2026 Total and FY 2025 Total reports, downloaded October 25, 2026. U.S. government data in the public domain. Our table is available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "VA Home Loans by State, FY2026," My Credit Guide, October 25, 2026, https://mycreditguide.org/data/va-home-loans-by-state/.