Colorado Springs ranks among the top 10 cities for the number of Department of Veterans Affairs home loans in 2019, according to the Missouri-based Veterans United Home Loans.
More than 10,500 VA Home Loans took place in the Colorado Springs metropolitan area, an increase of 56% from five years ago. Approximately 25% of the population in the city is affiliated with the military.
The Denver-Aurora metropolitan area had slightly fewer veterans home loans, at 8,641.
Regions with a heavy presence of military personnel tended to have the greatest number of home loans, such as Washington, D.C. (20,141), Virginia Beach and Newport News (14,821), and San Diego (11,842).
The analysis found that VA-backed loans have the lowest interest rates and that over the past 20 years, the department has backed more than eight million loans.
Private lenders provide the loans, but the VA guarantees a portion of the loan. The length of service and types of duties affect the type of home loan benefits for which service members are eligible.
The Serviceman’s Readjustment Act of 1944 established the home loan guarantee program for World War II veterans as a way to compensate them for the lost opportunity to purchase a home during their overseas deployment.