Only Half of Service Members Are Aware VA Loans Require No Down Payment

Rocket Mortgage data highlights persistent awareness gaps limiting VA loan utilization among eligible service members

DETROIT, May 12, 2026 /PRNewswire/ -- As U.S. homebuyers grapple with affordability concerns, new data from Rocket Mortgage shows fewer than half (48%)² of eligible service members consider a VA loan. Awareness of key benefits is also limited: only 54% know VA loans require no down payment¹, and just four in 10 (39%) realize they don't require private mortgage insurance (PMI)¹, despite median savings of $10,600 in 2025 compared with a similar conventional loan with PMI⁴.

"With zero down payment, no monthly mortgage insurance requirements and flexible credit standards, VA loans address some of the most challenging financial hurdles active and retired military home buyers face," said Eileen Tu, Vice President of Product Development at Rocket Mortgage. "That combination can significantly reduce both upfront costs and monthly payments by thousands of dollars, making homeownership more achievable for millions of Americans. In 2025, 70% of VA purchase loans were made with no down payment."

Despite these advantages, an awareness gap among eligible service members persists that extends beyond VA loans, with only 16% of military members familiar with state-level housing programs designed specifically to support the military community².

While awareness remains low at the national level, regional trends vary, especially in markets with high concentrations of military families. In Tampa, Florida - home to more than 20 military bases - roughly 40% of homebuyers used VA financing from 2023 to 2025³. In Portland, Oregon, where the Portland Air National Guard Base is located, VA backed purchases have increased from near zero in the early 2010s to more than 6% of home sales today³.

Where veterans choose to live is largely shaped by affordability and proximity to health care. Research shows that health care access (24%) and cost of living (23%) are the top factors driving those decisions, and 61% say they are likely to remain near where they were stationed².

"For millions of veterans and military families, the path to homeownership is not restricted by a lack of demand, but by gaps in awareness," said Tu. "We are seeing that play out in real ways, from lower utilization in some markets to hundreds of savings being left on the table. An experienced mortgage banking professional can help veterans and service members navigate their options and make the most of their benefits."

To learn more about Rocket Mortgage's VA loan products and support for eligible service members, visit https://www.rocketmortgage.com/home-loans/va-loan.

ABOUT ROCKET COMPANIES

Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform including mortgage, real estate and personal finance businesses: Rocket Mortgage, Redfin, Rocket Close, Rocket Money and Rocket Loans.

With insights from more than 160 million calls with clients each year, 30 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled homeownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 23 times – the most of any mortgage lender.

For more information, please visit www.rocket.com.

All mortgage lending products and mortgage related information provided by Rocket Mortgage, LLC | NMLS #3030; www.NMLSConsumerAccess.org.
Licensed in 50 states. For additional information please visit RocketMortgage.com.

Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

¹Rocket internal research (March 2025)
²Rocket Mortgage survey (January 2026)
³Rocket Mortgage market-level analysis (May 2026)
⁴Rocket internal research based on 2025 HMDA data

SOURCE Rocket Mortgage