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Nearly 80 years later, GI Bill helps shrink homeownership gap for Veterans and service members

June 22, 2022

COLUMBIA, Mo., June 22, 2022 /PRNewswire/ -- Nearly 80 years ago, the GI Bill promised to help economically disadvantaged Veterans become homeowners. Today, the same program is living up to its original promise by helping narrow the homeownership gap for female Veterans and Veterans of color.

For Veterans and service members, the VA home loan benefit is opening doors to homeownership like never before, according to Veterans United Home Loans' recent report. The Department of Veterans Affairs (VA) has backed more than 25 million home loans, which has expanded access to homeownership since 1944.

Demographics of the military have changed drastically since the program's inception. For perspective, in 1945, the population of the military was 7.4% African American and Black, 0.48% Asian American and Pacific Islanders, 0.42% Hispanic and Latino, and 3% women, according to the National WWII Museum.

Today, the military population is 13.4% African American and Black, 2.3% Asian American and Pacific Islanders, 8.02% Hispanic and Latino, and 10.9% women, according to the VA.

"Military service and the VA home loan program are creating transformational and generational change for female Veterans and Veterans of color," said Chris Birk, vice president of mortgage insight at Veterans United Home Loans, the country's largest VA purchase lender. "In many ways, these Veterans and service members increasingly represent the future of this historic benefit."

Overall, the Veteran and service member homeownership outlook will shift by 2048 with the following changes:

  • The Hispanic and Latino population is expected to make up over 16% of the total Veteran population.
    An Urban Institute study has projected that 70% of new homeowners between 2020 and 2040 will be Hispanic and Latino. The homeownership rate is over 18 percentage points higher for Hispanic and Latino Veterans compared to their civilian counterparts.
  • The African American and Black population is expected to make up about 15% of the total Veteran population.
    African Americans own homes at about 17 percentage points higher than their civilian counterparts. VA loan usage for this demographic increased by 23% from 2018 to 2021.
  • By 2048, Asian Americans and Pacific Islanders (AAPI) are expected to make up 5% of the Veteran population, up from 0.42%.
    AAPI Veterans have higher homeownership rates than their civilian counterparts at about 13 percentage points. Education and household income are significant contributors to driving the growth of the AAPI population. By 2048, their Veterans population is expected to grow by 45%.
  • Female Veterans will account for about 18% of the total Veteran population.
    Over the last decade, female Veterans made up about 11% of Veterans and service members who use their VA home loan benefit. More female Veterans are projected to be homeowners as the population is expected to increase.

The VA home loan benefit helps remove barriers such as down payments, no private mortgage insurance, access to the industry's lowest average rates, and flexible credit guidelines, especially for women and people of color. Although these key demographics remain the most impacted by these barriers, this program continues to level the playing field to achieve homeownership.

About Veterans United Home Loans
Based in Columbia, Missouri, the full-service national lender financed more than $29.9 billion in loans in 2021 and is the country's largest VA purchase lender according to the Department of Veterans Affairs Lender Statistics. The company's mission is to help Veterans and service members take advantage of the home loan benefits earned by their service. The company's employee-driven charitable arm, Veterans United Foundation, is committed to enhancing the lives of Veterans and military families nationwide by focusing on supporting military families and nonprofit organizations that strengthen local communities. Veterans United Home Loans and its employees have donated more than $100 million to the Foundation since its founding in November 2011. Learn more at | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, MO 65203 | NMLS ID #1907 ( A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Equal Opportunity Lender. Mortgage Research Center, LLC.

Veterans United Facts

  • $34 billion
    in loans financed in 2022
  • Defense Employer Support Freedom Award Recipient
    by the Secretary of Defense
  • More than 4,300 employees
    in more than 36 states
  • More than $130 million
    raised for nonprofit charitable arm, Veterans United Foundation since Nov. 2011
  • No. 8 Best Place to Work
    according to Glassdoor Best Places to Work in 2022

Featured In

  • Chicago Tribune
  • Los Angeles Times
  • Yahoo! Finance
  • US News & World Report
  • CNN Money
  • The New York Times
  • INC 500


Media Team

Chad Moller
Communications Manager
(573) 876-2600 ext. 6924

Tierre Banks
Sr. Media Relations Specialist
(800) 814-1103 ext. 3220

Meet The Expert

Chris Birk, Director of Education at Veterans United Chris Birk
Author, The Book on VA Loans

Chris is the nation’s leading expert on VA Loan benefits. He authored The Book on VA Loans in 2011, and maintains the VA Loans Insider blog. His analysis and articles have appeared at a host of sites and publications, including the Washington Post, The New York Times, the Wall Street Journal, ABC News, USA Today, the Houston Chronicle and more. Members of the media may request a free copy of The Book on VA Loans to learn more about the VA loan program.

See Chris' Bio »