This week we celebrated Veterans’ Day to honor those who have served in U.S. in its uniformed services. Another benefit for veterans is the VA loan, which is the topic of a recent report from the National Association of Realtors® and Realtor.com. 

For many veterans, buying a home can feel out of reach, but a 0% down Veterans Affairs home loan can help first-time buyers move in 4.4 years sooner than with a typical conventional loan, according to that report.  

A custom analysis of NAR’s 2024 Profile of Home Buyers and Sellers finds that 74% of first-time VA loan users put 0% down, compared with a 12% median down payment for conventional first-time buyers. With a VA loan, borrowers only need to cover standard closing costs, which are similar for both types of loans. 

According to the report, a lower 10% savings rate stretches the timeline to 6.6 years, while a more aggressive 20% rate shortens it to 3.3 years. In short, a 0% down VA loan lets buyers enter the market and start building equity years sooner. 

“For many Veterans and service members, a VA loan can be a game changer,” said Danielle Hale, chief economist at Realtor.com®. “By removing the hurdle of a large down payment, these loans open doors to homeownership and financial security years sooner. 

So far this year there have been 549 local VA loans, according to the Northeast Tennessee Association of Realtors® (NETAR). That Jan. to Oct. total accounts for 9.6% of all the home purchase loans in the region monitored by NETAR. 

The average sales price was $358,191. The average for all home purchases was $334,115.  

Across U.S. metro areas, and here in the Tri-Cities, VA loans give first-time buyers a head start, cutting years off the path to a home. Assuming the same 0% down payment for VA loans versus 12% for conventional loans, and a 15% household saving rate for first-time buyers making the local median income and purchasing a home at the local median price, these loans can help buyers get a foothold in their local market years sooner.  

“The VA Home Loan program has opened the door to homeownership for more than 48 million veterans and service members – one of the most successful housing initiatives in American history,” said Lawrence Yun, NAR’s chief economist in the NAR-Realtor.com report. “The standout benefit of a VA loan is the 0% down payment but without the extra risk.  

According to NAR, the lower upfront cost makes homeownership more attainable, especially in high-cost markets and amid elevated mortgage rates, giving qualified buyers a critical advantage and the ability to start building equity sooner.  

Despite VA loans’ many advantages, only about one-third of Veterans and active-duty service members know they can buy a home with no money down, according to a 2025 survey from Veterans United Home Loans. 

“Many Veterans don’t realize that a VA loan removes the need for a down payment, which is one of the biggest hurdles to homeownership,”  Chris Birk, vice president of Mortgage Insight and Education, Veterans United Home Loans said in the NAR report. “As the nation’s largest VA lender, we see every day how this benefit changes lives. When Veterans understand the power of their VA loan, they can start building equity and stability for their families years sooner.” 

There are 40,438 veterans in the Tri-Cities Combined Statistical Area (CSA). That region includes Carter, Washington, Unicoi, Sullivan, and Hawkins counties in NE TN. Scott and Washington counties in SW VA plus Bristol VA are also part of the region.  

Veterans account for 8.2% of the CSA’s population. That’s an under-count because the numbers for Greene and Johnson counties won’t be available until December. The number is down  because the ranks of the World War II, and Korean War vets are rapidly thinning. The death rate for Vietnam Vets is also increasing. The current census lists only 82 of WWII Vets, 1,534 Korean War.  

The counterbalance to this trend is our region is a popular destination for younger vets and those who want to relocate from other areas and the VA loan can be their ticket to earlier homeownership.