Lenders turned down 22.0% of applications received for FHA loans in 2025. The rejection rate on VA mortgages was a more modest 16.1%. (Includes data table.)

The lender has tailored its strategy to help VA borrowers compete in a market where government loans are overlooked in favor of higher-downpayment conventional mortgages or cash buyers.

Adjustable-rate mortgages accounted for 38.2% of first-lien holdings at banks and thrifts at the end of March, down from 42.6% at the end of December. (Includes data table.)