With $325,345 in loans issued, Minnesota ranked 24th in average loan amount for VA home loans in the first quarter of fiscal year 2023, according to the Veteran’s Affairs Home Loans Index.
The VA assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans provided by banks and mortgage companies.
A portion of the loan is guaranteed by the VA, which allows the lender to provide better rates.
Several VA housing programs can help members buy, build or repair their homes. Loan types may include home purchase loans, interest rate reduction refinance loans (IRRRL), and adapted housing grants, geared toward veterans with a service-connected disability.
The VA’s fiscal year is from Oct. 1 to Sept. 30.
Average VA Home Loan Value (Q1 2023)
| Rank | State | Avg. VA Home Loan |
|---|---|---|
| 1 | Hawaii | $664,973 |
| 2 | District of Columbia | $654,163 |
| 3 | California | $548,527 |
| 4 | Guam | $482,854 |
| 5 | Colorado | $468,899 |
| 6 | Utah | $465,153 |
| 7 | Washington | $462,243 |
| 8 | Maryland | $437,960 |
| 9 | Massachusetts | $434,572 |
| 10 | Nevada | $424,457 |
| 11 | Oregon | $401,697 |
| 12 | Idaho | $400,901 |
| 13 | Virginia | $395,516 |
| 14 | Arizona | $387,577 |
| 15 | Rhode Island | $381,997 |
| 16 | New Jersey | $374,609 |
| 17 | Alaska | $372,495 |
| 18 | New Hampshire | $370,762 |
| 19 | Florida | $369,878 |
| 20 | Montana | $365,188 |
| 21 | Texas | $362,730 |
| 22 | Delaware | $353,274 |
| 23 | Connecticut | $336,273 |
| 24 | Minnesota | $325,345 |
| 25 | Tennessee | $325,241 |
| 26 | Wyoming | $321,252 |
| 27 | South Dakota | $320,300 |
| 28 | Georgia | $318,651 |
| 29 | South Carolina | $316,446 |
| 30 | New York | $311,508 |
| 31 | Vermont | $310,405 |
| 32 | North Carolina | $307,646 |
| 33 | New Mexico | $298,790 |
| 34 | Virgin Islands | $295,761 |
| 35 | Maine | $288,987 |
| 36 | Nebraska | $288,317 |
| 37 | Alabama | $287,931 |
| 38 | Pennsylvania | $271,096 |
| 39 | Wisconsin | $270,435 |
| 40 | Illinois | $270,407 |
| 41 | North Dakota | $270,399 |
| 42 | Louisiana | $265,953 |
| 43 | Kentucky | $262,481 |
| 44 | Mississippi | $262,398 |
| 45 | Oklahoma | $260,735 |
| 46 | Missouri | $256,572 |
| 47 | West Virginia | $256,068 |
| 48 | Arkansas | $254,498 |
| 49 | Indiana | $254,190 |
| 50 | Kansas | $247,939 |
| 51 | Ohio | $247,160 |
| 52 | Michigan | $245,105 |
| 53 | Iowa | $233,931 |
| 54 | Puerto Rico | $213,880 |
