With $325,438 in loans issued, Minnesota ranked 28th in average loan amount for VA home loans in the fourth quarter of fiscal year 2022, 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.
| Rank | State | Avg. VA Home Loan |
|---|---|---|
| 1 | Hawaii | $728,298 |
| 2 | District of Columbia | $672,637 |
| 3 | Virgin Islands | $583,470 |
| 4 | California | $564,436 |
| 5 | Guam | $489,606 |
| 6 | Colorado | $479,171 |
| 7 | Washington | $479,167 |
| 8 | Utah | $474,155 |
| 9 | Massachusetts | $464,322 |
| 10 | Maryland | $455,266 |
| 11 | Nevada | $424,762 |
| 12 | Virginia | $415,497 |
| 13 | Oregon | $411,381 |
| 14 | New Hampshire | $403,082 |
| 15 | Rhode Island | $395,691 |
| 16 | Idaho | $395,316 |
| 17 | Arizona | $393,094 |
| 18 | New Jersey | $391,320 |
| 19 | Montana | $383,433 |
| 20 | Alaska | $381,471 |
| 21 | Florida | $377,398 |
| 22 | Texas | $367,817 |
| 23 | Delaware | $360,736 |
| 24 | Wyoming | $337,328 |
| 25 | Connecticut | $336,627 |
| 26 | Tennessee | $328,042 |
| 27 | Georgia | $325,642 |
| 28 | Minnesota | $325,438 |
| 29 | Maine | $324,131 |
| 30 | South Carolina | $323,263 |
| 31 | South Dakota | $315,988 |
| 32 | New York | $315,015 |
| 33 | North Carolina | $312,535 |
| 34 | Vermont | $312,079 |
| 35 | New Mexico | $304,740 |
| 36 | Alabama | $301,078 |
| 37 | Nebraska | $300,011 |
| 38 | North Dakota | $289,177 |
| 39 | Pennsylvania | $283,407 |
| 40 | Louisiana | $278,674 |
| 41 | Wisconsin | $274,664 |
| 42 | Illinois | $270,766 |
| 43 | Oklahoma | $269,545 |
| 44 | Missouri | $268,770 |
| 45 | Mississippi | $267,858 |
| 46 | Kentucky | $266,502 |
| 47 | Indiana | $265,616 |
| 48 | Arkansas | $260,556 |
| 49 | West Virginia | $260,156 |
| 50 | Kansas | $257,869 |
| 51 | Ohio | $255,979 |
| 52 | Michigan | $255,930 |
| 53 | Iowa | $253,173 |
| 54 | Puerto Rico | $209,479 |
