With $326,543 in home loans issued, Minnesota ranked 29th in average loan amount for VA home loans in the first quarter of fiscal year 2024, according to the Veterans’ Affairs Home Loans Index.
The Veterans Affairs (VA) assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans that are provided by banks and mortgage companies, offering financial support and benefits unique to those who have served in the military.
A portion of the loan is guaranteed by the VA, enabling lenders to provide better rates.
Several VA housing programs are available to help members buy, build, or repair their homes, each tailored to meet different needs, including those of veterans with service-connected disabilities.
The VA’s fiscal year is from Oct. 1 to Sept. 30.
| Rank | State | Avg. VA Home Loan |
|---|---|---|
| 1 | Hawaii | $709,963 |
| 2 | District of Columbia | $644,635 |
| 3 | California | $567,133 |
| 4 | Utah | $484,026 |
| 5 | Washington | $481,880 |
| 6 | Colorado | $478,433 |
| 7 | Guam | $465,164 |
| 8 | Maryland | $455,805 |
| 9 | Massachusetts | $449,032 |
| 10 | Virgin Islands | $438,401 |
| 11 | Nevada | $430,898 |
| 12 | Rhode Island | $419,663 |
| 13 | Virginia | $415,824 |
| 14 | New Hampshire | $410,167 |
| 15 | Oregon | $405,496 |
| 16 | New Jersey | $404,547 |
| 17 | Montana | $394,356 |
| 18 | Arizona | $394,021 |
| 19 | Idaho | $393,645 |
| 20 | Alaska | $388,747 |
| 21 | Florida | $382,124 |
| 22 | Texas | $365,451 |
| 23 | Delaware | $363,719 |
| 24 | Connecticut | $362,539 |
| 25 | Wyoming | $340,230 |
| 26 | Tennessee | $339,788 |
| 27 | South Carolina | $329,130 |
| 28 | Georgia | $328,443 |
| 29 | Minnesota | $326,543 |
| 30 | New Mexico | $325,707 |
| 31 | Maine | $325,535 |
| 32 | South Dakota | $322,170 |
| 33 | New York | $320,705 |
| 34 | North Carolina | $317,638 |
| 35 | Vermont | $307,043 |
| 36 | Nebraska | $300,561 |
| 37 | Alabama | $298,842 |
| 38 | Illinois | $282,632 |
| 39 | Wisconsin | $279,590 |
| 40 | Pennsylvania | $277,641 |
| 41 | Missouri | $273,105 |
| 42 | Oklahoma | $272,285 |
| 43 | Kentucky | $272,060 |
| 44 | West Virginia | $269,622 |
| 45 | North Dakota | $269,380 |
| 46 | Mississippi | $267,617 |
| 47 | Indiana | $265,957 |
| 48 | Ohio | $264,816 |
| 49 | Louisiana | $264,120 |
| 50 | Kansas | $262,499 |
| 51 | Michigan | $258,335 |
| 52 | Arkansas | $257,091 |
| 53 | Iowa | $255,276 |
| 54 | Puerto Rico | $223,407 |
