The VA’s Interest Rate Reduction Refinance Loans in Minnesota for the second quarter of the fiscal year 2024 averaged $314,312, reflecting a 15.9% increase over the previous quarter, according to the Veterans 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.
A number of VA housing programs can help members buy, build or repair their homes. Loan types may include Purchase Loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are geared toward veterans with a service-connected disability.
The VA’s fiscal year is from Oct. 1 to Sept. 30.
| State | AVG Loan in Q2 2024 | Avg Loan in Q2 2023 | % Change |
|---|---|---|---|
| Alaska | $357,081 | $393,969 | -9.4% |
| Alabama | $314,379 | $289,112 | 8.7% |
| Arkansas | $259,039 | $220,372 | 17.5% |
| Arizona | $399,711 | $316,872 | 26.1% |
| California | $569,530 | $501,694 | 13.5% |
| Colorado | $452,962 | $461,261 | -1.8% |
| Connecticut | $346,056 | $233,606 | 48.1% |
| Delaware | $362,653 | $441,249 | -17.8% |
| Florida | $382,939 | $378,094 | 1.3% |
| Georgia | $338,490 | $284,752 | 18.9% |
| Hawaii | $691,256 | $319,569 | 116.3% |
| Iowa | $256,825 | $178,375 | 44% |
| Idaho | $416,530 | $428,237 | -2.7% |
| Illinois | $280,933 | $240,151 | 17% |
| Indiana | $268,447 | $248,233 | 8.1% |
| Kansas | $260,736 | $271,704 | -4% |
| Kentucky | $281,517 | $230,099 | 22.3% |
| Louisiana | $288,433 | $227,927 | 26.5% |
| Massachusetts | $426,296 | $327,774 | 30.1% |
| Maryland | $441,582 | $435,831 | 1.3% |
| Maine | $317,272 | $197,966 | 60.3% |
| Michigan | $278,440 | $226,533 | 22.9% |
| Minnesota | $314,312 | $271,100 | 15.9% |
| Missouri | $276,472 | $226,447 | 22.1% |
| Mississippi | $288,714 | $222,779 | 29.6% |
| Montana | $378,307 | $254,522 | 48.6% |
| North Carolina | $320,110 | $289,075 | 10.7% |
| North Dakota | $271,055 | $247,042 | 9.7% |
| Nebraska | $290,669 | $243,265 | 19.5% |
| New Hampshire | $413,352 | $400,850 | 3.1% |
| New Jersey | $370,303 | $362,650 | 2.1% |
| New Mexico | $338,295 | $236,066 | 43.3% |
| Nevada | $428,707 | $420,191 | 2% |
| New York | $378,361 | $432,771 | -12.6% |
| Ohio | $268,994 | $233,858 | 15% |
| Oklahoma | $289,673 | $227,554 | 27.3% |
| Oregon | $408,171 | $452,519 | -9.8% |
| Pennsylvania | $293,643 | $344,909 | -14.9% |
| Rhode Island | $413,102 | $595,430 | -30.6% |
| South Carolina | $325,701 | $286,017 | 13.9% |
| Tennessee | $343,016 | $312,444 | 9.8% |
| Utah | $513,623 | $670,636 | -23.4% |
| Virginia | $393,825 | $352,599 | 11.7% |
| Washington | $475,571 | $515,364 | -7.7% |
| Wisconsin | $282,165 | $231,041 | 22.1% |
| West Virginia | $288,527 | $223,422 | 29.1% |
| Wyoming | $343,745 | $343,351 | 0.1% |
