Average VA purchase loan amount in South Dakota increases from 2019 to 2020

Government
Average VA purchase loan amount in South Dakota increases from 2019 to 2020
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Jan 10, 2022
ByRushmore State News
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The average VA purchase loan amount for South Dakota in the fiscal year 2020 was $253,572, according to the Veterans Affairs Home Loans Index.

By comparison, South Dakota’s average VA purchase loan amount for the previous year was $237,886.

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 purchase loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are geared toward veterans with a service-connected disability.

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