Rushmore State News

With $248,511 in loans issued, South Dakota ranked 36th in average loan amount for VA home loans in the third quarter of fiscal year 2021, 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	District of Columbia	$613,745
2	Hawaii	$596,496
3	California	$464,592
4	Virgin Islands	$459,486
5	Guam	$421,313
6	Maryland	$400,009
7	Virginia	$380,878
8	Washington	$379,509
9	Colorado	$375,668
10	Massachusetts	$366,264
11	Utah	$350,607
12	Nevada	$333,549
13	Oregon	$326,033
14	Alaska	$325,397
15	New Jersey	$320,852
16	Rhode Island	$317,327
17	Idaho	$307,598
18	New Hampshire	$301,047
19	Montana	$299,226
20	Arizona	$295,321
21	Connecticut	$294,135
22	Florida	$294,004
23	New York	$292,713
24	Delaware	$290,359
25	Texas	$285,581
26	Wyoming	$274,038
27	Minnesota	$271,005
28	Tennessee	$265,277
29	South Carolina	$263,983
30	North Dakota	$261,256
31	Georgia	$259,347
32	Vermont	$254,550
33	Illinois	$253,796
34	North Carolina	$253,290
35	New Mexico	$252,270
36	South Dakota	$248,511
37	Pennsylvania	$246,279
38	Maine	$245,170
39	Alabama	$244,873
40	Louisiana	$243,386
41	Nebraska	$241,338
42	Kansas	$232,551
43	Wisconsin	$231,833
44	West Virginia	$229,998
45	Mississippi	$227,116
46	Kentucky	$225,854
47	Oklahoma	$225,207
48	Iowa	$223,158
49	Missouri	$222,601
50	Ohio	$219,474
51	Indiana	$216,015
52	Arkansas	$211,416
53	Michigan	$210,310
54	Puerto Rico	$193,700