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Thursday, November 21, 2024

South Dakota ranked 31st in average VA home loan amount in Q4

Realestate077

With $271,651 in loans issued, South Dakota ranked 31st in average loan amount for VA home loans in the fourth 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.

Average VA Home Loan Value (Q4 2021)
RankStateAvg. VA Home Loan
1District of Columbia$630,165
2Hawaii$627,697
3Virgin Islands$522,530
4California$485,881
5Guam$423,903
6Maryland$404,508
7Colorado$398,896
8Washington$398,221
9Massachusetts$384,163
10Virginia$384,002
11Utah$373,309
12Nevada$354,243
13Alaska$349,791
14Oregon$347,424
15Idaho$340,481
16New Jersey$334,844
17Rhode Island$327,141
18New Hampshire$324,513
19Arizona$319,585
20Montana$317,950
21Connecticut$308,850
22Florida$306,671
23Delaware$299,247
24New York$298,554
25Texas$296,838
26Wyoming$296,374
27Minnesota$279,947
28Tennessee$277,489
29Vermont$277,061
30South Carolina$274,744
31South Dakota$271,651
32Georgia$270,452
33North Carolina$261,570
34Alabama$261,562
35North Dakota$260,859
36Maine$256,813
37New Mexico$255,157
38Pennsylvania$255,101
39Illinois$253,022
40Louisiana$250,636
41Nebraska$248,554
42Wisconsin$241,878
43West Virginia$235,973
44Kansas$234,611
45Missouri$234,217
46Oklahoma$233,924
47Kentucky$232,225
48Mississippi$230,311
49Iowa$229,864
50Ohio$222,189
51Arkansas$222,065
52Michigan$220,915
53Indiana$220,577
54Puerto Rico$189,986

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