Rushmore State News

With $275,808 in loans issued, South Dakota ranked 32nd in average loan amount for VA home loans in the first quarter of fiscal year 2022, 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	$671,767
2	Hawaii	$640,148
3	California	$500,789
4	Virgin Islands	$452,563
5	Guam	$429,811
6	Colorado	$412,493
7	Washington	$411,021
8	Maryland	$408,027
9	Utah	$403,073
10	Massachusetts	$381,131
11	Virginia	$378,524
12	Nevada	$371,617
13	Oregon	$358,196
14	Idaho	$352,929
15	Alaska	$349,553
16	New Hampshire	$336,033
17	Arizona	$334,795
18	New Jersey	$333,588
19	Rhode Island	$332,855
20	Montana	$331,973
21	Florida	$317,190
22	Wyoming	$306,690
23	Connecticut	$304,707
24	Texas	$304,326
25	New York	$296,502
26	Delaware	$296,257
27	Tennessee	$291,143
28	Minnesota	$287,083
29	South Carolina	$283,441
30	Vermont	$282,421
31	Georgia	$279,361
32	South Dakota	$275,808
33	North Carolina	$269,815
34	New Mexico	$266,705
35	Maine	$263,855
36	North Dakota	$263,007
37	Alabama	$258,205
38	Pennsylvania	$253,633
39	Louisiana	$250,872
40	Nebraska	$250,176
41	Illinois	$248,502
42	Wisconsin	$245,334
43	West Virginia	$239,350
44	Mississippi	$238,716
45	Oklahoma	$236,330
46	Kansas	$233,851
47	Kentucky	$233,749
48	Missouri	$233,733
49	Michigan	$227,780
50	Iowa	$226,976
51	Indiana	$226,150
52	Ohio	$225,023
53	Arkansas	$224,867
54	Puerto Rico	$199,058