Rushmore State News

With $277,914 in loans issued, South Dakota ranked 33rd in average loan amount for VA home loans in the second 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	Hawaii	$671,504
2	District of Columbia	$655,769
3	California	$515,432
4	Colorado	$436,034
5	Guam	$435,417
6	Maryland	$431,724
7	Washington	$430,553
8	Utah	$423,574
9	Massachusetts	$403,384
10	Virgin Islands	$402,779
11	Nevada	$394,711
12	Virginia	$388,739
13	Idaho	$377,694
14	Oregon	$374,926
15	Arizona	$356,589
16	New Jersey	$354,177
17	Alaska	$348,006
18	Rhode Island	$345,512
19	New Hampshire	$338,089
20	Montana	$336,896
21	Florida	$331,437
22	Texas	$324,341
23	Delaware	$317,751
24	Connecticut	$314,235
25	Wyoming	$312,070
26	Tennessee	$305,832
27	New York	$305,176
28	South Carolina	$298,350
29	Minnesota	$294,336
30	Georgia	$290,869
31	North Carolina	$281,639
32	New Mexico	$279,824
33	South Dakota	$277,914
34	Vermont	$277,391
35	Alabama	$275,540
36	Maine	$275,134
37	North Dakota	$270,402
38	Nebraska	$266,345
39	Pennsylvania	$260,429
40	Louisiana	$260,334
41	Illinois	$255,886
42	Wisconsin	$252,034
43	West Virginia	$251,973
44	Oklahoma	$245,261
45	Mississippi	$244,820
46	Missouri	$240,425
47	Arkansas	$238,879
48	Kentucky	$238,281
49	Indiana	$237,202
50	Iowa	$235,094
51	Ohio	$231,820
52	Michigan	$229,933
53	Kansas	$229,300
54	Puerto Rico	$196,367