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Rushmore State News

Friday, November 1, 2024

Average VA IRRRL Loan amount in South Dakota increases from 2021 to 2022

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The average VA IRRRL Loan amount for South Dakota in 2022 was $314,035, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, South Dakota's average VA IRRRL Loan amount in 2021 was $271,651.

The VA assists service members, veterans and eligible surviving spouses to achieve 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.

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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