Rushmore State News

With $315,988 in loans issued, South Dakota ranked 31st in average loan amount for VA home loans in the fourth 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	$728,298
2	District of Columbia	$672,637
3	Virgin Islands	$583,470
4	California	$564,436
5	Guam	$489,606
6	Colorado	$479,171
7	Washington	$479,167
8	Utah	$474,155
9	Massachusetts	$464,322
10	Maryland	$455,266
11	Nevada	$424,762
12	Virginia	$415,497
13	Oregon	$411,381
14	New Hampshire	$403,082
15	Rhode Island	$395,691
16	Idaho	$395,316
17	Arizona	$393,094
18	New Jersey	$391,320
19	Montana	$383,433
20	Alaska	$381,471
21	Florida	$377,398
22	Texas	$367,817
23	Delaware	$360,736
24	Wyoming	$337,328
25	Connecticut	$336,627
26	Tennessee	$328,042
27	Georgia	$325,642
28	Minnesota	$325,438
29	Maine	$324,131
30	South Carolina	$323,263
31	South Dakota	$315,988
32	New York	$315,015
33	North Carolina	$312,535
34	Vermont	$312,079
35	New Mexico	$304,740
36	Alabama	$301,078
37	Nebraska	$300,011
38	North Dakota	$289,177
39	Pennsylvania	$283,407
40	Louisiana	$278,674
41	Wisconsin	$274,664
42	Illinois	$270,766
43	Oklahoma	$269,545
44	Missouri	$268,770
45	Mississippi	$267,858
46	Kentucky	$266,502
47	Indiana	$265,616
48	Arkansas	$260,556
49	West Virginia	$260,156
50	Kansas	$257,869
51	Ohio	$255,979
52	Michigan	$255,930
53	Iowa	$253,173
54	Puerto Rico	$209,479