Average VA IRRRL Loan amount in Tennessee declines from 2022 to 2023

May 30, 2024

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The average VA IRRRL Loan amount for Tennessee in 2023 was $325,241, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, Tennessee’s average VA IRRRL Loan amount in 2022 was $329,680.

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.

Jim Brown State Director at NFIB - National Federation of Independent Business - Tennessee

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