Volunteer State News

With $329,680 in loans issued, Tennessee ranked 26th in average loan amount for VA home loans in the third 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	$720,149
2	District of Columbia	$660,995
3	California	$558,266
4	Guam	$481,763
5	Colorado	$476,150
6	Washington	$474,948
7	Utah	$469,678
8	Virgin Islands	$460,996
9	Maryland	$458,131
10	Massachusetts	$439,405
11	Virginia	$433,794
12	Nevada	$425,274
13	Oregon	$414,202
14	Idaho	$410,685
15	Rhode Island	$399,486
16	Alaska	$389,217
17	Montana	$388,874
18	Arizona	$385,087
19	New Jersey	$375,035
20	Florida	$365,806
21	Texas	$361,751
22	New Hampshire	$359,430
23	Delaware	$354,395
24	Wyoming	$339,870
25	Connecticut	$334,958
26	Tennessee	$329,680
27	Minnesota	$320,204
28	New York	$319,086
29	South Carolina	$317,563
30	Georgia	$316,749
31	South Dakota	$314,035
32	North Carolina	$307,012
33	New Mexico	$305,054
34	Maine	$298,467
35	Alabama	$297,250
36	Vermont	$294,576
37	North Dakota	$290,279
38	Nebraska	$288,612
39	Illinois	$280,738
40	Pennsylvania	$277,809
41	Wisconsin	$276,866
42	Louisiana	$275,385
43	Mississippi	$271,314
44	Kentucky	$268,140
45	Missouri	$267,377
46	Oklahoma	$267,192
47	Kansas	$261,637
48	Arkansas	$260,953
49	Indiana	$258,998
50	West Virginia	$257,450
51	Michigan	$254,781
52	Ohio	$250,843
53	Iowa	$248,176
54	Puerto Rico	$196,527