Volunteer State News

With $325,241 in loans issued, Tennessee ranked 25th in average loan amount for VA home loans in the first quarter of fiscal year 2023, 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	$664,973
2	District of Columbia	$654,163
3	California	$548,527
4	Guam	$482,854
5	Colorado	$468,899
6	Utah	$465,153
7	Washington	$462,243
8	Maryland	$437,960
9	Massachusetts	$434,572
10	Nevada	$424,457
11	Oregon	$401,697
12	Idaho	$400,901
13	Virginia	$395,516
14	Arizona	$387,577
15	Rhode Island	$381,997
16	New Jersey	$374,609
17	Alaska	$372,495
18	New Hampshire	$370,762
19	Florida	$369,878
20	Montana	$365,188
21	Texas	$362,730
22	Delaware	$353,274
23	Connecticut	$336,273
24	Minnesota	$325,345
25	Tennessee	$325,241
26	Wyoming	$321,252
27	South Dakota	$320,300
28	Georgia	$318,651
29	South Carolina	$316,446
30	New York	$311,508
31	Vermont	$310,405
32	North Carolina	$307,646
33	New Mexico	$298,790
34	Virgin Islands	$295,761
35	Maine	$288,987
36	Nebraska	$288,317
37	Alabama	$287,931
38	Pennsylvania	$271,096
39	Wisconsin	$270,435
40	Illinois	$270,407
41	North Dakota	$270,399
42	Louisiana	$265,953
43	Kentucky	$262,481
44	Mississippi	$262,398
45	Oklahoma	$260,735
46	Missouri	$256,572
47	West Virginia	$256,068
48	Arkansas	$254,498
49	Indiana	$254,190
50	Kansas	$247,939
51	Ohio	$247,160
52	Michigan	$245,105
53	Iowa	$233,931
54	Puerto Rico	$213,880