Volunteer State News

With $329,284 in loans issued, Tennessee ranked 25th in average loan amount for VA home loans in the second 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	$672,024
2	District of Columbia	$650,801
3	California	$567,354
4	Virgin Islands	$524,559
5	Washington	$469,979
6	Colorado	$469,089
7	Utah	$463,079
8	Guam	$455,616
9	Maryland	$446,229
10	Nevada	$416,561
11	Massachusetts	$415,333
12	Rhode Island	$407,328
13	Virginia	$404,989
14	Oregon	$398,815
15	Idaho	$398,483
16	Alaska	$385,173
17	Arizona	$383,269
18	New Hampshire	$382,179
19	Montana	$378,893
20	New Jersey	$372,002
21	Florida	$368,558
22	Delaware	$361,911
23	Texas	$361,693
24	Connecticut	$333,867
25	Tennessee	$329,284
26	Wyoming	$329,264
27	Georgia	$319,316
28	South Carolina	$316,779
29	New Mexico	$313,104
30	North Carolina	$311,708
31	Minnesota	$310,284
32	South Dakota	$307,120
33	Maine	$299,807
34	New York	$296,544
35	Alabama	$295,186
36	Vermont	$291,364
37	Nebraska	$289,088
38	Pennsylvania	$280,098
39	North Dakota	$276,749
40	Wisconsin	$273,108
41	West Virginia	$270,854
42	Illinois	$270,024
43	Mississippi	$267,975
44	Oklahoma	$265,528
45	Louisiana	$262,144
46	Missouri	$261,394
47	Indiana	$259,144
48	Kentucky	$258,862
49	Arkansas	$258,695
50	Ohio	$251,344
51	Kansas	$251,244
52	Michigan	$244,599
53	Iowa	$243,625
54	Puerto Rico	$219,668