With $354,841 in loans issued, Tennessee ranked 24th in average loan amount for VA home loans in the third quarter of fiscal year 2023, according to the Veterans’ 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, enabling lenders 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.
Average VA Home Loan Value (Q3 2023)
| Rank | State | Avg. VA Home Loan |
|---|---|---|
| 1 | Hawaii | $737,334 |
| 2 | District of Columbia | $601,339 |
| 3 | California | $590,246 |
| 4 | Guam | $510,470 |
| 5 | Virgin Islands | $503,329 |
| 6 | Massachusetts | $502,837 |
| 7 | Colorado | $498,395 |
| 8 | Utah | $492,861 |
| 9 | Washington | $489,413 |
| 10 | Maryland | $475,043 |
| 11 | Virginia | $437,436 |
| 12 | New Hampshire | $432,085 |
| 13 | Montana | $424,471 |
| 14 | Nevada | $423,539 |
| 15 | Oregon | $421,995 |
| 16 | Alaska | $419,441 |
| 17 | Rhode Island | $412,521 |
| 18 | Idaho | $407,885 |
| 19 | New Jersey | $401,970 |
| 20 | Arizona | $401,473 |
| 21 | Florida | $390,680 |
| 22 | Delaware | $384,717 |
| 23 | Texas | $368,916 |
| 24 | Tennessee | $354,841 |
| 25 | Connecticut | $350,576 |
| 26 | Minnesota | $346,776 |
| 27 | Maine | $339,673 |
| 28 | Georgia | $338,107 |
| 29 | South Carolina | $337,653 |
| 30 | North Carolina | $331,325 |
| 31 | Vermont | $331,121 |
| 32 | Nebraska | $326,450 |
| 33 | New Mexico | $326,226 |
| 34 | Wyoming | $324,652 |
| 35 | New York | $318,350 |
| 36 | Alabama | $317,910 |
| 37 | South Dakota | $313,510 |
| 38 | Pennsylvania | $308,979 |
| 39 | North Dakota | $298,456 |
| 40 | Wisconsin | $298,252 |
| 41 | Illinois | $288,360 |
| 42 | Missouri | $287,930 |
| 43 | Indiana | $282,255 |
| 44 | Mississippi | $281,965 |
| 45 | Oklahoma | $281,519 |
| 46 | Kansas | $279,352 |
| 47 | Michigan | $279,219 |
| 48 | Kentucky | $279,161 |
| 49 | Arkansas | $276,364 |
| 50 | Louisiana | $274,140 |
| 51 | Ohio | $269,641 |
| 52 | West Virginia | $266,558 |
| 53 | Iowa | $264,964 |
| 54 | Puerto Rico | $209,457 |
