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Friday, November 15, 2024

Nevada ranked 10th in average VA home loan amount in Q1

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With $424,457 in loans issued, Nevada ranked 10th 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.

Average VA Home Loan Value (Q1 2023)
RankStateAvg. VA Home Loan
1Hawaii$664,973
2District of Columbia$654,163
3California$548,527
4Guam$482,854
5Colorado$468,899
6Utah$465,153
7Washington$462,243
8Maryland$437,960
9Massachusetts$434,572
10Nevada$424,457
11Oregon$401,697
12Idaho$400,901
13Virginia$395,516
14Arizona$387,577
15Rhode Island$381,997
16New Jersey$374,609
17Alaska$372,495
18New Hampshire$370,762
19Florida$369,878
20Montana$365,188
21Texas$362,730
22Delaware$353,274
23Connecticut$336,273
24Minnesota$325,345
25Tennessee$325,241
26Wyoming$321,252
27South Dakota$320,300
28Georgia$318,651
29South Carolina$316,446
30New York$311,508
31Vermont$310,405
32North Carolina$307,646
33New Mexico$298,790
34Virgin Islands$295,761
35Maine$288,987
36Nebraska$288,317
37Alabama$287,931
38Pennsylvania$271,096
39Wisconsin$270,435
40Illinois$270,407
41North Dakota$270,399
42Louisiana$265,953
43Kentucky$262,481
44Mississippi$262,398
45Oklahoma$260,735
46Missouri$256,572
47West Virginia$256,068
48Arkansas$254,498
49Indiana$254,190
50Kansas$247,939
51Ohio$247,160
52Michigan$245,105
53Iowa$233,931
54Puerto Rico$213,880

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