Great Lakes Wire

With $279,219 in loans issued, Michigan ranked 47th 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.

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