Great Lakes Wire

With $258,335 in home loans issued, Michigan ranked 51st in average loan amount for VA home loans in the first quarter of fiscal year 2024, according to the Veterans' Affairs Home Loans Index.

The Veterans Affairs (VA) assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans that are provided by banks and mortgage companies, offering financial support and benefits unique to those who have served in the military.

A portion of the loan is guaranteed by the VA, enabling lenders to provide better rates.

Several VA housing programs are available to help members buy, build, or repair their homes, each tailored to meet different needs, including those of veterans with service-connected disabilities.

The VA's fiscal year is from Oct. 1 to Sept. 30.

Rank	State	Avg. VA Home Loan
1	Hawaii	$709,963
2	District of Columbia	$644,635
3	California	$567,133
4	Utah	$484,026
5	Washington	$481,880
6	Colorado	$478,433
7	Guam	$465,164
8	Maryland	$455,805
9	Massachusetts	$449,032
10	Virgin Islands	$438,401
11	Nevada	$430,898
12	Rhode Island	$419,663
13	Virginia	$415,824
14	New Hampshire	$410,167
15	Oregon	$405,496
16	New Jersey	$404,547
17	Montana	$394,356
18	Arizona	$394,021
19	Idaho	$393,645
20	Alaska	$388,747
21	Florida	$382,124
22	Texas	$365,451
23	Delaware	$363,719
24	Connecticut	$362,539
25	Wyoming	$340,230
26	Tennessee	$339,788
27	South Carolina	$329,130
28	Georgia	$328,443
29	Minnesota	$326,543
30	New Mexico	$325,707
31	Maine	$325,535
32	South Dakota	$322,170
33	New York	$320,705
34	North Carolina	$317,638
35	Vermont	$307,043
36	Nebraska	$300,561
37	Alabama	$298,842
38	Illinois	$282,632
39	Wisconsin	$279,590
40	Pennsylvania	$277,641
41	Missouri	$273,105
42	Oklahoma	$272,285
43	Kentucky	$272,060
44	West Virginia	$269,622
45	North Dakota	$269,380
46	Mississippi	$267,617
47	Indiana	$265,957
48	Ohio	$264,816
49	Louisiana	$264,120
50	Kansas	$262,499
51	Michigan	$258,335
52	Arkansas	$257,091
53	Iowa	$255,276
54	Puerto Rico	$223,407