Garden State Times

With $334,844 in loans issued, New Jersey ranked 16th in average loan amount for VA home loans in the fourth quarter of fiscal year 2021, 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	District of Columbia	$630,165
2	Hawaii	$627,697
3	Virgin Islands	$522,530
4	California	$485,881
5	Guam	$423,903
6	Maryland	$404,508
7	Colorado	$398,896
8	Washington	$398,221
9	Massachusetts	$384,163
10	Virginia	$384,002
11	Utah	$373,309
12	Nevada	$354,243
13	Alaska	$349,791
14	Oregon	$347,424
15	Idaho	$340,481
16	New Jersey	$334,844
17	Rhode Island	$327,141
18	New Hampshire	$324,513
19	Arizona	$319,585
20	Montana	$317,950
21	Connecticut	$308,850
22	Florida	$306,671
23	Delaware	$299,247
24	New York	$298,554
25	Texas	$296,838
26	Wyoming	$296,374
27	Minnesota	$279,947
28	Tennessee	$277,489
29	Vermont	$277,061
30	South Carolina	$274,744
31	South Dakota	$271,651
32	Georgia	$270,452
33	North Carolina	$261,570
34	Alabama	$261,562
35	North Dakota	$260,859
36	Maine	$256,813
37	New Mexico	$255,157
38	Pennsylvania	$255,101
39	Illinois	$253,022
40	Louisiana	$250,636
41	Nebraska	$248,554
42	Wisconsin	$241,878
43	West Virginia	$235,973
44	Kansas	$234,611
45	Missouri	$234,217
46	Oklahoma	$233,924
47	Kentucky	$232,225
48	Mississippi	$230,311
49	Iowa	$229,864
50	Ohio	$222,189
51	Arkansas	$222,065
52	Michigan	$220,915
53	Indiana	$220,577
54	Puerto Rico	$189,986