Garden State Times

With $389,552 in issued loans, New Jersey ranked 17th for the average amount of a VA home loan in 2023, according to figures provided by 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, 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 purchase loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are geared toward veterans with a service-connected disability.

The following table shows the ranking of states in terms of average VA home loan.

Average VA Home Loan Value, Ranked by State

Rank	State	Avg. VA Home Loan
1	Hawaii	$687,161
2	District of Columbia	$658,758
3	California	$565,694
4	Colorado	$480,119
5	Washington	$476,756
6	Utah	$473,404
7	Maryland	$457,182
8	Massachusetts	$448,520
9	Nevada	$423,288
10	Virginia	$417,769
11	Oregon	$411,495
12	Rhode Island	$410,982
13	Idaho	$404,589
14	New Hampshire	$397,581
15	Alaska	$393,423
16	Arizona	$392,394
17	New Jersey	$389,552
18	Montana	$384,562
19	Florida	$376,903
20	Texas	$365,947
21	Delaware	$363,050
22	Connecticut	$350,771
23	Tennessee	$336,941
24	Wyoming	$334,391
25	Minnesota	$327,128
26	Georgia	$326,395
27	South Carolina	$325,312
28	South Dakota	$320,989
29	North Carolina	$318,597
30	Vermont	$318,260
31	New Mexico	$314,846
32	New York	$313,330
33	Maine	$306,180
34	Nebraska	$301,619
35	Alabama	$300,809
36	Pennsylvania	$284,140
37	North Dakota	$282,698
38	Wisconsin	$281,739
39	Illinois	$279,542
40	Louisiana	$270,618
41	Mississippi	$269,748
42	Oklahoma	$269,537
43	Kentucky	$269,357
44	Missouri	$269,221
45	West Virginia	$266,363
46	Indiana	$264,317
47	Arkansas	$260,897
48	Kansas	$259,493
49	Ohio	$257,802
50	Michigan	$255,987
51	Iowa	$250,562