With $407,645 in home loans issued, Rhode Island ranked 18th in average loan amount for VA home loans in the fourth quarter of fiscal year 2023, 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 | $707,336 |
| 2 | District of Columbia | $655,046 |
| 3 | California | $579,095 |
| 4 | Virgin Islands | $543,847 |
| 5 | Guam | $503,303 |
| 6 | Colorado | $490,277 |
| 7 | Massachusetts | $489,221 |
| 8 | Washington | $487,517 |
| 9 | Utah | $485,228 |
| 10 | Maryland | $472,376 |
| 11 | Nevada | $429,972 |
| 12 | Virginia | $429,459 |
| 13 | New Hampshire | $425,194 |
| 14 | Oregon | $422,761 |
| 15 | New Jersey | $414,326 |
| 16 | Idaho | $413,176 |
| 17 | Alaska | $409,538 |
| 18 | Rhode Island | $407,645 |
| 19 | Arizona | $403,514 |
| 20 | Montana | $397,076 |
| 21 | Florida | $386,914 |
| 22 | Delaware | $375,541 |
| 23 | Texas | $368,545 |
| 24 | Connecticut | $364,472 |
| 25 | Wyoming | $349,619 |
| 26 | Tennessee | $348,750 |
| 27 | Vermont | $340,157 |
| 28 | Minnesota | $339,096 |
| 29 | South Carolina | $335,309 |
| 30 | Georgia | $334,886 |
| 31 | North Carolina | $327,241 |
| 32 | New York | $326,484 |
| 33 | South Dakota | $322,972 |
| 34 | New Mexico | $321,802 |
| 35 | Maine | $320,058 |
| 36 | Nebraska | $313,109 |
| 37 | Alabama | $311,084 |
| 38 | Pennsylvania | $300,018 |
| 39 | Wisconsin | $296,478 |
| 40 | North Dakota | $291,404 |
| 41 | Illinois | $290,926 |
| 42 | Missouri | $280,053 |
| 43 | Kentucky | $279,794 |
| 44 | West Virginia | $277,686 |
| 45 | Oklahoma | $276,076 |
| 46 | Indiana | $275,323 |
| 47 | Mississippi | $272,716 |
| 48 | Arkansas | $269,376 |
| 49 | Michigan | $269,234 |
| 50 | Ohio | $268,395 |
| 51 | Louisiana | $267,835 |
| 52 | Iowa | $265,552 |
| 53 | Kansas | $265,040 |
| 54 | Puerto Rico | $221,415 |
