South Carolina ranks 29th in average VA home loan amount in Q1 2020


With $248,615 in loans issued, South Carolina ranked 29th in average loan amount for VA home loans in the first quarter, according to figures provided by the Veteran’s Affairs Home Loans Index.

The VA assists service members, veterans and eligible surviving spouses to achieve 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.

A number of 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 (Q1 2020)
Rank
State
Avg. VA Home Loan
1
District of Columbia
$587,735
2
Hawaii
$566,580
3
California
$434,843
4
Virgin Islands
$432,877
5
Guam
$374,738
6
Maryland
$373,624
7
Massachusetts
$356,728
8
Virginia
$353,351
9
Washington
$350,441
10
Colorado
$349,465
11
Alaska
$324,922
12
Utah
$323,832
13
Oregon
$314,681
14
Nevada
$314,381
15
New Jersey
$304,457
16
Rhode Island
$290,336
17
New Hampshire
$288,846
18
Idaho
$279,445
19
Arizona
$276,731
20
Connecticut
$276,165
21
Delaware
$274,492
22
Wyoming
$273,394
23
Florida
$273,081
24
Texas
$272,843
25
Montana
$272,454
26
North Dakota
$267,458
27
New York
$267,186
28
Minnesota
$265,458
29
South Carolina
$248,615
30
Tennessee
$248,509
31
Vermont
$248,135
32
Georgia
$244,850
33
New Mexico
$243,180
34
South Dakota
$242,928
35
North Carolina
$240,979
36
Illinois
$238,332
37
Pennsylvania
$237,983
38
Maine
$235,118
39
Louisiana
$234,059
40
Alabama
$233,262
41
Nebraska
$233,075
42
Wisconsin
$226,763
43
West Virginia
$220,301
44
Kansas
$217,424
45
Missouri
$216,852
46
Oklahoma
$216,837
47
Iowa
$215,830
48
Kentucky
$212,220
49
Ohio
$211,211
50
Indiana
$208,710
51
Mississippi
$208,646
52
Michigan
$207,196
53
Arkansas
$200,257
54
Puerto Rico
$164,720

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