With $339,381 in home loans issued, New Mexico ranked 35th in average loan amount for VA home loans in the fourth quarter of fiscal year 2024, according to the Veterans’ 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.
Several VA housing programs can help eligible individuals buy, build, or repair their homes. These include Purchase Loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are designed for 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 | $712,774 |
| 2 | District of Columbia | $670,251 |
| 3 | California | $607,356 |
| 4 | Washington | $507,659 |
| 5 | Massachusetts | $503,849 |
| 6 | Colorado | $497,787 |
| 7 | Utah | $496,649 |
| 8 | Maryland | $493,809 |
| 9 | Guam | $475,637 |
| 10 | Rhode Island | $470,645 |
| 11 | Virgin Islands | $470,419 |
| 12 | Virginia | $448,941 |
| 13 | Nevada | $448,372 |
| 14 | New Hampshire | $447,458 |
| 15 | New Jersey | $440,998 |
| 16 | Oregon | $435,807 |
| 17 | Idaho | $426,616 |
| 18 | Montana | $422,663 |
| 19 | Alaska | $417,285 |
| 20 | Arizona | $406,133 |
| 21 | Connecticut | $399,005 |
| 22 | Florida | $397,537 |
| 23 | Delaware | $389,413 |
| 24 | Texas | $377,022 |
| 25 | Vermont | $366,062 |
| 26 | Tennessee | $364,831 |
| 27 | Wyoming | $363,658 |
| 28 | Minnesota | $351,830 |
| 29 | New York | $349,069 |
| 30 | Georgia | $346,555 |
| 31 | South Carolina | $345,665 |
| 32 | South Dakota | $343,889 |
| 33 | North Carolina | $341,444 |
| 34 | Maine | $340,240 |
| 35 | New Mexico | $339,381 |
| 36 | Nebraska | $327,596 |
| 37 | Alabama | $321,914 |
| 38 | Wisconsin | $315,002 |
| 39 | Pennsylvania | $310,270 |
| 40 | Illinois | $310,238 |
| 41 | North Dakota | $301,098 |
| 42 | Missouri | $296,594 |
| 43 | Kentucky | $292,045 |
| 44 | Oklahoma | $291,614 |
| 45 | West Virginia | $290,867 |
| 46 | Ohio | $289,610 |
| 47 | Louisiana | $286,383 |
| 48 | Indiana | $285,186 |
| 49 | Michigan | $284,203 |
| 50 | Mississippi | $281,104 |
| 51 | Kansas | $280,773 |
| 52 | Arkansas | $280,711 |
| 53 | Iowa | $278,022 |
| 54 | Puerto Rico | $239,665 |
