Hawkeye Reporter

The average VA loan amount in Iowa during the second quarter of the fiscal year 2023 was $243,625, a 4.1 percent increase over the previous quarter, according to figures provided by the Veterans Affairs Home Loans Index.

Iowa's average VA loan amount during the first quarter of the fiscal year 2023 was $233,931.

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.

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.