Average VA Purchase Loan amount in Illinois increases from Q2 to Q3

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By Prairie State Wire

May 28, 2021

The average VA Purchase Loan amount for Illinois in the third quarter of fiscal year 2022 was $297,671, according to figures provided by the Veterans Affairs Home Loans Index

By comparison, Illinois' average VA Purchase Loan amount for the second quarter was $281,426.

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.

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State of Illinois

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