The U.S. Department of Veterans Affairs (VA) issued 26,304 home loans totaling $6.5 billion in Illinois during the fiscal year 2021, according to the Veterans Affairs Home Loans Index.
This is 4,329 loans more than in 2020 when Illinois’s VA loan totals numbered 21,975, in the amount of $5.4 billion.
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.
Several 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 VA’s fiscal year runs from Oct. 1 to Sept. 30.
