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Prairie State Wire

Saturday, November 23, 2024

VA provides 13.7% more home purchase loans in Illinois in 4th quarter

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There were 2,617 VA home purchases in Illinois in the fourth quarter of the VA's fiscal year 2021, totaling $745.1 million in loans, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, there were 2,302 VA funded home purchases in Illinois for the third quarter, totaling $672.7 million.

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. Benefits may include home purchase loans, interest rate reduction refinance loans, and adapted housing grants geared toward veterans with a service-connected disability.

The VA's fiscal year stretches from Oct. 1 to Sept. 30.

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