VA home loan amount averages $270,024 in Illinois for Q2

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By Prairie State Wire

Jul 11, 2023

The average VA loan amount in Illinois during the second quarter of the fiscal year 2023 was $270,024, according to figures provided by the Veterans Affairs Home Loans Index.

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.

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State of Illinois

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