Average VA Purchase Loan amount in Illinois increases from Q3 to Q4 2023

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By Prairie State Wire

Feb 20, 2024

The average VA Purchase Loan amount for Illinois in the fourth quarter of fiscal year 2023 was $301,119, according to figures provided by the Veterans Affairs Home Loans Index

By comparison, Illinois' average VA Purchase Loan amount for the third quarter was $293,754.

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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