Prairie State Wire

The average VA loan amount for Illinois in the fiscal year 2023 was $279,542, according to the Veterans Affairs Home Loans Index.

This is a seven% increase from Illinois's average 2022 VA loan amount of $261,249.

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 extends from Oct. 1 to Sept. 30.