Average VA home loan amount in Illinois increases in Q4 2024

Kimberly M. Jackson VA Chief of Staff | https://department.va.gov

By Prairie State Wire

The average VA home loan amount in Illinois during the fourth quarter of the fiscal year 2024 was $310,238, a 2.1% increase over the previous quarter, according to the Veterans Affairs Home Loans Index.

Illinois' average VA loan amount during the third quarter of the fiscal year 2024 was $303,948.

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.

Several VA housing programs can help eligible individuals buy, build, or repair their homes. These include Purchase Loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are designed for veterans with service-connected disabilities.

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