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Saturday, July 5, 2025

Number of VA loans issued in Illinois increased by 76.6% from Q1 2024 to Q1 2025

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Denis R. McDonough Secretary of Veterans Affairs | Ballotpedia

Denis R. McDonough Secretary of Veterans Affairs | Ballotpedia

The U.S. Department of Veterans Affairs (VA) issued 3,167 home loans in Illinois, totaling $992.8 million, during the first quarter of the fiscal year 2025, according to figures provided by the Veterans Affairs Home Loans Index.

In the same quarter of the previous year, Illinois issued 1,793 home loans, totaling $506.8 million.

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.

VA Home Loans in Illinois (Q1 2024 vs. Q1 2025)
QuarterNumber of LoansTotal Loan Amount
Q1 20253,167$992.8 million
Q1 20241,793$506.8 million

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