VA provides 7.9% fewer home purchase loans in Illinois in Q1

Denis R. McDonough Secretary of Veterans Affairs | Ballotpedia

By Prairie State Wire

Jul 14, 2025

There were 1,616 VA home purchases in Illinois in the first quarter of the VA's fiscal year 2025, totaling $508.7 million in loans, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, there were 1,754 VA funded home purchases in Illinois for the fourth quarter of fiscal year 2024, totaling $553.8 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.

The VA's fiscal year stretches from Oct. 1 to Sept. 30.

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