Illinois receives $193.7 million in VA Interest Rate Reduction Refinance Loans during Q4

Denis R. McDonough Secretary of Veterans Affairs | Ballotpedia

By Prairie State Wire

The VA issued 597 Interest Rate Reduction Refinance Loans in Illinois during the fourth quarter of fiscal year 2024, according to the Veterans Affairs Home Loans Index.

The loans issued in Illinois equaled $193.7 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 extends from Oct. 1 to Sept. 30.

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