Average VA Purchase Loan amount in Illinois increases from Q3 to Q4 2024

Denis R. McDonough Secretary of Veterans Affairs | Ballotpedia

By Prairie State Wire

The average VA Purchase Loan amount for Illinois in the fourth quarter of fiscal year 2024 was $315,726, according to the Veterans Affairs Home Loans Index.

By comparison, Illinois' average VA Purchase Loan amount for the third quarter was $312,337.

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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