Average VA Purchase Loan amount in Illinois declines from Q4 2024 to Q1 2025

Denis R. McDonough Secretary of Veterans Affairs | Official website

By Prairie State Wire

The average VA Purchase Loan amount for Illinois in the first quarter of fiscal year 2025 was $314,816, according to the Veterans Affairs Home Loans Index.

By comparison, Illinois' average VA Purchase Loan amount for the fourth quarter was $315,726.

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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