The VA issued 712 Interest Rate Reduction Refinance Loans in Illinois during the third quarter of fiscal year 2025, compared to 484 loans the previous quarter, according to the Veterans Affairs Home Loans Index.
Loans issued in the third quarter of fiscal year 2025 equaled $223.4 million. This is an increase from the $160.8 million issued the previous quarter.
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.
Information in this article was obtained from the Veterans Affairs Home Loans Index. The source data can be found here.
