Chicago VA Loan Rates, Closing Costs & Stats
Chicago-Naperville-Elgin, IL-IN-WI
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Chicago's 193 lenders originated 4,348 VA loans during 2023. The total origination value was $1,448,330,000, with an average VA loan value of $333,103.
Chicago VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Chicago
averaged
0.48%
for the week of 2024-11-15, compared to the national average (all VA variants) of
0% for the same period.
Chicago's average VA mortgage closing costs are $6,163.
The average rate for the prior week (2024-11-08) was
6.49% and
one month ago for the week of 2024-10-11, the
average rate was 6.06%.
The average rate one year ago was 7.45%.
For refis of the same type during the week of 2024-11-15, the average rate
was 0.33%.
Chicago VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Chicago level.
The top Chicago VA lender as defined by loan originations is Mortgage Research Center, LLC, with
906 VA loans originated. Their average total fees are
$7,875, which is $3,729
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Chicago VA lenders (with over 10 loans originated) are
The Huntington National Bank ($5,731), MICHIGAN MUTUAL, INC. ($5,965), GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION ($6,175), EAGLE HOME MORTGAGE, LLC ($6,534) and GUARANTEED RATE, INC. ($6,728).
The lowest rate Chicago VA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.47%), EAGLE HOME MORTGAGE, LLC (5.49%), PENNYMAC LOAN SERVICES, LLC (5.67%), PENTAGON FEDERAL CREDIT UNION (5.84%) and NAVY FEDERAL CREDIT UNION (5.87%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $287,250 (6.0%) | $450,198 (4.4%) | 1.06 | 27,462 |
| 2018-02-01 | $302,450 (6.1%) | $469,270 (4.1%) | 1.10 | 27,948 |
| 2018-03-01 | $325,000 (8.5%) | $488,491 (5.1%) | 1.14 | 29,774 |
| 2018-04-01 | $330,000 (6.8%) | $492,259 (4.2%) | 1.12 | 31,628 |
| 2018-05-01 | $334,400 (5.3%) | $489,942 (3.3%) | 1.12 | 33,742 |
| 2018-06-01 | $329,999 (3.9%) | $482,120 (2.3%) | 1.10 | 36,367 |
| 2018-07-01 | $324,950 (3.2%) | $471,211 (1.1%) | 1.09 | 38,489 |
| 2018-08-01 | $319,700 (6.2%) | $460,166 (1.2%) | 1.07 | 39,562 |
| 2018-09-01 | $315,000 (5.0%) | $453,664 (0.9%) | 1.06 | 40,227 |
| 2018-10-01 | $309,950 (3.4%) | $448,859 (-0.6%) | 1.05 | 39,897 |
| 2018-11-01 | $299,950 (1.8%) | $445,523 (-0.6%) | 1.02 | 37,550 |
| 2018-12-01 | $295,000 (2.3%) | $437,492 (-1.1%) | 1.02 | 32,861 |
| 2019-01-01 | $295,950 (3.0%) | $440,629 (-2.1%) | 1.02 | 29,958 |
| 2019-02-01 | $309,500 (2.3%) | $462,206 (-1.5%) | 1.05 | 30,301 |
| 2019-03-01 | $324,429 (-0.2%) | $476,331 (-2.5%) | 1.06 | 32,305 |
| 2019-04-01 | $338,000 (2.4%) | $485,274 (-1.4%) | 1.07 | 34,403 |
| 2019-05-01 | $339,250 (1.5%) | $480,555 (-1.9%) | 1.06 | 36,832 |
| 2019-06-01 | $335,000 (1.5%) | $475,597 (-1.4%) | 1.05 | 38,918 |
| 2019-07-01 | $329,950 (1.5%) | $468,106 (-0.7%) | 1.03 | 40,388 |
| 2019-08-01 | $324,413 (1.5%) | $459,228 (-0.2%) | 1.03 | 40,814 |
| 2019-09-01 | $318,556 (1.1%) | $452,742 (-0.2%) | 1.02 | 40,712 |
| 2019-10-01 | $314,250 (1.4%) | $448,126 (-0.2%) | 1.01 | 40,421 |
| 2019-11-01 | $304,900 (1.7%) | $442,261 (-0.7%) | 1.00 | 36,899 |
| 2019-12-01 | $299,000 (1.4%) | $438,810 (0.3%) | 1.00 | 31,661 |
| 2020-01-01 | $299,450 (1.2%) | $441,973 (0.3%) | 1.00 | 28,836 |
| 2020-02-01 | $315,000 (1.8%) | $464,365 (0.5%) | 1.03 | 29,381 |
| 2020-03-01 | $325,000 (0.2%) | $473,384 (-0.6%) | 1.02 | 29,997 |
| 2020-04-01 | $323,400 (-4.3%) | $463,299 (-4.5%) | 1.01 | 28,555 |
| 2020-05-01 | $329,000 (-3.0%) | $474,902 (-1.2%) | 1.00 | 28,624 |
| 2020-06-01 | $336,085 (0.3%) | $486,544 (2.3%) | 0.99 | 28,543 |
| 2020-07-01 | $339,997 (3.1%) | $494,375 (5.6%) | 0.99 | 27,611 |
| 2020-08-01 | $344,900 (6.3%) | $499,470 (8.8%) | 0.99 | 27,206 |
| 2020-09-01 | $343,533 (7.8%) | $502,320 (11.0%) | 0.98 | 27,378 |
| 2020-10-01 | $339,900 (8.2%) | $497,662 (11.1%) | 0.97 | 27,446 |
| 2020-11-01 | $331,995 (8.9%) | $494,847 (11.9%) | 0.97 | 24,897 |
| 2020-12-01 | $325,000 (8.7%) | $492,399 (12.2%) | 0.97 | 21,084 |
| 2021-01-01 | $325,000 (8.5%) | $502,827 (13.8%) | 0.97 | 18,121 |
| 2021-02-01 | $339,450 (7.8%) | $540,781 (16.5%) | 0.99 | 16,161 |
| 2021-03-01 | $349,000 (7.4%) | $548,858 (15.9%) | 0.99 | 15,877 |
| 2021-04-01 | $349,900 (8.2%) | $548,921 (18.5%) | 0.95 | 16,543 |
| 2021-05-01 | $350,000 (6.4%) | $545,338 (14.8%) | 0.93 | 17,476 |
| 2021-06-01 | $350,000 (4.1%) | $534,224 (9.8%) | 0.92 | 19,693 |
| 2021-07-01 | $349,000 (2.7%) | $518,631 (4.9%) | 0.92 | 21,816 |
| 2021-08-01 | $337,450 (-2.2%) | $497,342 (-0.4%) | 0.90 | 22,741 |
| 2021-09-01 | $329,900 (-4.0%) | $488,052 (-2.8%) | 0.88 | 22,674 |
| 2021-10-01 | $325,900 (-4.1%) | $484,835 (-2.6%) | 0.87 | 21,992 |
| 2021-11-01 | $319,950 (-3.6%) | $482,043 (-2.6%) | 0.86 | 19,187 |
| 2021-12-01 | $312,250 (-3.9%) | $476,999 (-3.1%) | 0.85 | 15,720 |
| 2022-01-01 | $310,000 (-4.6%) | $489,349 (-2.7%) | 0.84 | 12,838 |
| 2022-02-01 | $322,500 (-5.0%) | $513,937 (-5.0%) | 0.84 | 11,726 |
| 2022-03-01 | $332,450 (-4.7%) | $523,593 (-4.6%) | 0.83 | 12,152 |
| 2022-04-01 | $349,900 (0.0%) | $531,824 (-3.1%) | 0.83 | 12,382 |
| 2022-05-01 | $354,900 (1.4%) | $535,363 (-1.8%) | 0.81 | 14,846 |
| 2022-06-01 | $359,900 (2.8%) | $530,444 (-0.7%) | 0.80 | 17,050 |
| 2022-07-01 | $350,000 (0.3%) | $513,670 (-1.0%) | 0.79 | 19,719 |
| 2022-08-01 | $349,450 (3.6%) | $507,873 (2.1%) | 0.81 | 19,915 |
| 2022-09-01 | $340,000 (3.1%) | $502,164 (2.9%) | 0.79 | 19,797 |
| 2022-10-01 | $339,700 (4.2%) | $498,038 (2.7%) | 0.80 | 19,804 |
| 2022-11-01 | $329,950 (3.1%) | $490,600 (1.8%) | 0.79 | 19,018 |
| 2022-12-01 | $322,425 (3.3%) | $481,210 (0.9%) | 0.80 | 16,289 |
| 2023-01-01 | $327,450 (5.6%) | $492,894 (0.7%) | 0.81 | 14,258 |
| 2023-02-01 | $337,495 (4.7%) | $517,753 (0.7%) | 0.81 | 12,900 |
| 2023-03-01 | $352,400 (6.0%) | $544,425 (4.0%) | 0.83 | 12,275 |
| 2023-04-01 | $369,000 (5.5%) | $567,358 (6.7%) | 0.86 | 11,825 |
| 2023-05-01 | $376,238 (6.0%) | $591,637 (10.5%) | 0.85 | 12,109 |
| 2023-06-01 | $382,500 (6.3%) | $589,573 (11.2%) | 0.86 | 13,082 |
| 2023-07-01 | $389,000 (11.1%) | $586,899 (14.3%) | 0.88 | 13,965 |
| 2023-08-01 | $384,500 (10.0%) | $578,186 (13.8%) | 0.88 | 14,426 |
| 2023-09-01 | $375,000 (10.3%) | $565,520 (12.6%) | 0.87 | 14,996 |
| 2023-10-01 | $369,950 (8.9%) | $559,841 (12.4%) | 0.87 | 15,411 |
| 2023-11-01 | $360,000 (9.1%) | $548,387 (11.8%) | 0.86 | 15,247 |
| 2023-12-01 | $350,000 (8.6%) | $534,697 (11.1%) | 0.85 | 13,309 |
| 2024-01-01 | $350,448 (7.0%) | $547,765 (11.1%) | 0.86 | 11,660 |
| 2024-02-01 | $359,950 (6.7%) | $573,169 (10.7%) | 0.87 | 11,176 |
| 2024-03-01 | $374,900 (6.4%) | $593,109 (8.9%) | 0.88 | 11,333 |
| 2024-04-01 | $389,300 (5.5%) | $606,356 (6.9%) | 0.91 | 11,835 |
| 2024-05-01 | $399,900 (6.3%) | $637,622 (7.8%) | 0.90 | 12,595 |
| 2024-06-01 | $399,000 (4.3%) | $624,162 (5.9%) | 0.90 | 13,835 |
| 2024-07-01 | $392,500 (0.9%) | $582,924 (-0.7%) | 0.90 | 15,203 |
| 2024-08-01 | $385,000 (0.1%) | $565,767 (-2.2%) | 0.90 | 16,010 |
| 2024-09-01 | $379,900 (1.3%) | $553,449 (-2.1%) | 0.89 | 17,069 |
| 2024-10-01 | $369,000 (-0.3%) | $541,123 (-3.3%) | 0.87 | 17,408 |
Chicago's median listing price comes in at 87% of the national average.
Chicago's average listing price for 2024-10-01 was $541,123, a difference of $-18,718 (-3.3%) versus the prior year and $-12,326 versus the prior month.
For the 2024-10-01 period, Chicago had 17,408 MLS listings, a difference of 339 listings (2%) versus the prior month and 1,997 listings (13%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 75 days | 1,893 sqft |
| 2018-02-01 | 54 days | 1,951 sqft |
| 2018-03-01 | 43 days | 2,000 sqft |
| 2018-04-01 | 40 days | 2,015 sqft |
| 2018-05-01 | 40 days | 2,021 sqft |
| 2018-06-01 | 42 days | 2,016 sqft |
| 2018-07-01 | 44 days | 2,000 sqft |
| 2018-08-01 | 47 days | 1,980 sqft |
| 2018-09-01 | 49 days | 1,966 sqft |
| 2018-10-01 | 51 days | 1,934 sqft |
| 2018-11-01 | 56 days | 1,901 sqft |
| 2018-12-01 | 67 days | 1,865 sqft |
| 2019-01-01 | 73 days | 1,863 sqft |
| 2019-02-01 | 55 days | 1,903 sqft |
| 2019-03-01 | 43 days | 1,962 sqft |
| 2019-04-01 | 39 days | 2,000 sqft |
| 2019-05-01 | 40 days | 2,000 sqft |
| 2019-06-01 | 43 days | 2,000 sqft |
| 2019-07-01 | 45 days | 2,000 sqft |
| 2019-08-01 | 48 days | 1,971 sqft |
| 2019-09-01 | 51 days | 1,939 sqft |
| 2019-10-01 | 54 days | 1,917 sqft |
| 2019-11-01 | 61 days | 1,900 sqft |
| 2019-12-01 | 74 days | 1,869 sqft |
| 2020-01-01 | 76 days | 1,861 sqft |
| 2020-02-01 | 45 days | 1,915 sqft |
| 2020-03-01 | 43 days | 1,955 sqft |
| 2020-04-01 | 51 days | 1,929 sqft |
| 2020-05-01 | 59 days | 1,950 sqft |
| 2020-06-01 | 45 days | 1,938 sqft |
| 2020-07-01 | 41 days | 1,906 sqft |
| 2020-08-01 | 40 days | 1,872 sqft |
| 2020-09-01 | 40 days | 1,807 sqft |
| 2020-10-01 | 43 days | 1,791 sqft |
| 2020-11-01 | 50 days | 1,731 sqft |
| 2020-12-01 | 58 days | 1,700 sqft |
| 2021-01-01 | 64 days | 1,680 sqft |
| 2021-02-01 | 45 days | 1,679 sqft |
| 2021-03-01 | 40 days | 1,676 sqft |
| 2021-04-01 | 33 days | 1,692 sqft |
| 2021-05-01 | 33 days | 1,700 sqft |
| 2021-06-01 | 32 days | 1,726 sqft |
| 2021-07-01 | 33 days | 1,728 sqft |
| 2021-08-01 | 36 days | 1,702 sqft |
| 2021-09-01 | 38 days | 1,690 sqft |
| 2021-10-01 | 40 days | 1,670 sqft |
| 2021-11-01 | 45 days | 1,642 sqft |
| 2021-12-01 | 53 days | 1,602 sqft |
| 2022-01-01 | 59 days | 1,600 sqft |
| 2022-02-01 | 39 days | 1,600 sqft |
| 2022-03-01 | 34 days | 1,624 sqft |
| 2022-04-01 | 30 days | 1,656 sqft |
| 2022-05-01 | 29 days | 1,700 sqft |
| 2022-06-01 | 30 days | 1,725 sqft |
| 2022-07-01 | 32 days | 1,733 sqft |
| 2022-08-01 | 36 days | 1,725 sqft |
| 2022-09-01 | 40 days | 1,709 sqft |
| 2022-10-01 | 40 days | 1,710 sqft |
| 2022-11-01 | 44 days | 1,703 sqft |
| 2022-12-01 | 54 days | 1,700 sqft |
| 2023-01-01 | 60 days | 1,700 sqft |
| 2023-02-01 | 44 days | 1,703 sqft |
| 2023-03-01 | 40 days | 1,744 sqft |
| 2023-04-01 | 38 days | 1,782 sqft |
| 2023-05-01 | 34 days | 1,800 sqft |
| 2023-06-01 | 34 days | 1,801 sqft |
| 2023-07-01 | 36 days | 1,815 sqft |
| 2023-08-01 | 36 days | 1,801 sqft |
| 2023-09-01 | 37 days | 1,800 sqft |
| 2023-10-01 | 37 days | 1,794 sqft |
| 2023-11-01 | 41 days | 1,778 sqft |
| 2023-12-01 | 50 days | 1,758 sqft |
| 2024-01-01 | 56 days | 1,759 sqft |
| 2024-02-01 | 40 days | 1,764 sqft |
| 2024-03-01 | 33 days | 1,800 sqft |
| 2024-04-01 | 34 days | 1,800 sqft |
| 2024-05-01 | 25 days | 1,853 sqft |
| 2024-06-01 | 26 days | 1,850 sqft |
| 2024-07-01 | 33 days | 1,821 sqft |
| 2024-08-01 | 36 days | 1,800 sqft |
| 2024-09-01 | 36 days | 1,793 sqft |
| 2024-10-01 | 37 days | 1,771 sqft |
Chicago's median square footage for active listings during the 2024-10-01 period was 1,771 sqft. One year prior, the average listing was 1,794 sqft.