Chicago VA Loans
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 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 271 lenders originated 14,624 VA loans during 2021. The total origination value was $4,108,580,000, with an average VA loan value of $280,948.
Chicago VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Chicago
averaged
5.15%
for the week of 2022-08-05, compared to the national average (all VA variants) of
5.013% for the same period.
The average rate for the prior week (2022-07-29) was
5.5% and
one month ago for the week of 2022-07-01, the
average rate was 5.53%.
The average rate one year ago was 2.81%.
For refis of the same type during the week of 2022-08-05, the average rate
was 4.98%.
Chicago VA Loan Lenders by Rates & Fees
The below table looks at the average fees 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
1,662 VA loans originated. Their average total fees are
$6,135, which is $1,012
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Chicago VA lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION ($2,181), Lakeview Community Capital, LLC ($2,592), LAKEVIEW LOAN SERVICING, LLC ($2,678), FREEDOM MORTGAGE CORPORATION ($3,225) and BLUELEAF LENDING, LLC ($3,267).
The lowest rate Chicago VA lenders (with over 10 loans originated) are
TJC Mortgage, Inc. (2.27%), ACCELERATE MORTGAGE, LLC (2.29%), NP, Inc. (2.29%), CLEARPATH LENDING (2.31%) and Wyndham Capital Mortgage, Inc. (2.33%).
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 | $288,950 (6.8%) | $452,003 (5.0%) | 1.06 | 27,410 |
| 2018-02-01 | $304,500 (6.5%) | $470,283 (4.1%) | 1.10 | 27,874 |
| 2018-03-01 | $325,000 (8.5%) | $489,585 (5.5%) | 1.12 | 29,483 |
| 2018-04-01 | $335,000 (8.1%) | $494,077 (4.4%) | 1.12 | 31,497 |
| 2018-05-01 | $336,250 (5.2%) | $491,926 (3.4%) | 1.12 | 33,604 |
| 2018-06-01 | $334,900 (4.7%) | $483,070 (2.0%) | 1.12 | 36,277 |
| 2018-07-01 | $327,250 (3.9%) | $472,829 (1.4%) | 1.09 | 38,396 |
| 2018-08-01 | $319,950 (4.9%) | $460,744 (1.1%) | 1.07 | 39,499 |
| 2018-09-01 | $317,900 (6.0%) | $454,842 (0.4%) | 1.06 | 40,189 |
| 2018-10-01 | $312,000 (4.0%) | $449,152 (-0.7%) | 1.04 | 39,937 |
| 2018-11-01 | $302,000 (1.7%) | $446,276 (-0.6%) | 1.01 | 37,571 |
| 2018-12-01 | $297,000 (2.8%) | $437,462 (-1.2%) | 1.02 | 32,888 |
| 2019-01-01 | $297,788 (3.1%) | $442,555 (-2.1%) | 1.03 | 30,040 |
| 2019-02-01 | $312,400 (2.6%) | $462,775 (-1.6%) | 1.05 | 30,361 |
| 2019-03-01 | $327,957 (0.9%) | $476,932 (-2.6%) | 1.07 | 32,150 |
| 2019-04-01 | $339,900 (1.5%) | $485,549 (-1.7%) | 1.07 | 34,125 |
| 2019-05-01 | $339,900 (1.1%) | $482,555 (-1.9%) | 1.05 | 36,370 |
| 2019-06-01 | $339,000 (1.2%) | $477,893 (-1.1%) | 1.04 | 38,444 |
| 2019-07-01 | $332,450 (1.6%) | $470,215 (-0.6%) | 1.03 | 39,922 |
| 2019-08-01 | $326,315 (2.0%) | $460,792 (0.0%) | 1.03 | 40,311 |
| 2019-09-01 | $320,718 (0.9%) | $453,105 (-0.4%) | 1.02 | 40,478 |
| 2019-10-01 | $319,000 (2.2%) | $454,656 (1.2%) | 1.02 | 40,147 |
| 2019-11-01 | $309,900 (2.6%) | $448,844 (0.6%) | 1.00 | 36,884 |
| 2019-12-01 | $299,900 (1.0%) | $444,177 (1.5%) | 1.00 | 31,631 |
| 2020-01-01 | $299,900 (0.7%) | $445,683 (0.7%) | 1.00 | 28,727 |
| 2020-02-01 | $319,900 (2.4%) | $466,900 (0.9%) | 1.03 | 29,189 |
| 2020-03-01 | $328,950 (0.3%) | $475,504 (-0.3%) | 1.03 | 29,677 |
| 2020-04-01 | $324,950 (-4.4%) | $464,610 (-4.3%) | 1.01 | 28,345 |
| 2020-05-01 | $329,900 (-2.9%) | $477,698 (-1.0%) | 1.00 | 28,171 |
| 2020-06-01 | $339,900 (0.3%) | $490,505 (2.6%) | 0.99 | 28,064 |
| 2020-07-01 | $348,450 (4.8%) | $499,130 (6.2%) | 1.00 | 27,100 |
| 2020-08-01 | $349,000 (7.0%) | $501,220 (8.8%) | 1.00 | 26,680 |
| 2020-09-01 | $349,450 (9.0%) | $504,956 (11.4%) | 1.00 | 26,967 |
| 2020-10-01 | $344,900 (8.1%) | $500,068 (10.0%) | 0.99 | 27,016 |
| 2020-11-01 | $335,400 (8.2%) | $496,618 (10.6%) | 0.96 | 24,642 |
| 2020-12-01 | $326,340 (8.8%) | $493,986 (11.2%) | 0.96 | 20,938 |
| 2021-01-01 | $329,500 (9.9%) | $505,908 (13.5%) | 0.97 | 17,962 |
| 2021-02-01 | $342,995 (7.2%) | $545,150 (16.8%) | 0.99 | 15,887 |
| 2021-03-01 | $349,900 (6.4%) | $552,641 (16.2%) | 0.98 | 15,400 |
| 2021-04-01 | $350,000 (7.7%) | $553,431 (19.1%) | 0.94 | 16,064 |
| 2021-05-01 | $355,000 (7.6%) | $551,761 (15.5%) | 0.93 | 16,868 |
| 2021-06-01 | $355,000 (4.4%) | $538,278 (9.7%) | 0.92 | 19,112 |
| 2021-07-01 | $349,900 (0.4%) | $521,444 (4.5%) | 0.91 | 21,041 |
| 2021-08-01 | $341,214 (-2.2%) | $499,769 (-0.3%) | 0.90 | 22,155 |
| 2021-09-01 | $332,450 (-4.9%) | $490,671 (-2.8%) | 0.87 | 22,176 |
| 2021-10-01 | $329,900 (-4.4%) | $487,370 (-2.5%) | 0.87 | 21,533 |
| 2021-11-01 | $322,445 (-3.9%) | $484,174 (-2.5%) | 0.85 | 18,752 |
| 2021-12-01 | $312,500 (-4.2%) | $478,375 (-3.2%) | 0.83 | 15,437 |
| 2022-01-01 | $314,900 (-4.4%) | $494,700 (-2.2%) | 0.84 | 12,585 |
| 2022-02-01 | $326,950 (-4.7%) | $517,905 (-5.0%) | 0.83 | 11,448 |
| 2022-03-01 | $337,000 (-3.7%) | $528,104 (-4.4%) | 0.83 | 11,706 |
| 2022-04-01 | $350,000 (0.0%) | $533,333 (-3.6%) | 0.82 | 11,943 |
| 2022-05-01 | $359,950 (1.4%) | $537,549 (-2.6%) | 0.81 | 14,374 |
| 2022-06-01 | $365,000 (2.8%) | $533,964 (-0.8%) | 0.81 | 16,628 |
Chicago's median listing price comes in at 81% of the national average.
Chicago's average listing price for 2022-06-01 was $533,964, a difference of $-4,314 (-0.8%) versus the prior year and $-3,585 versus the prior month.
For the 2022-06-01 period, Chicago had 16,628 MLS listings, a difference of 2,254 listings (16%) versus the prior month and -2,484 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 | 1,918 sqft |
| 2018-02-01 | 56 days | 1,980 sqft |
| 2018-03-01 | 43 days | 2,008 sqft |
| 2018-04-01 | 41 days | 2,044 sqft |
| 2018-05-01 | 41 days | 2,048 sqft |
| 2018-06-01 | 42 days | 2,039 sqft |
| 2018-07-01 | 44 days | 2,007 sqft |
| 2018-08-01 | 47 days | 2,000 sqft |
| 2018-09-01 | 49 days | 1,988 sqft |
| 2018-10-01 | 51 days | 1,948 sqft |
| 2018-11-01 | 56 days | 1,922 sqft |
| 2018-12-01 | 68 days | 1,880 sqft |
| 2019-01-01 | 73 days | 1,880 sqft |
| 2019-02-01 | 56 days | 1,921 sqft |
| 2019-03-01 | 43 days | 1,974 sqft |
| 2019-04-01 | 39 days | 2,003 sqft |
| 2019-05-01 | 41 days | 2,022 sqft |
| 2019-06-01 | 43 days | 2,015 sqft |
| 2019-07-01 | 44 days | 2,001 sqft |
| 2019-08-01 | 47 days | 1,981 sqft |
| 2019-09-01 | 49 days | 1,949 sqft |
| 2019-10-01 | 49 days | 1,952 sqft |
| 2019-11-01 | 56 days | 1,922 sqft |
| 2019-12-01 | 68 days | 1,900 sqft |
| 2020-01-01 | 73 days | 1,887 sqft |
| 2020-02-01 | 45 days | 1,938 sqft |
| 2020-03-01 | 43 days | 1,981 sqft |
| 2020-04-01 | 52 days | 1,952 sqft |
| 2020-05-01 | 60 days | 1,985 sqft |
| 2020-06-01 | 46 days | 1,971 sqft |
| 2020-07-01 | 42 days | 1,936 sqft |
| 2020-08-01 | 42 days | 1,900 sqft |
| 2020-09-01 | 42 days | 1,833 sqft |
| 2020-10-01 | 43 days | 1,800 sqft |
| 2020-11-01 | 50 days | 1,753 sqft |
| 2020-12-01 | 59 days | 1,718 sqft |
| 2021-01-01 | 64 days | 1,700 sqft |
| 2021-02-01 | 47 days | 1,698 sqft |
| 2021-03-01 | 43 days | 1,694 sqft |
| 2021-04-01 | 36 days | 1,700 sqft |
| 2021-05-01 | 36 days | 1,726 sqft |
| 2021-06-01 | 33 days | 1,748 sqft |
| 2021-07-01 | 36 days | 1,745 sqft |
| 2021-08-01 | 36 days | 1,717 sqft |
| 2021-09-01 | 38 days | 1,700 sqft |
| 2021-10-01 | 41 days | 1,680 sqft |
| 2021-11-01 | 45 days | 1,649 sqft |
| 2021-12-01 | 54 days | 1,615 sqft |
| 2022-01-01 | 60 days | 1,600 sqft |
| 2022-02-01 | 41 days | 1,600 sqft |
| 2022-03-01 | 35 days | 1,635 sqft |
| 2022-04-01 | 32 days | 1,664 sqft |
| 2022-05-01 | 30 days | 1,704 sqft |
| 2022-06-01 | 30 days | 1,746 sqft |
Chicago's median square footage for active listings during the 2022-06-01 period was 1,746 sqft. One year prior, the average listing was 1,748 sqft.
