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 239 lenders originated 6,363 VA loans during 2022. The total origination value was $2,005,095,000, with an average VA loan value of $315,118.
Chicago VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Chicago
averaged
6.18%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Chicago's average VA mortgage closing costs are $5,892.
The average rate for the prior week (2023-05-19) was
6.3% and
one month ago for the week of 2023-04-21, the
average rate was 6.02%.
The average rate one year ago was 4.99%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.32%.
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
1,192 VA loans originated. Their average total fees are
$7,858, which is $3,137
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Chicago VA lenders (with over 10 loans originated) are
PNC Bank ($2,955), EVERETT FINANCIAL, INC. ($4,433), LAKEVIEW LOAN SERVICING, LLC ($5,180), Lakeview Community Capital, LLC ($5,642) and DHI MORTGAGE COMPANY, LTD. ($5,791).
The lowest rate Chicago VA lenders (with over 10 loans originated) are
CLEARPATH LENDING (3.31%), LAKEVIEW LOAN SERVICING, LLC (3.40%), PENTAGON FEDERAL CREDIT UNION (3.47%), PENNYMAC LOAN SERVICES, LLC (3.50%) and VILLAGE CAPITAL MORTGAGE (3.71%).
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%) | $450,244 (4.4%) | 1.07 | 27,462 |
| 2018-02-01 | $302,450 (6.1%) | $469,265 (4.1%) | 1.10 | 27,948 |
| 2018-03-01 | $325,000 (8.5%) | $488,539 (5.1%) | 1.14 | 29,775 |
| 2018-04-01 | $330,125 (6.8%) | $492,281 (4.2%) | 1.12 | 31,629 |
| 2018-05-01 | $334,400 (5.3%) | $489,961 (3.3%) | 1.12 | 33,742 |
| 2018-06-01 | $329,999 (3.9%) | $482,142 (2.3%) | 1.10 | 36,367 |
| 2018-07-01 | $324,950 (3.2%) | $471,224 (1.1%) | 1.09 | 38,489 |
| 2018-08-01 | $319,700 (6.3%) | $460,186 (1.2%) | 1.07 | 39,562 |
| 2018-09-01 | $315,000 (5.0%) | $453,712 (0.9%) | 1.06 | 40,227 |
| 2018-10-01 | $309,950 (3.4%) | $448,876 (-0.6%) | 1.05 | 39,896 |
| 2018-11-01 | $299,950 (1.8%) | $445,533 (-0.6%) | 1.02 | 37,549 |
| 2018-12-01 | $295,000 (2.2%) | $437,503 (-1.1%) | 1.02 | 32,860 |
| 2019-01-01 | $295,950 (3.0%) | $440,642 (-2.1%) | 1.02 | 29,957 |
| 2019-02-01 | $309,500 (2.3%) | $462,219 (-1.5%) | 1.05 | 30,300 |
| 2019-03-01 | $325,035 (0.0%) | $479,938 (-1.8%) | 1.08 | 31,980 |
| 2019-04-01 | $338,000 (2.4%) | $485,294 (-1.4%) | 1.07 | 34,408 |
| 2019-05-01 | $339,250 (1.5%) | $480,573 (-1.9%) | 1.06 | 36,833 |
| 2019-06-01 | $335,000 (1.5%) | $475,613 (-1.4%) | 1.05 | 38,919 |
| 2019-07-01 | $329,950 (1.5%) | $468,105 (-0.7%) | 1.03 | 40,389 |
| 2019-08-01 | $327,500 (2.4%) | $467,396 (1.6%) | 1.03 | 40,555 |
| 2019-09-01 | $325,400 (3.3%) | $466,079 (2.7%) | 1.03 | 37,329 |
| 2019-10-01 | $314,250 (1.4%) | $448,135 (-0.2%) | 1.01 | 40,391 |
| 2019-11-01 | $304,900 (1.7%) | $442,276 (-0.7%) | 1.00 | 36,900 |
| 2019-12-01 | $299,000 (1.4%) | $438,796 (0.3%) | 1.00 | 31,663 |
| 2020-01-01 | $299,450 (1.2%) | $441,963 (0.3%) | 1.00 | 28,838 |
| 2020-02-01 | $315,000 (1.8%) | $464,352 (0.5%) | 1.03 | 29,383 |
| 2020-03-01 | $325,000 (0.0%) | $473,376 (-1.4%) | 1.02 | 29,999 |
| 2020-04-01 | $323,400 (-4.3%) | $463,282 (-4.5%) | 1.01 | 28,557 |
| 2020-05-01 | $329,000 (-3.0%) | $474,889 (-1.2%) | 1.00 | 28,625 |
| 2020-06-01 | $336,355 (0.4%) | $486,558 (2.3%) | 0.99 | 28,544 |
| 2020-07-01 | $339,995 (3.0%) | $494,330 (5.6%) | 0.99 | 27,611 |
| 2020-08-01 | $344,900 (5.3%) | $499,549 (6.9%) | 0.99 | 27,206 |
| 2020-09-01 | $343,550 (5.6%) | $502,309 (7.8%) | 0.98 | 27,378 |
| 2020-10-01 | $339,900 (8.2%) | $497,694 (11.1%) | 0.97 | 27,446 |
| 2020-11-01 | $331,995 (8.9%) | $494,868 (11.9%) | 0.97 | 24,898 |
| 2020-12-01 | $325,000 (8.7%) | $492,452 (12.2%) | 0.97 | 21,084 |
| 2021-01-01 | $325,000 (8.5%) | $502,920 (13.8%) | 0.97 | 18,122 |
| 2021-02-01 | $339,450 (7.8%) | $540,947 (16.5%) | 0.99 | 16,163 |
| 2021-03-01 | $349,000 (7.4%) | $548,972 (16.0%) | 0.99 | 15,878 |
| 2021-04-01 | $349,900 (8.2%) | $549,123 (18.5%) | 0.95 | 16,544 |
| 2021-05-01 | $350,000 (6.4%) | $545,475 (14.9%) | 0.93 | 17,477 |
| 2021-06-01 | $350,000 (4.1%) | $534,250 (9.8%) | 0.92 | 19,694 |
| 2021-07-01 | $349,000 (2.7%) | $518,738 (4.9%) | 0.92 | 21,816 |
| 2021-08-01 | $337,450 (-2.2%) | $497,376 (-0.4%) | 0.90 | 22,741 |
| 2021-09-01 | $329,900 (-4.0%) | $488,068 (-2.8%) | 0.88 | 22,673 |
| 2021-10-01 | $325,900 (-4.1%) | $484,886 (-2.6%) | 0.87 | 21,991 |
| 2021-11-01 | $319,950 (-3.6%) | $482,074 (-2.6%) | 0.86 | 19,186 |
| 2021-12-01 | $312,200 (-3.9%) | $476,972 (-3.1%) | 0.85 | 15,719 |
| 2022-01-01 | $310,000 (-4.6%) | $489,356 (-2.7%) | 0.84 | 12,837 |
| 2022-02-01 | $322,500 (-5.0%) | $513,979 (-5.0%) | 0.84 | 11,725 |
| 2022-03-01 | $332,450 (-4.7%) | $523,739 (-4.6%) | 0.83 | 12,152 |
| 2022-04-01 | $349,900 (0.0%) | $532,110 (-3.1%) | 0.83 | 12,382 |
| 2022-05-01 | $354,900 (1.4%) | $535,511 (-1.8%) | 0.81 | 14,846 |
| 2022-06-01 | $359,900 (2.8%) | $530,549 (-0.7%) | 0.80 | 17,050 |
| 2022-07-01 | $350,000 (0.3%) | $513,747 (-1.0%) | 0.79 | 19,719 |
| 2022-08-01 | $349,450 (3.6%) | $508,005 (2.1%) | 0.81 | 19,915 |
| 2022-09-01 | $340,000 (3.1%) | $502,311 (2.9%) | 0.79 | 19,798 |
| 2022-10-01 | $339,500 (4.2%) | $498,127 (2.7%) | 0.80 | 19,805 |
| 2022-11-01 | $329,950 (3.1%) | $490,647 (1.8%) | 0.79 | 19,018 |
| 2022-12-01 | $322,400 (3.3%) | $481,319 (0.9%) | 0.80 | 16,289 |
| 2023-01-01 | $327,450 (5.6%) | $492,947 (0.7%) | 0.81 | 14,258 |
| 2023-02-01 | $337,495 (4.7%) | $517,711 (0.7%) | 0.81 | 12,900 |
| 2023-03-01 | $352,225 (6.0%) | $544,536 (4.0%) | 0.83 | 12,275 |
| 2023-04-01 | $369,000 (5.5%) | $567,560 (6.7%) | 0.86 | 11,824 |
Chicago's median listing price comes in at 86% of the national average.
Chicago's average listing price for 2023-04-01 was $567,560, a difference of $35,450 (6.7%) versus the prior year and $23,024 versus the prior month.
For the 2023-04-01 period, Chicago had 11,824 MLS listings, a difference of -451 listings (-4%) versus the prior month and -558 listings (-5%) 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 | 77 days | 1,894 sqft |
| 2018-02-01 | 59 days | 1,953 sqft |
| 2018-03-01 | 44 days | 2,000 sqft |
| 2018-04-01 | 43 days | 2,018 sqft |
| 2018-05-01 | 43 days | 2,023 sqft |
| 2018-06-01 | 43 days | 2,017 sqft |
| 2018-07-01 | 45 days | 2,000 sqft |
| 2018-08-01 | 49 days | 1,983 sqft |
| 2018-09-01 | 51 days | 1,970 sqft |
| 2018-10-01 | 52 days | 1,938 sqft |
| 2018-11-01 | 57 days | 1,905 sqft |
| 2018-12-01 | 68 days | 1,869 sqft |
| 2019-01-01 | 74 days | 1,866 sqft |
| 2019-02-01 | 60 days | 1,906 sqft |
| 2019-03-01 | 44 days | 1,980 sqft |
| 2019-04-01 | 40 days | 2,000 sqft |
| 2019-05-01 | 42 days | 2,000 sqft |
| 2019-06-01 | 44 days | 2,000 sqft |
| 2019-07-01 | 45 days | 2,000 sqft |
| 2019-08-01 | 55 days | 2,000 sqft |
| 2019-09-01 | 59 days | 1,986 sqft |
| 2019-10-01 | 56 days | 1,919 sqft |
| 2019-11-01 | 64 days | 1,900 sqft |
| 2019-12-01 | 76 days | 1,872 sqft |
| 2020-01-01 | 78 days | 1,863 sqft |
| 2020-02-01 | 46 days | 1,920 sqft |
| 2020-03-01 | 44 days | 1,962 sqft |
| 2020-04-01 | 53 days | 1,934 sqft |
| 2020-05-01 | 60 days | 1,958 sqft |
| 2020-06-01 | 47 days | 1,942 sqft |
| 2020-07-01 | 43 days | 1,911 sqft |
| 2020-08-01 | 43 days | 1,875 sqft |
| 2020-09-01 | 43 days | 1,808 sqft |
| 2020-10-01 | 44 days | 1,793 sqft |
| 2020-11-01 | 51 days | 1,733 sqft |
| 2020-12-01 | 60 days | 1,700 sqft |
| 2021-01-01 | 65 days | 1,680 sqft |
| 2021-02-01 | 47 days | 1,674 sqft |
| 2021-03-01 | 43 days | 1,675 sqft |
| 2021-04-01 | 37 days | 1,693 sqft |
| 2021-05-01 | 36 days | 1,703 sqft |
| 2021-06-01 | 34 days | 1,727 sqft |
| 2021-07-01 | 35 days | 1,728 sqft |
| 2021-08-01 | 37 days | 1,703 sqft |
| 2021-09-01 | 39 days | 1,693 sqft |
| 2021-10-01 | 42 days | 1,671 sqft |
| 2021-11-01 | 46 days | 1,643 sqft |
| 2021-12-01 | 55 days | 1,603 sqft |
| 2022-01-01 | 61 days | 1,600 sqft |
| 2022-02-01 | 40 days | 1,600 sqft |
| 2022-03-01 | 36 days | 1,622 sqft |
| 2022-04-01 | 31 days | 1,656 sqft |
| 2022-05-01 | 30 days | 1,700 sqft |
| 2022-06-01 | 31 days | 1,721 sqft |
| 2022-07-01 | 32 days | 1,732 sqft |
| 2022-08-01 | 37 days | 1,724 sqft |
| 2022-09-01 | 41 days | 1,707 sqft |
| 2022-10-01 | 40 days | 1,710 sqft |
| 2022-11-01 | 45 days | 1,703 sqft |
| 2022-12-01 | 56 days | 1,700 sqft |
| 2023-01-01 | 62 days | 1,700 sqft |
| 2023-02-01 | 47 days | 1,706 sqft |
| 2023-03-01 | 42 days | 1,744 sqft |
| 2023-04-01 | 39 days | 1,782 sqft |
Chicago's median square footage for active listings during the 2023-04-01 period was 1,782 sqft. One year prior, the average listing was 1,656 sqft.