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 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
0.44%
for the week of 2022-11-25, compared to the national average (all VA variants) of
0% for the same period.
Chicago's average VA mortgage closing costs are $5,423.
The average rate for the prior week (2022-11-18) was
6.83% and
one month ago for the week of 2022-10-21, the
average rate was 7.07%.
The average rate one year ago was 3.46%.
For refis of the same type during the week of 2022-11-25, the average rate
was 0.17%.
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
1,662 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 | $287,450 (6.1%) | $451,190 (4.6%) | 1.07 | 27,340 |
| 2018-02-01 | $303,778 (6.6%) | $470,426 (4.4%) | 1.10 | 27,803 |
| 2018-03-01 | $325,000 (8.5%) | $490,067 (5.5%) | 1.14 | 29,568 |
| 2018-04-01 | $334,450 (7.9%) | $494,035 (4.3%) | 1.13 | 31,396 |
| 2018-05-01 | $335,000 (4.9%) | $491,703 (3.3%) | 1.12 | 33,479 |
| 2018-06-01 | $332,000 (4.1%) | $483,582 (2.2%) | 1.11 | 36,157 |
| 2018-07-01 | $326,450 (3.6%) | $472,736 (1.1%) | 1.09 | 38,246 |
| 2018-08-01 | $319,900 (4.9%) | $461,628 (1.3%) | 1.07 | 39,309 |
| 2018-09-01 | $315,000 (5.0%) | $454,855 (0.8%) | 1.06 | 40,022 |
| 2018-10-01 | $310,445 (3.5%) | $449,801 (-0.7%) | 1.05 | 39,731 |
| 2018-11-01 | $300,000 (1.3%) | $446,369 (-0.6%) | 1.02 | 37,416 |
| 2018-12-01 | $295,490 (2.3%) | $438,265 (-1.1%) | 1.02 | 32,753 |
| 2019-01-01 | $296,450 (3.1%) | $441,426 (-2.2%) | 1.02 | 29,848 |
| 2019-02-01 | $309,570 (1.9%) | $463,024 (-1.6%) | 1.05 | 30,183 |
| 2019-03-01 | $326,429 (0.4%) | $476,721 (-2.7%) | 1.07 | 32,136 |
| 2019-04-01 | $339,000 (1.4%) | $485,075 (-1.8%) | 1.08 | 34,190 |
| 2019-05-01 | $339,900 (1.5%) | $481,874 (-2.0%) | 1.06 | 36,592 |
| 2019-06-01 | $337,000 (1.5%) | $476,662 (-1.4%) | 1.05 | 38,706 |
| 2019-07-01 | $330,280 (1.2%) | $469,287 (-0.7%) | 1.03 | 40,169 |
| 2019-08-01 | $325,155 (1.6%) | $460,369 (-0.3%) | 1.03 | 40,608 |
| 2019-09-01 | $319,386 (1.4%) | $453,724 (-0.3%) | 1.02 | 40,530 |
| 2019-10-01 | $314,900 (1.4%) | $448,999 (-0.2%) | 1.02 | 40,263 |
| 2019-11-01 | $305,000 (1.7%) | $443,109 (-0.7%) | 1.00 | 36,763 |
| 2019-12-01 | $299,000 (1.2%) | $439,513 (0.3%) | 1.00 | 31,589 |
| 2020-01-01 | $299,450 (1.0%) | $442,730 (0.3%) | 1.00 | 28,763 |
| 2020-02-01 | $317,632 (2.6%) | $465,597 (0.6%) | 1.04 | 29,278 |
| 2020-03-01 | $326,250 (-0.1%) | $474,858 (-0.4%) | 1.02 | 29,828 |
| 2020-04-01 | $324,850 (-4.2%) | $464,789 (-4.2%) | 1.02 | 28,393 |
| 2020-05-01 | $329,756 (-3.0%) | $476,697 (-1.1%) | 1.00 | 28,421 |
| 2020-06-01 | $339,000 (0.6%) | $488,663 (2.5%) | 1.00 | 28,321 |
| 2020-07-01 | $342,950 (3.8%) | $496,952 (5.9%) | 0.99 | 27,320 |
| 2020-08-01 | $345,000 (6.1%) | $501,870 (9.0%) | 0.99 | 26,954 |
| 2020-09-01 | $346,237 (8.4%) | $504,425 (11.2%) | 0.99 | 27,152 |
| 2020-10-01 | $339,900 (7.9%) | $499,892 (11.3%) | 0.97 | 27,214 |
| 2020-11-01 | $332,500 (9.0%) | $496,971 (12.2%) | 0.97 | 24,710 |
| 2020-12-01 | $325,000 (8.7%) | $494,310 (12.5%) | 0.97 | 20,942 |
| 2021-01-01 | $325,000 (8.5%) | $504,887 (14.0%) | 0.97 | 18,030 |
| 2021-02-01 | $339,949 (7.0%) | $543,649 (16.8%) | 0.99 | 16,022 |
| 2021-03-01 | $349,900 (7.3%) | $551,664 (16.2%) | 0.99 | 15,726 |
| 2021-04-01 | $349,948 (7.7%) | $552,117 (18.8%) | 0.95 | 16,354 |
| 2021-05-01 | $350,000 (6.1%) | $548,889 (15.1%) | 0.93 | 17,237 |
| 2021-06-01 | $350,000 (3.2%) | $536,925 (9.9%) | 0.92 | 19,439 |
| 2021-07-01 | $349,900 (2.0%) | $521,193 (4.9%) | 0.92 | 21,538 |
| 2021-08-01 | $339,450 (-1.6%) | $499,584 (-0.5%) | 0.91 | 22,483 |
| 2021-09-01 | $329,950 (-4.7%) | $490,228 (-2.8%) | 0.88 | 22,423 |
| 2021-10-01 | $329,000 (-3.2%) | $486,830 (-2.6%) | 0.88 | 21,766 |
| 2021-11-01 | $321,950 (-3.2%) | $484,354 (-2.5%) | 0.86 | 18,985 |
| 2021-12-01 | $312,500 (-3.9%) | $479,025 (-3.1%) | 0.85 | 15,585 |
| 2022-01-01 | $314,000 (-3.4%) | $491,909 (-2.6%) | 0.85 | 12,739 |
| 2022-02-01 | $324,487 (-4.6%) | $517,368 (-4.8%) | 0.84 | 11,603 |
| 2022-03-01 | $333,995 (-4.6%) | $527,017 (-4.5%) | 0.84 | 11,998 |
| 2022-04-01 | $349,900 (0.0%) | $534,851 (-3.1%) | 0.84 | 12,227 |
| 2022-05-01 | $356,425 (1.8%) | $538,143 (-2.0%) | 0.81 | 14,673 |
| 2022-06-01 | $359,950 (2.8%) | $532,801 (-0.8%) | 0.80 | 16,891 |
| 2022-07-01 | $350,000 (0.0%) | $515,514 (-1.1%) | 0.79 | 19,573 |
| 2022-08-01 | $349,900 (3.1%) | $509,682 (2.0%) | 0.81 | 19,770 |
| 2022-09-01 | $340,000 (3.1%) | $504,045 (2.8%) | 0.80 | 19,660 |
| 2022-10-01 | $339,900 (3.3%) | $499,482 (2.6%) | 0.80 | 19,685 |
Chicago's median listing price comes in at 80% of the national average.
Chicago's average listing price for 2022-10-01 was $499,482, a difference of $12,652 (2.6%) versus the prior year and $-4,563 versus the prior month.
For the 2022-10-01 period, Chicago had 19,685 MLS listings, a difference of 25 listings (0%) versus the prior month and -2,081 listings (-10%) 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 | 1,895 sqft |
| 2018-02-01 | 59 days | 1,955 sqft |
| 2018-03-01 | 44 days | 2,000 sqft |
| 2018-04-01 | 43 days | 2,023 sqft |
| 2018-05-01 | 43 days | 2,028 sqft |
| 2018-06-01 | 44 days | 2,019 sqft |
| 2018-07-01 | 46 days | 2,000 sqft |
| 2018-08-01 | 49 days | 1,987 sqft |
| 2018-09-01 | 51 days | 1,972 sqft |
| 2018-10-01 | 52 days | 1,939 sqft |
| 2018-11-01 | 58 days | 1,906 sqft |
| 2018-12-01 | 68 days | 1,870 sqft |
| 2019-01-01 | 75 days | 1,866 sqft |
| 2019-02-01 | 61 days | 1,906 sqft |
| 2019-03-01 | 44 days | 1,964 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 | 46 days | 2,000 sqft |
| 2019-08-01 | 49 days | 1,974 sqft |
| 2019-09-01 | 52 days | 1,942 sqft |
| 2019-10-01 | 56 days | 1,919 sqft |
| 2019-11-01 | 64 days | 1,900 sqft |
| 2019-12-01 | 76 days | 1,873 sqft |
| 2020-01-01 | 78 days | 1,863 sqft |
| 2020-02-01 | 46 days | 1,920 sqft |
| 2020-03-01 | 44 days | 1,964 sqft |
| 2020-04-01 | 53 days | 1,937 sqft |
| 2020-05-01 | 61 days | 1,961 sqft |
| 2020-06-01 | 47 days | 1,944 sqft |
| 2020-07-01 | 43 days | 1,914 sqft |
| 2020-08-01 | 43 days | 1,876 sqft |
| 2020-09-01 | 43 days | 1,809 sqft |
| 2020-10-01 | 44 days | 1,800 sqft |
| 2020-11-01 | 51 days | 1,736 sqft |
| 2020-12-01 | 60 days | 1,700 sqft |
| 2021-01-01 | 66 days | 1,680 sqft |
| 2021-02-01 | 48 days | 1,679 sqft |
| 2021-03-01 | 43 days | 1,676 sqft |
| 2021-04-01 | 37 days | 1,694 sqft |
| 2021-05-01 | 37 days | 1,706 sqft |
| 2021-06-01 | 34 days | 1,729 sqft |
| 2021-07-01 | 35 days | 1,729 sqft |
| 2021-08-01 | 37 days | 1,705 sqft |
| 2021-09-01 | 39 days | 1,694 sqft |
| 2021-10-01 | 42 days | 1,672 sqft |
| 2021-11-01 | 46 days | 1,643 sqft |
| 2021-12-01 | 55 days | 1,606 sqft |
| 2022-01-01 | 61 days | 1,600 sqft |
| 2022-02-01 | 41 days | 1,600 sqft |
| 2022-03-01 | 36 days | 1,622 sqft |
| 2022-04-01 | 32 days | 1,656 sqft |
| 2022-05-01 | 30 days | 1,700 sqft |
| 2022-06-01 | 31 days | 1,726 sqft |
| 2022-07-01 | 32 days | 1,737 sqft |
| 2022-08-01 | 37 days | 1,728 sqft |
| 2022-09-01 | 41 days | 1,714 sqft |
| 2022-10-01 | 40 days | 1,714 sqft |
Chicago's median square footage for active listings during the 2022-10-01 period was 1,714 sqft. One year prior, the average listing was 1,672 sqft.
