Kankakee VA Loan Rates, Closing Costs & Stats

KANKAKEE, IL

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.

Kankakee's 34 lenders originated 101 VA loans during 2024. The total origination value was $26,325,000, with an average VA loan value of $260,644.

Kankakee VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Kankakee averaged 0.75% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

Kankakee's average VA mortgage closing costs are $5,148.

The average rate for the prior week (2025-06-13) was 7.2% and one month ago for the week of 2025-05-16, the average rate was 7.06%.

The average rate one year ago was 6.96%.

For refis of the same type during the week of 2025-06-20, the average rate was 0%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Kankakee 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 Kankakee level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
Mortgage Research Center, LLC 21 6.01% $4,257
UNITED WHOLESALE MORTGAGE, LLC 14 5.90% $5,268
CROSSCOUNTRY MORTGAGE, LLC 7 6.51% $3,930
NAVY FEDERAL CREDIT UNION 5 5.90% $2,938
Ixonia Bank 5 6.78% $7,119
PENNYMAC LOAN SERVICES, LLC 4 6.00% $3,932
AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.88% $6,443
QUICKEN LOANS, LLC 3 6.07% $13,156
USAA Federal Savings Bank 2 5.75% $7,953
Flanagan State Bank 2 5.75% $6,813
FREEDOM MORTGAGE CORPORATION 2 6.06% $12,505
GUARANTEED RATE, INC. 2 6.58% $1,287
LOANDEPOT.COM, LLC 2 6.62% $6,942
NEW DAY FINANCIAL, LLC 2 7.56% $15,976
PLANET HOME LENDING, LLC 2 5.56% $2,464
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.38% $2,902
The Federal Savings Bank 2 6.75% $14,395
NBKC BANK 1 6.50% $5,819
Sierra Pacific Mortgage Company, Inc. 1 6.63% $3,730
NEWREZ LLC 1 5.75% $12,853
Old National Bank 1 6.00% $5,637
Paramount Residential Mortgage Group, Inc. 1 6.63% $7,889
Magnolia Bank 1 6.75% $19,858
Plains Commerce Bank 1 7.00% $2,959
BROKER SOLUTIONS, INC. 1 7.25% $13,842
PNC Bank 1 6.50% $2,245
POINT Mortgage 1 6.75% $1,903
CALCON MUTUAL MORTGAGE LLC 1 6.13% $5,783
Prosperity Home Mortgage, LLC 1 6.49% $5,017
GUARANTEED RATE AFFINITY, LLC 1 6.88% $9,046
Midland States Bank 1 7.25% $4,549
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $8,287
Nations Lending Corporation 1 6.75% $14,360
Meridian Bank Corporation 1 6.50% $3,357

The top Kankakee VA lender as defined by loan originations is Mortgage Research Center, LLC, with 21 VA loans originated. Their average total fees are $4,257, which is $1,011 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Kankakee VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,257), UNITED WHOLESALE MORTGAGE, LLC ($5,268), .

The lowest rate Kankakee VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.90%), Mortgage Research Center, LLC (6.01%), .

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.