Kankakee VA Loan Rates, Closing Costs & Stats

KANKAKEE, IL

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    • 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.