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 31 lenders originated 79 VA loans during 2023. The total origination value was $19,995,000, with an average VA loan value of $253,101.

    Kankakee VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Kankakee averaged 6.59% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Kankakee's average VA mortgage closing costs are $5,025.

    The average rate for the prior week (2024-11-01) was 6.54% and one month ago for the week of 2024-10-04, the average rate was 6.17%.

    The average rate one year ago was 7.73%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.14%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 20 7.06% $5,022
    QUICKEN LOANS, LLC 6 5.93% $10,036
    The Federal Savings Bank 5 6.55% $11,628
    NAVY FEDERAL CREDIT UNION 4 5.78% $3,974
    LOANDEPOT.COM, LLC 3 6.04% $10,250
    Midland States Bank 3 7.08% $4,027
    GUARANTEED RATE, INC. 2 6.63% $17,027
    UNITED WHOLESALE MORTGAGE, LLC 2 6.64% $7,126
    USAA Federal Savings Bank 2 6.94% $7,537
    Ixonia Bank 2 7.00% $6,697
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $12,965
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.63% $14,677
    NATIONS RELIABLE LENDING, LLC 1 6.50% $12,676
    NEWREZ LLC 1 6.25% $7,896
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $7,006
    PLANET HOME LENDING, LLC 1 6.25% $3,843
    PLAZA HOME MORTGAGE, INC. 1 7.25% $9,418
    PNC Bank 1 6.63% $2,272
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $1,433
    TOWNE MORTGAGE COMPANY 1 7.63% $11,274
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $3,772
    Wells Fargo Bank 1 5.75% $12,537
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $8,995
    AXIA FINANCIAL, LLC 1 7.50% $5,987
    CARDINAL FINANCIAL 1 5.50% $10,090
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $6,667
    DAS Acquisition Company, LLC 1 6.75% $14,930
    EVERETT FINANCIAL, INC. 1 7.38% $8,373
    Flanagan State Bank 1 6.25% $4,714
    FREEDOM MORTGAGE CORPORATION 1 7.75% $20,886
    MOVEMENT MORTGAGE, LLC 1 6.00% $5,703

    The top Kankakee VA lender as defined by loan originations is Mortgage Research Center, LLC, with 20 VA loans originated. Their average total fees are $5,022, which is $5,014 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Kankakee VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,022), .

    The lowest rate Kankakee VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (7.06%), .

    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.