Illinois VA Loan Rates, Closing Costs & Stats

Illinois

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.

Illinois VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Illinois averaged 6.09% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

Illinois's average VA mortgage closing costs are $5,207.

The average rate for the prior week (2023-05-19) was 6.11% and one month ago for the week of 2023-04-21, the average rate was 6.23%.

The average rate one year ago was 4.8%.

For refis of the same type during the week of 2023-05-26, the average rate was 4.97%.

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

Illinois 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 Illinois level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 2,388 5.11% $6,416
QUICKEN LOANS, LLC 612 4.34% $9,077
GUARANTEED RATE, INC. 474 4.83% $7,545
NAVY FEDERAL CREDIT UNION 401 4.03% $6,447
USAA Federal Savings Bank 360 4.53% $7,146
UNITED WHOLESALE MORTGAGE, LLC 360 4.57% $7,820
FREEDOM MORTGAGE CORPORATION 299 4.58% $10,306
LOANDEPOT.COM, LLC 262 4.73% $9,461
CROSSCOUNTRY MORTGAGE, LLC 209 5.10% $9,961
The Federal Savings Bank 189 4.87% $12,207
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 189 5.06% $6,805
FLAT BRANCH MORTGAGE, INC. 177 5.10% $5,360
NEW DAY FINANCIAL, LLC 167 5.17% $8,237
PENNYMAC LOAN SERVICES, LLC 167 3.57% $6,996
CALIBER HOME LOANS, INC. 157 4.73% $6,743
Mr. Cooper ( Nationstar Mortgage ) 153 4.79% $8,635
Barrington Bank & Trust Company, N.A. 123 4.82% $7,016
Wells Fargo Bank 120 4.23% $5,298
BROKER SOLUTIONS, INC. 118 4.89% $8,111
AMERICAN PACIFIC MORTGAGE CORPORATION 95 5.02% $10,726
Carrollton Bank 94 4.16% $6,042
DELMAR FINANCIAL COMPANY 93 4.69% $6,974
HOME POINT FINANCIAL CORPORATION 85 4.43% $9,183
FIRST CENTENNIAL MORTGAGE CORPORATION 80 4.83% $7,184
Flagstar Bank, FSB 72 4.65% $7,202
NEWREZ LLC 70 4.18% $7,333
AMERISAVE MORTGAGE CORPORATION 69 4.50% $10,931
Neighborhood Loans, Inc. 67 4.86% $10,585
U.S. Bank 66 4.71% $6,017
MUTUAL OF OMAHA MORTGAGE, INC. 65 4.67% $9,080
GUARANTEED RATE AFFINITY, LLC 62 4.90% $8,945
FIRST STATE MORTGAGE SERVICES, LLC 62 4.65% $6,662
GERSHMAN INVESTMENT CORP. 62 4.97% $6,119
JPMorgan Chase Bank 54 4.90% $6,989
DAS Acquisition Company, LLC 54 5.07% $6,170
Key Mortgage Services, Inc. 54 5.13% $10,570
VILLAGE CAPITAL MORTGAGE 53 3.60% $6,657
CMG MORTGAGE, INC. 50 4.33% $8,779
COMPASS MORTGAGE, INC. 48 4.85% $10,207
ENDEAVOR CAPITAL, LLC. 46 5.19% $5,891
AMERICAN PORTFOLIO MORTGAGE CORPORATION 43 4.63% $7,251
DHI MORTGAGE COMPANY, LTD. 42 3.86% $5,271
MOVEMENT MORTGAGE, LLC 41 4.86% $7,193
LAKEVIEW LOAN SERVICING, LLC 40 3.54% $4,563
PENTAGON FEDERAL CREDIT UNION 38 3.67% $6,921
GUILD MORTGAGE COMPANY 36 4.94% $6,588
HOMESIDE FINANCIAL, LLC 36 5.09% $8,380
Carrington Mortgage Services, LLC 35 4.92% $8,381
INB 35 5.09% $4,749
CARDINAL FINANCIAL 34 4.24% $9,266
PNC Bank 33 4.68% $3,938
PRIMELENDING, A PLAINSCAPITAL COMPANY 32 5.11% $8,156
DRAPER AND KRAMER MORTGAGE CORP. 31 4.61% $6,049
FINANCE OF AMERICA MORTGAGE LLC 31 4.41% $7,306
Mid-Continent Funding, Inc. 31 5.59% $7,052
LEADERONE FINANCIAL CORPORATION 31 4.75% $7,844
PLAZA HOME MORTGAGE, INC. 28 5.03% $8,264
SCOTT CREDIT UNION 28 4.19% $5,165
Hometown Lenders, Inc. 28 5.26% $9,680
PROPER RATE, LLC 27 4.27% $9,274
North American Savings Bank, F.S.B. 25 4.59% $5,899
NVR Mortgage Finance, Inc. 25 4.45% $7,240
EAGLE HOME MORTGAGE, LLC 25 4.60% $7,527
Nations Lending Corporation 25 5.45% $8,199
The Huntington National Bank 24 4.73% $9,545
Lakeview Community Capital, LLC 23 3.79% $5,017
MORTGAGE SOLUTIONS OF COLORADO, LLC 23 5.68% $5,322
PLANET HOME LENDING, LLC 23 4.36% $8,380
ENVOY MORTGAGE, LTD 22 5.22% $7,444
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 22 5.01% $7,909
HOMEBRIDGE FINANCIAL SERVICES, INC. 22 4.65% $8,554
Midwest Community Bank 21 4.03% $5,541
BAY EQUITY LLC 20 5.35% $9,001
FCB Banks 20 4.26% $6,556
Equity Prime Mortgage LLC 20 5.63% $10,531
The Home Loan Expert LLC 20 4.67% $6,409
Magnolia Bank 20 4.47% $9,954
Regions Bank 19 4.55% $5,565
Paramount Residential Mortgage Group, Inc. 19 4.70% $10,078
NBKC BANK 19 4.26% $7,446
Low VA Rates, LLC 18 4.81% $11,985
Town & Country Banc Mortgage Services, Inc. 18 4.80% $3,910
GREENSTATE CREDIT UNION 17 5.71% $5,897
Marine Bank 16 4.38% $5,125
M/I FINANCIAL, LLC 16 4.14% $6,977
Flanagan State Bank 15 4.95% $6,156
CHERRY CREEK MORTGAGE, LLC 15 5.38% $7,891
First Federal Bank 14 5.11% $10,262
BNC National Bank 14 4.25% $7,678
Busey Bank 14 4.57% $5,450
Citizens Bank 14 4.81% $5,154
Midwest BankCentre 14 4.54% $7,011
ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 4.84% $10,047
PULTE MORTGAGE LLC 13 4.65% $7,131
First Guaranty Mortgage Corporation 12 3.70% $5,301
D.W. BROWN MORTGAGE CORP. 12 4.63% $7,122
RUHL MORTGAGE, LLC 12 4.77% $6,891
Servion, Inc. 12 4.63% $6,069
AMERICAN HOME LENDING USA, LLC 12 4.68% $5,758
Midland States Bank 11 4.82% $4,269
United Community Bank 11 4.77% $5,449
EVERETT FINANCIAL, INC. 11 5.68% $3,459
Mutual Federal Bank 11 4.31% $6,244
NP, Inc. 10 4.56% $8,364
UNION HOME MORTGAGE CORP. 10 5.43% $9,693
NETWORK CAPITAL FUNDING CORPORATION 10 4.50% $11,184
Blackhawk Bank 10 5.53% $8,860
FRONTIER FINANCIAL, INC. 9 5.31% $7,354
SUCCESS MORTGAGE PARTNERS, INC. 9 4.74% $7,926
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 5.76% $5,582
INLAND BANK & TRUST 9 5.03% $6,384
Fortress Bank 9 5.57% $4,621
CLEARPATH LENDING 9 2.60% $3,308
BLUELEAF LENDING, LLC 8 3.83% $7,423
ACADEMY MORTGAGE CORPORATION 8 4.92% $6,834
Community Mortgage Banc Corporation 8 5.20% $4,437
ROYAL UNITED MORTGAGE LLC 8 5.80% $8,913
Strong Home Mortgage, LLC 8 3.72% $7,344
The Central Trust Bank 8 3.69% $7,494
Old National Bank 7 5.20% $4,732
Pacor Mortgage Corp 7 5.41% $9,088
M&T Bank 7 4.02% $6,161
Bank of America 7 3.04% $10,430
CRESCENT MORTGAGE COMPANY 7 4.79% $4,810
Waterstone Mortgage Corporation 7 4.84% $15,941
Wyndham Capital Mortgage, Inc. 7 3.32% $3,648
CIBM Bank 7 5.36% $6,170
THE ANDERSON FINANCIAL GROUP, INC. 6 4.31% $9,224
AMERICAN FINANCING CORPORATION 6 4.29% $7,825
Associated Bank 6 4.42% $4,450
Peoples National Bank , N.A. 6 4.52% $3,338
Old Second National Bank 6 3.94% $8,266
INLANTA MORTGAGE, INC. 6 4.40% $10,197
NATIONS DIRECT MORTGAGE, LLC 6 4.23% $9,832
Century Mortgage Company DBA Century Lending Company 5 5.13% $10,763
T2 FINANCIAL LLC 5 4.08% $9,227
CHURCHILL MORTGAGE CORPORATION 5 4.33% $6,564
SUMMIT FUNDING, INC. 5 4.28% $15,924
OCMBC, INC. 5 5.30% $8,250
Bank of Springfield 5 4.80% $4,700
Bank of England 5 5.53% $10,040
Armed Forces Bank 5 4.65% $7,088
Fifth Third Bank 5 3.23% $4,789
Prosperity Home Mortgage, LLC 5 4.50% $14,678
SOVEREIGN LENDING GROUP INCORPORATED 5 4.27% $15,630
RESIDENTIAL BANCORP. 5 3.65% $10,326
GENEVA FINANCIAL, LLC 5 5.80% $11,490
MLD MORTGAGE INC. 5 5.13% $8,478
PARLAY MORTGAGE & PROPERTY, INC. 5 5.42% $6,970
Northpointe Bank 5 4.50% $10,815
Plains Commerce Bank 5 5.38% $8,552
UNITED HOME LOANS, INC. 4 4.78% $14,082
NATIONS RELIABLE LENDING, LLC 4 4.66% $8,227
PREMIA MORTGAGE, LLC 4 4.06% $3,305
Citibank 4 4.50% $9,554
SUN WEST MORTGAGE COMPANY, INC. 4 4.97% $14,279
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 5.81% $8,559
First National Bank of Omaha 4 5.69% $7,856
LOANFLIGHT LENDING, LLC 4 4.84% $7,247
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 4.47% $6,973
Service Federal Credit Union 4 3.66% $6,281
RUOFF MORTGAGE COMPANY, INC. 4 5.13% $4,707
Credence Funding Corporation 4 2.53% $4,630
Community First National Bank 4 4.00% $7,483
AmRes Corporation 3 4.33% $5,298
DIRECT MORTGAGE LOANS, LLC 3 5.71% $10,787
FAMILY FINANCE MORTGAGE, LLC 3 3.29% $4,556
LIBERTY HOME MORTGAGE CORPORATION 3 5.38% $8,741
LAND HOME FINANCIAL SERVICES, INC. 3 5.42% $6,416
Texana Bank 3 4.04% $8,512
Allied First Bank,sb 3 4.33% $10,691
First Bank 3 3.50% $3,402
Bankers' Bank 3 5.46% $6,486
First Option Mortgage, LLC 3 5.08% $3,997
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.83% $9,137
American Bank and Trust Company 3 4.92% $6,919
MID AMERICA MORTGAGE, INC. 3 3.63% $2,290
Sierra Pacific Mortgage Company, Inc. 3 3.63% $7,667
Paramount Bank 3 4.83% $8,442
AMERICAN FINANCIAL RESOURCES, INC. 3 6.13% $10,429
MICHIGAN MUTUAL, INC. 2 4.69% $3,381
GSF Mortgage Corporation 2 4.56% $14,916
Gateway First Bank 2 4.44% $11,104
First Mortgage Solutions, LLC 2 3.44% $7,724
Ixonia Bank 2 4.25% $3,068
JAMES B. NUTTER & COMPANY 2 5.25% $10,478
KELLER MORTGAGE, LLC 2 3.88% $9,347
FirstBank 2 2.94% $7,900
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 4.88% $18,743
LADERA LENDING, INC. 2 4.25% $16,190
FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.19% $9,349
FAIR WAY LENDING LLC 2 4.88% $2,027
MEMBER FIRST MORTGAGE, LLC 2 6.38% $4,459
EMM LOANS LLC 2 2.63% $9,769
DuTrac Community Credit Union 2 4.13% $2,555
MLB RESIDENTIAL LENDING, LLC 2 6.88% $9,559
MORIA DEVELOPMENT, INC. 2 5.88% $12,287
Cornerstone First Mortgage, Inc 2 4.81% $8,092
CONTOUR MORTGAGE CORPORATION 2 5.63% $9,849
MYCUMORTGAGE, LLC 2 4.75% $9,107
NOVA FINANCIAL & INVESTMENT CORPORATION 2 3.56% $3,980
ON Q FINANCIAL, INC. 2 6.25% $2,636
Peoples Bank 2 4.63% $14,430
PHH Mortgage Corporation 2 5.31% $9,108
Stifel Bank and Trust 2 4.25% $3,033
STOCKTON MORTGAGE CORPORATION 2 4.75% $10,338
Amerifirst Financial, Inc. 2 3.88% $4,160
TJC Mortgage, Inc. 2 3.19% $6,117
AMCAP MORTGAGE, LTD. 2 4.06% $8,114
VAN DYK MORTGAGE CORPORATION 2 4.50% $9,492
GMFS LLC 2 5.44% $12,549
VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.38% $10,776
CHARTER WEST BANK 1 5.75% $11,162
GOLDEN WEST ALLIANCE, INC. 1 6.50% $8,752
Chickasaw Community Bank 1 3.75% $2,405
BELEM SERVICING LLC 1 1.75% $8,621
Platinum Home Mortgage Corporation 1 6.25% $17,073
Bank of Tennessee 1 4.99% $38,636
CIBC Bank USA 1 6.25% $7,540
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.13% $9,846
Presidential Bank, FSB 1 5.25% $10,473
Commerce Bank 1 5.63% $2,532
NASA Federal Credit Union 1 5.25% $13,250
Commerce Home Mortgage, Inc. 1 2.75% $3,838
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 6.63% $8,538
Bank Five Nine 1 4.13% $2,299
MORTGAGEONE, INC. 1 6.50% $7,586
RANLIFE, INC. 1 6.63% $13,224
Austin Capital Bank SSB 1 3.38% $3,006
MORTGAGE FINANCIAL SERVICES, LLC 1 5.25% $11,723
West Town Bank & Trust 1 5.00% $32,331
Aurora Financial, LLC 1 2.25% $1,860
MORTGAGE ACCESS CORP. 1 7.13% $4,690
S1L, Inc. 1 4.50% $16,504
Assurance Financial Group, L.L.C. 1 6.75% $4,262
MIDLAND MORTGAGE CORPORATION 1 3.25% $6,435
EVANSVILLE TEACHERS 1 3.25% $2,183
Meridian Bank Corporation 1 4.75% $7,262
Simmons Bank 1 5.63% $8,592
SIRVA MORTGAGE, INC. 1 3.75% $22,388
FEDERATED MORTGAGE CORP. 1 4.75% $9,093
Springfield First Community Bank 1 5.25% $4,689
STARBOARD FINANCIAL MANAGEMENT, LLC 1 4.75% $7,090
STEARNS LENDING, LLC 1 2.50% $6,416
First State Bank of St. Charles, Missouri 1 5.13% $3,266
V.I.P. MORTGAGE, INC. 1 5.25% $9,550
Lincoln FSB of Nebraska 1 3.25% $16,634
LENOX FINANCIAL MORTGAGE CORPORATION 1 3.25% $10,158
Financial Funding Solutions, Inc. 1 3.38% $2,510
Sunflower Bank 1 2.75% $7,384
FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $3,130
INTERCAP LENDING INC. 1 4.63% $13,588
First Financial Bank 1 5.25% $2,681
TEXAS TECH 1 5.25% $13,337
FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 5.25% $2,125
ZILLOW HOME LOANS, LLC 1 4.38% $4,342
First Midwest Bank 1 2.63% $3,164
Ameris Bank 1 3.00% $8,135
Florida Capital Bank 1 3.63% $12,261
The Union Bank Company 1 3.25% $3,322
THRIVE MORTGAGE, LLC 1 3.63% $2,671
ACCESS CAPITAL FUNDING, L.L.C. 1 5.63% $1,480
American Mortgage & Equity Consultants, Inc. 1 6.75% $12,885
TOWNE MORTGAGE COMPANY 1 3.50% $2,470
Truist 1 2.75% $1,470
Tyndall Federal Credit Union 1 2.63% $4,866
Hometown Equity Mortgage, LLC 1 5.00% $6,088
Home State Bank 1 5.13% $9,758
United Fidelity Funding Corp. 1 4.63% $16,369
HOMESITE MORTGAGE, LLC 1 7.13% $6,684
HANCOCK MORTGAGE PARTNERS, LLC 1 6.25% $4,813
UNIVERSITY LENDING GROUP, LLC 1 3.13% $1,075
AMERICAN ADVISORS GROUP 1 5.25% $10,547
GATEWAY MORTGAGE CORPORATION 1 3.50% $11,630
OCEANSIDE MORTGAGE COMPANY 1 5.00% $890
US MORTGAGE CORPORATION 1 4.63% $11,661
ONY GLO, INC. 1 4.00% $4,698
OPEN MORTGAGE, LLC 1 5.13% $5,324
Oakstar Bank 1 5.25% $1,574
Capital Bank 1 6.25% $1,495
CALCON MUTUAL MORTGAGE LLC 1 5.75% $9,381
Chambers Bank 1 5.75% $12,047
Academy Bank 1 4.50% $18,854
Bell Bank 1 7.00% $10,410

The top Illinois VA lender as defined by loan originations is Mortgage Research Center, LLC, with 2,388 VA loans originated. Their average total fees are $6,416, which is $2,661 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Illinois VA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($3,459), Town & Country Banc Mortgage Services, Inc. ($3,910), PNC Bank ($3,938), Midland States Bank ($4,269) and LAKEVIEW LOAN SERVICING, LLC ($4,563).

The lowest rate Illinois VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.54%), PENNYMAC LOAN SERVICES, LLC (3.57%), VILLAGE CAPITAL MORTGAGE (3.60%), PENTAGON FEDERAL CREDIT UNION (3.67%) and First Guaranty Mortgage Corporation (3.70%).

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.