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 6.95% for the week of 2024-07-05, compared to the national average (all VA variants) of 6.475% for the same period.

Illinois's average VA mortgage closing costs are $5,427.

The average rate for the prior week (2024-06-28) was 6.65% and one month ago for the week of 2024-05-31, the average rate was 6.67%.

The average rate one year ago was 6.52%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.79%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 1,951 6.79% $6,181
QUICKEN LOANS, LLC 385 6.30% $10,072
NAVY FEDERAL CREDIT UNION 336 5.86% $6,094
GUARANTEED RATE, INC. 330 6.48% $6,235
UNITED WHOLESALE MORTGAGE, LLC 306 6.48% $7,910
USAA Federal Savings Bank 190 6.40% $7,786
LOANDEPOT.COM, LLC 167 6.47% $11,150
CROSSCOUNTRY MORTGAGE, LLC 159 6.78% $9,312
The Federal Savings Bank 137 6.42% $11,979
FREEDOM MORTGAGE CORPORATION 129 6.59% $13,315
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 128 6.74% $7,685
FLAT BRANCH MORTGAGE, INC. 126 6.87% $5,719
PENNYMAC LOAN SERVICES, LLC 92 5.70% $8,851
NEWREZ LLC 91 6.81% $7,524
BROKER SOLUTIONS, INC. 88 6.53% $8,336
Carrollton Bank 85 5.83% $6,264
CALIBER HOME LOANS, INC. 80 6.36% $6,607
Barrington Bank & Trust Company, N.A. 80 6.52% $8,552
DELMAR FINANCIAL COMPANY 79 6.85% $6,947
Mr. Cooper ( Nationstar Mortgage ) 75 6.09% $11,483
AMERICAN PACIFIC MORTGAGE CORPORATION 74 6.61% $10,466
NEW DAY FINANCIAL, LLC 67 7.48% $10,415
GUILD MORTGAGE COMPANY 57 6.72% $8,435
Neighborhood Loans, Inc. 53 6.76% $10,161
JPMorgan Chase Bank 50 6.41% $6,054
DHI MORTGAGE COMPANY, LTD. 49 5.50% $7,763
Wells Fargo Bank 48 6.01% $6,608
FIRST CENTENNIAL MORTGAGE CORPORATION 47 6.60% $7,487
Flagstar Bank, FSB 46 6.66% $6,576
U.S. Bank 44 6.65% $6,734
FIRST STATE MORTGAGE SERVICES, LLC 44 6.57% $6,743
Key Mortgage Services, Inc. 42 6.71% $9,574
INB 42 6.44% $5,614
VILLAGE CAPITAL MORTGAGE 41 6.06% $8,125
MUTUAL OF OMAHA MORTGAGE, INC. 41 6.62% $11,334
GUARANTEED RATE AFFINITY, LLC 39 6.48% $8,423
ENDEAVOR CAPITAL, LLC. 39 6.69% $5,125
DAS Acquisition Company, LLC 38 7.01% $6,353
PENTAGON FEDERAL CREDIT UNION 37 5.78% $6,230
COMPASS MORTGAGE, INC. 37 6.72% $10,217
EAGLE HOME MORTGAGE, LLC 34 5.64% $5,391
AMERISAVE MORTGAGE CORPORATION 34 5.84% $16,263
GREENSTATE CREDIT UNION 33 6.42% $6,221
Plains Commerce Bank 32 6.53% $8,719
GERSHMAN INVESTMENT CORP. 28 6.95% $5,536
PNC Bank 28 6.75% $5,870
CARDINAL FINANCIAL 28 6.50% $9,724
LEADERONE FINANCIAL CORPORATION 27 6.96% $7,005
The Huntington National Bank 26 6.58% $6,014
PLANET HOME LENDING, LLC 25 6.59% $7,363
Paramount Residential Mortgage Group, Inc. 24 6.60% $8,774
MORTGAGE SOLUTIONS OF COLORADO, LLC 23 7.64% $4,900
CMG MORTGAGE, INC. 23 6.33% $8,300
MOVEMENT MORTGAGE, LLC 23 6.95% $5,817
AMERICAN PORTFOLIO MORTGAGE CORPORATION 22 6.69% $6,471
FCB Banks 20 6.44% $5,828
PRIMELENDING, A PLAINSCAPITAL COMPANY 20 6.72% $5,489
BAY EQUITY LLC 19 6.49% $11,760
ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 6.46% $8,923
DRAPER AND KRAMER MORTGAGE CORP. 19 6.49% $7,755
PROPER RATE, LLC 18 6.47% $9,840
Nations Lending Corporation 17 6.63% $8,548
Magnolia Bank 16 6.40% $14,625
Mid-Continent Funding, Inc. 16 6.31% $8,318
NBKC BANK 14 5.99% $8,215
Regions Bank 14 6.06% $6,459
SUN WEST MORTGAGE COMPANY, INC. 13 6.84% $6,323
M/I FINANCIAL, LLC 13 6.02% $12,179
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 13 6.57% $10,740
PLAZA HOME MORTGAGE, INC. 13 6.48% $9,528
HOMESIDE FINANCIAL, LLC 13 6.88% $8,701
Equity Prime Mortgage LLC 13 7.13% $6,719
CIBM Bank 13 6.78% $8,580
UNION HOME MORTGAGE CORP. 13 6.72% $8,658
Prosperity Home Mortgage, LLC 12 6.35% $8,190
PULTE MORTGAGE LLC 12 6.05% $10,239
SCOTT CREDIT UNION 12 5.91% $5,099
SUCCESS MORTGAGE PARTNERS, INC. 12 6.51% $7,605
Armed Forces Bank 12 6.06% $9,766
Blackhawk Bank 11 6.72% $7,064
Midwest BankCentre 11 6.58% $5,752
First Federal Bank 11 6.30% $6,495
UNITED HOME LOANS, INC. 11 6.45% $8,357
RUHL MORTGAGE, LLC 11 6.51% $5,867
Flanagan State Bank 10 6.75% $4,595
Busey Bank 10 6.56% $3,035
NVR Mortgage Finance, Inc. 10 6.02% $7,116
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 10 6.86% $10,018
Pacor Mortgage Corp 9 6.49% $10,373
Heartland Bank and Trust Company 9 6.58% $4,089
Citizens Bank 9 6.40% $3,726
ROYAL UNITED MORTGAGE LLC 9 6.81% $11,187
Community Mortgage Banc Corporation 9 7.22% $2,878
Servion, Inc. 9 6.56% $8,291
Ixonia Bank 9 7.10% $7,305
NP, Inc. 8 6.36% $6,871
Century Mortgage Company DBA Century Lending Company 8 6.78% $6,769
FirstTrust Home Loans, Inc. 8 7.14% $4,504
Fortress Bank 8 6.88% $5,004
LAKEVIEW LOAN SERVICING, LLC 8 6.42% $11,419
American Mortgage & Equity Consultants, Inc. 8 6.52% $9,878
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.50% $7,657
ENVOY MORTGAGE, LTD 7 6.57% $5,625
AMERICAN FINANCIAL NETWORK, INC. 7 6.91% $5,443
BNC National Bank 7 5.46% $9,271
Old Second National Bank 7 6.18% $10,236
Waterstone Mortgage Corporation 7 6.52% $8,114
TOWNE MORTGAGE COMPANY 6 6.83% $9,593
PREMIA MORTGAGE, LLC 6 5.89% $5,555
GENEVA FINANCIAL, LLC 6 7.04% $8,756
The Central Trust Bank 5 5.70% $9,058
Fifth Third Bank 5 6.28% $8,177
CONTOUR MORTGAGE CORPORATION 5 7.13% $13,835
Bank of Springfield 5 5.90% $5,973
Midland States Bank 5 6.50% $4,668
MICHIGAN MUTUAL, INC. 5 6.25% $5,422
Lakeview Community Capital, LLC 4 6.16% $8,240
Ameris Bank 4 6.41% $5,482
CIBC Bank USA 4 6.66% $9,095
FIRST COMMUNITY MORTGAGE, INC. 4 7.00% $16,944
First Savings Bank 4 6.00% $10,985
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 5.94% $4,032
NATIONS RELIABLE LENDING, LLC 4 6.66% $9,603
RUOFF MORTGAGE COMPANY, INC. 4 6.94% $4,452
SOVEREIGN LENDING GROUP INCORPORATED 4 5.81% $15,624
STOCKTON MORTGAGE CORPORATION 4 6.25% $11,987
T2 FINANCIAL LLC 4 6.59% $14,549
Cornerstone First Mortgage, Inc 3 7.54% $7,991
POINT Mortgage 3 6.83% $9,546
North American Savings Bank, F.S.B. 3 6.00% $8,727
SUMMIT FUNDING, INC. 3 6.58% $12,588
Peoples National Bank , N.A. 3 5.54% $8,946
FAMILY FINANCE MORTGAGE, LLC 3 6.50% $7,653
Bell Bank 3 7.08% $3,129
Paramount Bank 3 7.21% $12,579
OCMBC, INC. 3 6.88% $9,183
Old National Bank 3 6.79% $3,823
First Bank 3 6.63% $2,993
United Community Bank 3 6.29% $12,306
MLD MORTGAGE INC. 3 6.50% $7,428
Stifel Bank and Trust 3 6.00% $2,755
Service Federal Credit Union 3 5.75% $5,204
Carrington Mortgage Services, LLC 3 5.46% $10,943
CHURCHILL MORTGAGE CORPORATION 3 6.13% $6,892
Marine Bank 3 6.21% $10,391
Citibank 3 5.46% $6,790
Bank of America 3 6.71% $7,564
LADERA LENDING, INC. 2 5.69% $9,863
Mortgage Assurance Inc. 2 6.44% $5,800
MORTGAGEONE, INC. 2 7.75% $1,796
HOMESTAR FINANCIAL CORPORATION 2 7.00% $2,780
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 7.06% $6,243
NATIONS DIRECT MORTGAGE, LLC 2 7.00% $8,050
FRONTIER FINANCIAL, INC. 2 7.56% $10,099
First State Bank of St. Charles, Missouri 2 6.31% $2,798
First National Bank of Omaha 2 6.56% $5,072
Northpointe Bank 2 6.50% $9,556
FirstBank 2 6.50% $7,566
ON Q FINANCIAL, INC. 2 6.94% $5,240
PARLAY MORTGAGE & PROPERTY, INC. 2 6.56% $6,145
EVERETT FINANCIAL, INC. 2 7.25% $14,893
PHH Mortgage Corporation 2 6.81% $3,399
Platinum Home Mortgage Corporation 2 6.50% $11,049
Community First National Bank 2 6.25% $9,623
RELIANCE FIRST CAPITAL, LLC 2 5.94% $17,320
Residential Mortgage Solutions, Inc. 2 7.06% $11,353
CHERRY CREEK MORTGAGE, LLC 2 6.75% $9,698
ZILLOW HOME LOANS, LLC 2 7.00% $5,763
AMERICAN FINANCIAL RESOURCES, INC. 2 7.69% $5,652
American Bank and Trust Company 2 6.81% $3,499
Meridian Bank Corporation 2 6.43% $19,860
AMCAP MORTGAGE, LTD. 1 6.13% $7,351
Credence Funding Corporation 1 5.50% $1,866
CORNERSTONE HOME LENDING, INC. 1 5.63% $27,646
NFM, INC. 1 6.25% $9,759
First Merchants Bank 1 6.25% $6,897
PREMIER LENDING, INC. 1 7.25% $11,469
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $22,461
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.25% $550
Commerce Bank 1 6.50% $2,697
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.99% $11,806
Network Funding, L.P. 1 7.13% $19,867
First United Bank and Trust Company 1 6.88% $11,083
Chickasaw Community Bank 1 7.25% $5,430
VAN DYK MORTGAGE CORPORATION 1 6.00% $5,140
ALLIED MORTGAGE GROUP, INC. 1 7.00% $13,712
ROSS MORTGAGE CORPORATION 1 7.38% $20,214
Chicago Mortgage Solutions LLC 1 6.25% $10,888
ACADEMY MORTGAGE CORPORATION 1 7.50% $8,850
ALAMEDA MORTGAGE CORPORATION 1 5.99% $5,243
NBH Bank 1 7.25% $16,527
Semper Home Loans, Inc. 1 6.75% $5,982
First Western Trust Bank 1 6.13% $7,536
CANOPY MORTGAGE, LLC 1 6.25% $3,782
Simmons Bank 1 6.50% $3,163
Access Bank 1 7.50% $13,517
Springfield First Community Bank 1 7.00% $14,293
V.I.P. MORTGAGE, INC. 1 5.75% $17,774
WRIGHT-PATT CREDIT UNION, INC. 1 6.63% $2,952
Stride Bank 1 7.00% $2,309
Strong Home Mortgage, LLC 1 5.13% $14,544
Gateway First Bank 1 5.75% $27,574
Goldwater Bank, N.A. 1 7.25% $15,252
Sunflower Bank 1 5.13% $5,104
BAYSHORE MORTGAGE FUNDING, LLC 1 7.75% $7,555
KELLER MORTGAGE, LLC 1 6.13% $5,988
TBI MORTGAGE COMPANY 1 6.25% $1,745
THE ANDERSON FINANCIAL GROUP, INC. 1 5.75% $8,283
GSF Mortgage Corporation 1 6.63% $4,675
AXIA FINANCIAL, LLC 1 7.50% $5,987
Assurance Financial Group, L.L.C. 1 5.75% $16,601
THRIVE MORTGAGE, LLC 1 6.13% $11,542
TOP FLITE FINANCIAL, INC. 1 6.50% $2,257
Associated Bank 1 6.50% $3,900
Truist 1 6.70% $4,062
Tyndall Federal Credit Union 1 7.63% $23,024
Arvest Bank 1 5.50% $3,581
MLB RESIDENTIAL LENDING, LLC 1 7.25% $6,229
ONE NEVADA CREDIT UNION 1 5.25% $7,189
United Fidelity Funding Corp. 1 6.75% $1,305
FBC MORTGAGE, LLC 1 7.25% $3,422
PANORAMA MORTGAGE GROUP, LLC 1 5.13% $26,811
OCEANSIDE MORTGAGE COMPANY 1 6.63% $6,241
First Financial Bank 1 6.75% $3,118
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 6.75% $9,743
FAIR WAY LENDING LLC 1 7.75% $5,432
MID AMERICA MORTGAGE, INC. 1 6.50% $16,865
NORWICH COMMERCIAL GROUP, INC. 1 6.75% $21,857
LAND HOME FINANCIAL SERVICES, INC. 1 6.13% $15,103
CROWN MORTGAGE COMPANY 1 7.00% $12,609
CRESCENT MORTGAGE COMPANY 1 6.63% $3,644

The top Illinois VA lender as defined by loan originations is Mortgage Research Center, LLC, with 1,951 VA loans originated. Their average total fees are $6,181, which is $3,892 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Illinois VA lenders (with over 10 loans originated) are Busey Bank ($3,035), Flanagan State Bank ($4,595), MORTGAGE SOLUTIONS OF COLORADO, LLC ($4,900), SCOTT CREDIT UNION ($5,099) and ENDEAVOR CAPITAL, LLC. ($5,125).

The lowest rate Illinois VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.50%), EAGLE HOME MORTGAGE, LLC (5.64%), PENNYMAC LOAN SERVICES, LLC (5.70%), PENTAGON FEDERAL CREDIT UNION (5.78%) and Carrollton Bank (5.83%).

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.