Illinois VA Loan Rates, Closing Costs & Stats

Illinois

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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.

    Illinois VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Illinois averaged 0.08% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.38% and one month ago for the week of 2024-10-11, the average rate was 6.05%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.22%.

    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.