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 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.