Illinois va loans – official va mortgage website

The VA does not have an exact limit on how much you are able to borrow to finance your home. The primary factor contributing to the limit on your loan is the amount of liability the VA is willing to assume. These loan limits vary by county and city. To help assist you we have compiled a list all the major cities in Illinois. (For updated loan limits, click here) Illinois Major Cities Media Home Price

Naperville (median home price: $352,300) Located in DuPage county and a western suburb of nearby Chicago, Illinois is Naperville. With an approximate population of 150,000, residents Naperville was listed in 2012 by Money Magazine as one of the top 100 places to live in the United States. The public schools are highly regarded, and the median home price reflects its desirability.


Despite the median price around $350,000, the VA home loan limit for Naperville is still below the $417,000 VA loan limit.

Joliet (median home price: $107,300) About an hour’s drive southwest of downtown Chicago is Joliet. Named after explorer Louis Jolliet, the city has been one a popular destination for veterans and is almost always on a “fast growing” city list. Its proximity to Chicago allows for commuters to work in Chicago and the immediate area while still enjoying the affordable quality of life. Those with their VA home loan benefit will find multiple properties that fit their budget.

Chicago (median home price: $177,600) The Windy City is the third largest city in the country and is located on the southwest shore of Lake Michigan. Home to one of the busiest ports in the world, Chicago also produces more than $500 billion in goods and services spread across multiple business sectors, including financial services and the home of the Federal Reserve Bank of Chicago. Although the downtown areas command a higher sales price, the surrounding Chicago area is surprisingly affordable and VA eligible borrowers can take advantage of single family homes as well as condominium choices.

Aurora (median home price: $131,800) Further west of Chicago is the town of Aurora with a population of around 200,000. Aurora’s appreciation of its roots is evident with the preservation of a multitude of historic structures. The median family income is quite high, just above $60,000 per year and residents can find employment through a diverse economy including a strong manufacturing base with a well known companies such as Caterpillar.

Peoria (median home price: $86,600) “But will it play in Peoria” is a popular catch phrase coined by politicians of the past. The people of Peoria are part of the venerable Midwest and are located right along the Illinois River in the relative center of Illinois. Household income is lower compared to some of the larger metropolitan areas of Illinois yet the median home value makes up for that providing Peoria veterans and non-veterans alike with a very affordable housing base. Statistics stated above can change daily, without notice. For update statistics visit: zillow.com for Median Home Pricing Information city-data.com for Population & Income Statistics Illinois Military Bases