Purchase Tips · April 19, 2025
VA Loans for Illinois, Florida and Indiana Veterans
If you have served, you have earned one of the most powerful mortgage tools available. Here is everything IL, FL, and IN veterans need to know about VA loans.
The VA home loan benefit is one of the most valuable financial tools available to American veterans — and one of the most underutilized.
Core Benefits
$0 Down Payment: No down payment ever required. On a $350,000 home that is $35,000-$70,000 you do not need to save.
No PMI: Saves $150-$400/month vs. low-down-payment conventional loans. Over 30 years: $54,000-$144,000 in savings.
Competitive Rates: Typically 0.25-0.50% below conventional. On a $350,000 loan: $50-$100/month savings.
Reusable Benefit: Use it multiple times throughout your lifetime.
The VA Funding Fee
A one-time fee: 2.15% for first use with $0 down (can be financed). Veterans with service-connected disability ratings and Purple Heart recipients are fully exempt.
Eligibility
Active duty 90 continuous days, veterans with honorable discharge and minimum service periods, National Guard/Reserve with 6+ years or activated for 90+ days, surviving spouses of veterans who died in service or from service-connected disability.
HMS specializes in VA financing across IL, FL, and IN. Call 309-222-8286.