Local guide
Buying near Naval Station Great Lakes with a VA loan
Short answer
Service members at Naval Station Great Lakes can buy in North Chicago, Waukegan, Gurnee, Libertyville and nearby Lake County towns with a VA loan and no down payment. 2026 BAH for the Great Lakes housing area (IL092) runs from $2,202 a month for an E-4 with dependents to $3,018 for an O-3. Lake County applies the same Illinois veteran exemptions as Cook County, including up to $250,000 off assessed value for a 70% or higher rating.
2026 BAH at Great Lakes (MHA IL092)
| Pay grade | With dependents | Without dependents |
|---|---|---|
| E-1 to E-4 | $2,202 | $1,653 |
| E-5 | $2,427 | $1,854 |
| E-6 | $2,760 | $2,067 |
| E-7 | $2,853 | $2,211 |
| O-1 | $2,475 | $1,977 |
| O-3 | $3,018 | $2,637 |
Monthly rates effective January 1, 2026. Confirm your exact rate with the Defense Travel Management Office BAH calculator.
What BAH can cover
Lenders count BAH as income for active-duty borrowers. As a rough guide, the table shows the loan amount whose principal and interest alone equals each BAH rate at an example 6.5% 30-year rate. Property taxes, insurance and any HOA come on top, and Lake County property taxes are a large part of a monthly payment, so a comfortable price is usually well below these figures.
| Pay grade (with dependents) | BAH | Loan where P&I equals BAH |
|---|---|---|
| E-4 | $2,202 | about $348,000 |
| E-5 | $2,427 | about $384,000 |
| E-6 | $2,760 | about $437,000 |
| E-7 | $2,853 | about $451,000 |
| O-3 | $3,018 | about $477,000 |
Illustration only, at an example rate, not a rate quote. Run your full numbers in the residual income calculator.
Lake County property tax breaks
- General homestead exemption: up to $8,000 off equalized assessed value in counties next to Cook, including Lake (Cook County’s is $10,000).
- Veterans with disabilities: $2,500 off EAV at 30% to 49%, $5,000 at 50% to 69%, and up to $250,000 at 70% or higher. Renew each year unless you are rated 100% permanent and total.
- Returning veterans: $5,000 off EAV for the year you return from active duty in an armed conflict and the next year.
- Adapted housing: up to $100,000 off EAV for homes adapted with a VA grant. It cannot be combined with the veterans with disabilities exemption.
Apply through the Lake County Assessment Office’s Smartfile e-filing portal. All Illinois veteran benefits.
Planning around PCS orders
- Buying before you report: you can close before you arrive if you will occupy the home within a reasonable time, generally 60 days.
- Deployment: a spouse living in the home satisfies VA’s occupancy rule.
- When you PCS out: you can keep the home as a rental after you have lived in it. Your remaining entitlement may let you buy at the next duty station with no down payment. Check your entitlement.
- Selling later: a buyer can assume your VA loan, which can help if your rate is low. How assumptions work.
Nearby towns
North Chicago, Waukegan, Lake Bluff, Libertyville, Gurnee, Vernon Hills, Mundelein and Zion are all within a short drive of the base. Each has different property tax rates and condo stock. Check VA approval for any condo building before you make an offer. VA condo approval.
Common questions
What is the 2026 BAH at Naval Station Great Lakes?
For the Great Lakes housing area (IL092), 2026 BAH with dependents is $2,202 for E-1 to E-4, $2,427 for E-5, $2,760 for E-6, $2,853 for E-7 and $3,018 for O-3.
Do Lake County disabled veterans get a property tax exemption?
Yes. Lake County applies the Illinois Standard Homestead Exemption for Veterans with Disabilities: $2,500 off EAV at 30% to 49%, $5,000 at 50% to 69%, and up to $250,000 at 70% or higher.
Can I keep my Great Lakes home as a rental after I PCS?
Yes. VA requires you to occupy the home first. After you move on orders you can rent it out, and remaining entitlement may let you buy again at your next station.
Sources
What will your VA funding fee be?
Enter a price and down payment to see the 2026 fee, or check whether you are exempt.
An independent guide. Not affiliated with or endorsed by the U.S. Department of Veterans Affairs, and not a lender. General information, not legal, tax or financial advice.