Cleveland FHA Loans

CLEVELAND-ELYRIA, OH

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Cleveland's 189 lenders originated 10,579 FHA loans during 2021. The total origination value was $1,834,935,000, with an average FHA loan value of $173,451.

    Cleveland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cleveland averaged 5.51% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.35% and one month ago for the week of 2022-04-08, the average rate was 5.11%.

    The average rate one year ago was 3.22%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.16%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Cleveland FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cleveland level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CROSSCOUNTRY MORTGAGE, LLC 1,581 3.07% $7,431
    QUICKEN LOANS, LLC 1,418 2.78% $5,996
    The Huntington National Bank 436 3.07% $6,493
    LENDUS, LLC 325 3.24% $6,940
    LIBERTY HOME MORTGAGE CORPORATION 297 3.31% $7,766
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 279 3.33% $5,582
    FREEDOM MORTGAGE CORPORATION 236 2.95% $4,608
    Nations Lending Corporation 232 3.29% $6,465
    American Midwest Mortgage Corporation 226 3.15% $7,256
    UNION HOME MORTGAGE CORP. 224 3.33% $7,237
    Mr. Cooper ( Nationstar Mortgage ) 199 3.31% $3,307
    HOWARD HANNA FINANCIAL SERVICES, INC. 199 2.89% $7,371
    PENNYMAC LOAN SERVICES, LLC 188 3.15% $3,822
    CALIBER HOME LOANS, INC. 156 2.97% $5,654
    UNITED WHOLESALE MORTGAGE, LLC 148 2.83% $6,759
    RELIANCE FIRST CAPITAL, LLC 129 3.20% $6,642
    LOANDEPOT.COM, LLC 125 3.04% $7,584
    VILLAGE CAPITAL & INVESTMENT LLC 119 2.99% $2,104
    NVR Mortgage Finance, Inc. 106 3.03% $10,466
    LAKEVIEW LOAN SERVICING, LLC 105 3.11% $4,117
    RAPID MORTGAGE COMPANY 104 3.35% $7,326
    YOUR HOME FINANCIAL LLC 89 3.56% $6,790
    RUOFF MORTGAGE COMPANY, INC. 89 3.22% $4,955
    Paramount Residential Mortgage Group, Inc. 88 3.52% $7,627
    Fifth Third Bank 80 2.95% $5,699
    NEWREZ LLC 71 3.03% $5,024
    GUARANTEED RATE, INC. 64 2.92% $7,099
    AMERIFIRST FINANCIAL CORPORATION 60 3.31% $8,568
    HOME POINT FINANCIAL CORPORATION 59 2.98% $5,533
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 55 3.13% $8,460
    Waterstone Mortgage Corporation 54 3.25% $8,068
    NORTHERN MORTGAGE SERVICES, LLC 52 3.11% $4,345
    Dollar Bank, Federal Savings Bank 48 2.92% $5,510
    Citizens Bank 48 2.70% $5,931
    AMERISAVE MORTGAGE CORPORATION 46 3.11% $7,447
    UNION CAPITAL MORTGAGE CORPORATION 46 2.99% $6,407
    First Federal Savings and Loan Association of Lakewood 44 2.80% $6,405
    Carrington Mortgage Services, LLC 43 3.49% $6,974
    FIRST CENTENNIAL MORTGAGE CORPORATION 41 3.16% $7,460
    PNC Bank 39 2.80% $5,278
    Bank of England 39 3.31% $7,386
    PRIMARY RESIDENTIAL MORTGAGE, INC. 38 3.66% $7,538
    KeyBank 38 2.93% $6,488
    BROKER SOLUTIONS, INC. 37 3.22% $7,296
    NATIONS DIRECT MORTGAGE, LLC 35 3.05% $7,678
    PRIMELENDING, A PLAINSCAPITAL COMPANY 33 3.60% $7,883
    First Guaranty Mortgage Corporation 32 2.99% $5,405
    HOMEBRIDGE FINANCIAL SERVICES, INC. 31 2.60% $5,499
    LEADERONE FINANCIAL CORPORATION 28 3.35% $6,849
    JPMorgan Chase Bank 27 3.00% $3,785
    T2 FINANCIAL LLC 27 3.15% $9,175
    AmeriHome Mortgage Company, LLC 27 3.08% $3,877
    TCF National Bank 24 2.54% $5,341
    DELMAR FINANCIAL COMPANY 24 3.19% $7,225
    Goldwater Bank, N.A. 24 3.32% $7,749
    MUTUAL OF OMAHA MORTGAGE, INC. 24 2.93% $7,934
    POLARIS HOME FUNDING CORP. 23 3.35% $8,932
    MID AMERICA MORTGAGE, INC. 23 3.01% $4,971
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 22 2.95% $9,498
    RESIDENTIAL MORTGAGE SERVICES, INC. 22 2.95% $7,071
    Equity Prime Mortgage LLC 21 3.43% $5,324
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 21 3.33% $7,178
    Northpointe Bank 21 2.98% $7,575
    DRAPER AND KRAMER MORTGAGE CORP. 20 3.29% $7,681
    SUN WEST MORTGAGE COMPANY, INC. 20 3.01% $5,720
    NATIONWIDE MORTGAGE BANKERS, INC. 20 3.28% $7,607
    InterContinental Capital Group, Inc 20 2.93% $7,197
    Lakeview Community Capital, LLC 20 3.10% $4,225
    CELEBRITY HOME LOANS, LLC 20 3.63% $7,174
    MYCUMORTGAGE, LLC 19 2.82% $6,256
    U.S. Bank 19 3.41% $5,768
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 18 3.03% $7,141
    Flagstar Bank, FSB 18 2.97% $6,702
    The Federal Savings Bank 17 2.85% $8,224
    HOMESIDE FINANCIAL, LLC 17 3.24% $7,253
    Mortgage Research Center, LLC 16 3.07% $4,597
    Magnolia Bank 15 3.25% $6,564
    KELLER MORTGAGE, LLC 15 3.02% $6,354
    MORIA DEVELOPMENT, INC. 15 3.72% $7,419
    TOP FLITE FINANCIAL, INC. 14 3.36% $9,575
    AMERICAN FINANCIAL NETWORK, INC. 14 3.29% $10,984
    First Federal Bank of the Midwest 14 3.00% $6,407
    PLANET HOME LENDING, LLC 13 3.21% $6,123
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 2.91% $6,427
    ABSOLUTE HOME MORTGAGE CORPORATION 12 2.75% $8,930
    NFM, INC. 11 3.49% $8,432
    CMG MORTGAGE, INC. 10 3.05% $10,790
    US MORTGAGE CORPORATION 10 3.78% $6,677
    Paramount Bank 10 3.04% $7,560
    PLAZA HOME MORTGAGE, INC. 9 2.96% $6,267
    The Cortland Savings and Banking Company 9 3.07% $8,431
    WEST PENN FINANCIAL SERVICE CENTER, INC. 9 2.74% $5,330
    SIGNATURE MORTGAGE CORPORATION 9 3.08% $7,296
    GUILD MORTGAGE COMPANY 8 3.28% $9,329
    Manufacturers and Traders Trust Company 8 3.39% $6,094
    OCEANSIDE MORTGAGE COMPANY 7 2.66% $2,104
    TOWNE MORTGAGE COMPANY 7 3.57% $5,963
    DAS Acquisition Company, LLC 7 4.09% $7,609
    Hometown Equity Mortgage, LLC 7 3.13% $6,687
    First National Bank of Pennsylvania 7 2.64% $7,478
    ROYAL UNITED MORTGAGE LLC 7 3.02% $8,483
    LAND HOME FINANCIAL SERVICES, INC. 7 2.79% $7,031
    Victorian Finance, LLC 7 3.09% $6,306
    PULTE MORTGAGE LLC 6 2.79% $9,057
    Evolve Bank & Trust 6 3.25% $8,283
    First Commonwealth Bank 6 2.58% $7,654
    AMERICAN FINANCING CORPORATION 6 2.69% $7,004
    MOVEMENT MORTGAGE, LLC 5 3.43% $3,589
    GENEVA FINANCIAL, LLC 5 3.35% $8,613
    ZILLOW HOME LOANS, LLC 5 3.18% $6,407
    Plains Commerce Bank 4 2.69% $5,242
    Independent Bank 4 3.03% $6,459
    ALLIED MORTGAGE GROUP, INC. 4 3.41% $7,663
    Bank of America 4 3.13% $4,631
    SOUTHWEST FUNDING, LP 4 3.81% $10,217
    Ixonia Bank 4 3.34% $5,612
    CHURCHILL MORTGAGE CORPORATION 4 2.78% $7,968
    Northwest Bank 3 2.63% $4,576
    JLB CORPORATION 3 3.25% $6,849
    HALLMARK HOME MORTGAGE, LLC 3 3.33% $6,812
    First Federal Bank 3 2.83% $6,217
    FINANCE OF AMERICA MORTGAGE LLC 3 3.13% $5,468
    ENDEAVOR CAPITAL, LLC. 3 3.21% $4,998
    CityWorth Mortgage LLC 3 3.17% $5,838
    STOCKTON MORTGAGE CORPORATION 3 3.17% $6,863
    BAYSHORE MORTGAGE FUNDING, LLC 3 3.25% $5,539
    Barrington Bank & Trust Company, N.A. 3 3.38% $7,466
    Austin Capital Bank SSB 3 3.29% $7,727
    ARC HOME LLC 3 2.96% $10,071
    MIDLAND MORTGAGE CORPORATION 2 3.50% $8,160
    AMCAP MORTGAGE, LTD. 2 3.44% $8,723
    FAY SERVICING, LLC 2 3.19% $6,461
    PHH Mortgage Corporation 2 3.38% $3,559
    1st National Bank 2 2.81% $5,683
    EMBRACE HOME LOANS, INC. 2 3.00% $7,524
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 2 2.88% $6,022
    Civista Bank 2 2.88% $4,912
    Wells Fargo Bank 2 3.44% $2,087
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.25% $7,063
    Servion, Inc. 2 3.44% $4,759
    Western Ohio Mortgage Corporation 2 2.88% $9,920
    Wyndham Capital Mortgage, Inc. 2 3.13% $4,984
    MORTGAGE 1 INCORPORATED 2 3.50% $7,915
    THE EQUITABLE MORTGAGE CORPORATION 2 2.56% $6,393
    1ST SIGNATURE LENDING, LLC 2 2.94% $9,649
    Union Savings Bank 2 2.81% $6,404
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.50% $10,193
    Hometown Lenders, Inc. 2 3.38% $7,735
    HAMILTON HOME LOANS, INC. 2 2.56% $9,819
    GUARANTEED RATE AFFINITY, LLC 2 2.50% $7,624
    UNITED SECURITY FINANCIAL CORP 1 3.13% $8,685
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $7,083
    AMERICAN MORTGAGE SERVICE COMPANY 1 3.75% $7,211
    First Home Bank 1 2.63% $6,720
    Sierra Pacific Mortgage Company, Inc. 1 2.75% $8,501
    CALCON MUTUAL MORTGAGE LLC 1 3.88% $8,373
    SIRVA MORTGAGE, INC. 1 2.75% $10,909
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.25% $4,332
    MORTGAGE CENTER L.C 1 3.38% $5,445
    STEARNS LENDING, LLC 1 3.15% $13,639
    INOVA FEDERAL CREDIT UNION 1 3.13% $2,497
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $8,571
    BETTER MORTGAGE CORPORATION 1 3.13% $3,887
    ACADEMY MORTGAGE CORPORATION 1 3.63% $6,887
    Florida Capital Bank 1 3.13% $7,859
    First Savings Bank 1 2.63% $8,898
    VERITAS FUNDING, LLC 1 2.75% $8,985
    The Farmers National Bank of Canfield 1 3.13% $6,618
    Axos Bank 1 3.13% $9,689
    First Financial Bank 1 2.63% $6,728
    Guardian Savings Bank, A Federal Savings Bank 1 3.63% $6,827
    Midwest BankCentre 1 3.00% $9,207
    MICHIGAN MUTUAL, INC. 1 3.50% $4,953
    Peoples Bank 1 3.50% $6,700
    ANGEL OAK HOME LOANS LLC 1 3.50% $7,891
    Ameris Bank 1 3.00% $5,284
    EVERETT FINANCIAL, INC. 1 3.00% $5,518
    EVANSVILLE TEACHERS 1 3.25% $3,864
    EQUITY RESOURCES, INC. 1 3.88% $4,469
    AHL FUNDING 1 2.88% $12,282
    EMM LOANS LLC 1 3.63% $6,530
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.50% $5,850
    PRIORITY MORTGAGE CORP. 1 3.25% $8,066
    Prosperity Home Mortgage, LLC 1 3.63% $9,055
    DHI MORTGAGE COMPANY, LTD. 1 3.75% $6,809
    GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $6,653
    Comerica Bank 1 2.88% $8,308
    Colonial Savings, F.A. 1 3.75% $4,959
    RESIDENTIAL BANCORP. 1 2.75% $5,252

    The top Cleveland FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 1,581 FHA loans originated. Their average total fees are $7,431, which is $1,436 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cleveland FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,104), Mr. Cooper ( Nationstar Mortgage ) ($3,307), JPMorgan Chase Bank ($3,785), PENNYMAC LOAN SERVICES, LLC ($3,822) and AmeriHome Mortgage Company, LLC ($3,877).

    The lowest rate Cleveland FHA lenders (with over 10 loans originated) are TCF National Bank (2.54%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.60%), Citizens Bank (2.70%), ABSOLUTE HOME MORTGAGE CORPORATION (2.75%) and QUICKEN LOANS, LLC (2.78%).

    Cleveland FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CLEVELAND-ELYRIA, OH CUYAHOGA 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH GEAUGA 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH LAKE 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH LORAIN 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH MEDINA 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $161,450 (13.7%) $249,865 (7.8%) 0.59 5,631
    2018-02-01 $165,250 (13.3%) $258,192 (7.7%) 0.60 5,417
    2018-03-01 $173,900 (10.8%) $266,777 (6.6%) 0.60 5,310
    2018-04-01 $184,995 (16.4%) $277,638 (10.6%) 0.62 5,313
    2018-05-01 $191,445 (16.1%) $283,914 (9.7%) 0.64 5,508
    2018-06-01 $198,000 (14.3%) $285,130 (9.0%) 0.66 5,963
    2018-07-01 $190,000 (8.6%) $278,620 (6.0%) 0.63 6,441
    2018-08-01 $189,450 (11.5%) $273,689 (5.1%) 0.63 6,822
    2018-09-01 $185,000 (8.9%) $271,815 (5.7%) 0.62 6,867
    2018-10-01 $185,000 (10.5%) $269,349 (7.3%) 0.62 6,837
    2018-11-01 $184,175 (11.5%) $271,189 (8.8%) 0.62 6,683
    2018-12-01 $179,900 (10.4%) $269,474 (9.0%) 0.62 6,023
    2019-01-01 $179,900 (11.4%) $270,975 (8.5%) 0.62 5,623
    2019-02-01 $187,000 (13.2%) $280,065 (8.5%) 0.63 5,372
    2019-03-01 $198,471 (14.1%) $291,374 (9.2%) 0.65 5,355
    2019-04-01 $208,471 (12.7%) $299,212 (7.8%) 0.66 5,403
    2019-05-01 $202,450 (5.8%) $292,803 (3.1%) 0.62 5,560
    2019-06-01 $209,950 (6.0%) $294,370 (3.2%) 0.65 5,893
    2019-07-01 $206,600 (8.7%) $290,780 (4.4%) 0.64 6,219
    2019-08-01 $199,571 (5.3%) $287,473 (5.0%) 0.63 6,349
    2019-09-01 $198,950 (7.5%) $281,945 (3.7%) 0.63 6,365
    2019-10-01 $194,500 (5.1%) $281,892 (4.7%) 0.62 6,463
    2019-11-01 $189,900 (3.1%) $283,822 (4.7%) 0.61 6,179
    2019-12-01 $182,400 (1.4%) $280,897 (4.2%) 0.61 5,522
    2020-01-01 $181,500 (0.9%) $282,745 (4.3%) 0.61 4,936
    2020-02-01 $189,900 (1.6%) $298,935 (6.7%) 0.61 4,391
    2020-03-01 $205,481 (3.5%) $311,106 (6.8%) 0.64 4,203
    2020-04-01 $202,400 (-2.9%) $306,686 (2.5%) 0.63 4,082
    2020-05-01 $224,900 (11.1%) $334,070 (14.1%) 0.68 3,718
    2020-06-01 $239,900 (14.3%) $346,563 (17.7%) 0.70 3,457
    2020-07-01 $239,450 (15.9%) $346,278 (19.1%) 0.69 3,300
    2020-08-01 $235,000 (17.8%) $338,903 (17.9%) 0.67 3,211
    2020-09-01 $226,950 (14.1%) $335,133 (18.9%) 0.65 3,234
    2020-10-01 $209,999 (8.0%) $322,477 (14.4%) 0.60 3,352
    2020-11-01 $205,000 (8.0%) $320,400 (12.9%) 0.59 3,231
    2020-12-01 $199,900 (9.6%) $317,060 (12.9%) 0.59 2,914
    2021-01-01 $197,900 (9.0%) $319,128 (12.9%) 0.58 2,436
    2021-02-01 $202,450 (6.6%) $342,772 (14.7%) 0.58 1,983
    2021-03-01 $207,450 (1.0%) $339,275 (9.1%) 0.58 1,899
    2021-04-01 $223,950 (10.7%) $340,583 (11.1%) 0.60 1,863
    2021-05-01 $219,900 (-2.2%) $332,954 (-0.3%) 0.58 2,238
    2021-06-01 $219,000 (-8.7%) $319,926 (-7.7%) 0.57 2,644
    2021-07-01 $211,950 (-11.5%) $314,481 (-9.2%) 0.55 2,970
    2021-08-01 $199,950 (-14.9%) $305,355 (-9.9%) 0.53 3,216
    2021-09-01 $199,450 (-12.1%) $302,895 (-9.6%) 0.52 3,152
    2021-10-01 $189,900 (-9.6%) $292,825 (-9.2%) 0.50 3,190
    2021-11-01 $189,900 (-7.4%) $295,257 (-7.9%) 0.50 2,916
    2021-12-01 $183,750 (-8.1%) $289,302 (-8.8%) 0.49 2,541
    2022-01-01 $177,000 (-10.6%) $297,829 (-6.7%) 0.47 2,034
    2022-02-01 $176,950 (-12.6%) $308,516 (-10.0%) 0.45 1,825
    2022-03-01 $189,900 (-8.5%) $316,698 (-6.7%) 0.47 1,789
    2022-04-01 $194,000 (-13.4%) $316,524 (-7.1%) 0.46 1,860
    Cleveland's median listing price for 2022-04-01 was $194,000, a difference of $-29,950 (-13.4%) versus the prior year and $4,100 versus the prior month.

    Cleveland's median listing price comes in at 46% of the national average.

    Cleveland's average listing price for 2022-04-01 was $316,524, a difference of $-24,059 (-7.1%) versus the prior year and $-174 versus the prior month.

    For the 2022-04-01 period, Cleveland had 1,860 MLS listings, a difference of 71 listings (4%) versus the prior month and -3 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 91 days 1,713 sqft
    2018-02-01 89 days 1,728 sqft
    2018-03-01 65 days 1,768 sqft
    2018-04-01 57 days 1,796 sqft
    2018-05-01 53 days 1,819 sqft
    2018-06-01 52 days 1,868 sqft
    2018-07-01 53 days 2,102 sqft
    2018-08-01 55 days 2,075 sqft
    2018-09-01 60 days 2,072 sqft
    2018-10-01 65 days 2,053 sqft
    2018-11-01 66 days 2,039 sqft
    2018-12-01 74 days 2,000 sqft
    2019-01-01 83 days 2,000 sqft
    2019-02-01 84 days 2,013 sqft
    2019-03-01 63 days 2,061 sqft
    2019-04-01 52 days 2,088 sqft
    2019-05-01 53 days 1,851 sqft
    2019-06-01 55 days 1,868 sqft
    2019-07-01 55 days 1,897 sqft
    2019-08-01 54 days 1,976 sqft
    2019-09-01 59 days 2,028 sqft
    2019-10-01 63 days 2,032 sqft
    2019-11-01 64 days 2,000 sqft
    2019-12-01 73 days 1,946 sqft
    2020-01-01 83 days 1,942 sqft
    2020-02-01 81 days 1,950 sqft
    2020-03-01 60 days 1,988 sqft
    2020-04-01 59 days 1,991 sqft
    2020-05-01 68 days 2,052 sqft
    2020-06-01 58 days 2,072 sqft
    2020-07-01 47 days 2,078 sqft
    2020-08-01 47 days 2,052 sqft
    2020-09-01 46 days 1,998 sqft
    2020-10-01 42 days 1,944 sqft
    2020-11-01 48 days 1,922 sqft
    2020-12-01 57 days 1,884 sqft
    2021-01-01 67 days 1,870 sqft
    2021-02-01 66 days 1,837 sqft
    2021-03-01 48 days 1,832 sqft
    2021-04-01 45 days 1,857 sqft
    2021-05-01 36 days 1,868 sqft
    2021-06-01 35 days 1,900 sqft
    2021-07-01 37 days 1,896 sqft
    2021-08-01 39 days 1,858 sqft
    2021-09-01 43 days 1,865 sqft
    2021-10-01 44 days 1,814 sqft
    2021-11-01 47 days 1,789 sqft
    2021-12-01 55 days 1,779 sqft
    2022-01-01 61 days 1,728 sqft
    2022-02-01 58 days 1,736 sqft
    2022-03-01 45 days 1,765 sqft
    2022-04-01 39 days 1,800 sqft
    Cleveland's median listing age (time on market) for 2022-04-01 was 39 days. This is -12% shorter than the same period one year ago.

    Cleveland's median square footage for active listings during the 2022-04-01 period was 1,800 sqft. One year prior, the average listing was 1,857 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).