Cleveland FHA Loan Rates, Closing Costs & Stats
CLEVELAND-ELYRIA, OH
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
6.04%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Cleveland's average FHA mortgage closing costs are $6,236.
The average rate for the prior week (2023-01-20) was
6.01% and
one month ago for the week of 2022-12-23, the
average rate was 6.5%.
The average rate one year ago was 3.69%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.79%.
Cleveland FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cleveland level.
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 MORTGAGE ($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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $160,975 (13.2%) | $248,869 (7.4%) | 0.60 | 5,646 |
2018-02-01 | $165,345 (13.1%) | $256,872 (7.2%) | 0.60 | 5,425 |
2018-03-01 | $173,950 (10.9%) | $265,707 (6.3%) | 0.61 | 5,333 |
2018-04-01 | $184,950 (16.3%) | $275,720 (10.0%) | 0.63 | 5,315 |
2018-05-01 | $191,500 (15.4%) | $282,313 (9.2%) | 0.64 | 5,515 |
2018-06-01 | $197,900 (13.6%) | $283,691 (8.6%) | 0.66 | 5,973 |
2018-07-01 | $190,000 (8.6%) | $277,457 (5.7%) | 0.63 | 6,460 |
2018-08-01 | $189,350 (11.5%) | $272,034 (4.7%) | 0.63 | 6,842 |
2018-09-01 | $185,000 (8.9%) | $270,543 (5.3%) | 0.62 | 6,917 |
2018-10-01 | $185,000 (10.5%) | $268,897 (7.6%) | 0.63 | 6,882 |
2018-11-01 | $184,400 (11.8%) | $270,660 (8.9%) | 0.63 | 6,722 |
2018-12-01 | $179,900 (10.5%) | $268,831 (9.0%) | 0.62 | 6,053 |
2019-01-01 | $179,900 (11.8%) | $269,050 (8.1%) | 0.62 | 5,639 |
2019-02-01 | $185,000 (11.9%) | $277,821 (8.2%) | 0.62 | 5,393 |
2019-03-01 | $198,471 (14.1%) | $289,343 (8.9%) | 0.65 | 5,401 |
2019-04-01 | $208,334 (12.6%) | $296,695 (7.6%) | 0.66 | 5,463 |
2019-05-01 | $202,450 (5.7%) | $289,937 (2.7%) | 0.63 | 5,641 |
2019-06-01 | $209,900 (6.1%) | $291,644 (2.8%) | 0.66 | 5,980 |
2019-07-01 | $204,875 (7.8%) | $288,264 (3.9%) | 0.64 | 6,285 |
2019-08-01 | $199,179 (5.2%) | $286,374 (5.3%) | 0.63 | 6,426 |
2019-09-01 | $197,948 (7.0%) | $283,127 (4.7%) | 0.63 | 6,476 |
2019-10-01 | $193,445 (4.6%) | $279,565 (4.0%) | 0.62 | 6,509 |
2019-11-01 | $184,900 (0.3%) | $276,376 (2.1%) | 0.61 | 6,227 |
2019-12-01 | $179,900 (0.0%) | $274,191 (2.0%) | 0.60 | 5,567 |
2020-01-01 | $179,700 (-0.1%) | $275,276 (2.3%) | 0.60 | 4,982 |
2020-02-01 | $185,000 (0.0%) | $289,060 (4.1%) | 0.60 | 4,448 |
2020-03-01 | $202,400 (2.0%) | $302,889 (4.7%) | 0.63 | 4,268 |
2020-04-01 | $199,900 (-4.1%) | $303,122 (2.2%) | 0.63 | 4,130 |
2020-05-01 | $215,000 (6.2%) | $317,181 (9.4%) | 0.65 | 3,774 |
2020-06-01 | $226,950 (8.1%) | $328,740 (12.7%) | 0.67 | 3,529 |
2020-07-01 | $235,000 (14.7%) | $333,303 (15.6%) | 0.68 | 3,364 |
2020-08-01 | $230,990 (16.0%) | $329,828 (15.2%) | 0.66 | 3,293 |
2020-09-01 | $215,950 (9.1%) | $316,382 (11.8%) | 0.62 | 3,291 |
2020-10-01 | $199,950 (3.4%) | $304,714 (9.0%) | 0.57 | 3,419 |
2020-11-01 | $199,450 (7.9%) | $305,257 (10.5%) | 0.58 | 3,308 |
2020-12-01 | $197,000 (9.5%) | $301,299 (9.9%) | 0.59 | 2,953 |
2021-01-01 | $189,900 (5.7%) | $306,799 (11.5%) | 0.57 | 2,482 |
2021-02-01 | $196,000 (6.0%) | $323,525 (11.9%) | 0.57 | 2,035 |
2021-03-01 | $209,500 (3.5%) | $336,918 (11.2%) | 0.59 | 1,973 |
2021-04-01 | $225,000 (12.6%) | $338,714 (11.7%) | 0.61 | 1,944 |
2021-05-01 | $220,000 (2.3%) | $331,867 (4.6%) | 0.58 | 2,319 |
2021-06-01 | $219,450 (-3.3%) | $319,160 (-2.9%) | 0.58 | 2,716 |
2021-07-01 | $214,900 (-8.6%) | $312,059 (-6.4%) | 0.57 | 3,068 |
2021-08-01 | $199,950 (-13.4%) | $304,329 (-7.7%) | 0.53 | 3,273 |
2021-09-01 | $198,950 (-7.9%) | $301,382 (-4.7%) | 0.53 | 3,214 |
2021-10-01 | $189,900 (-5.0%) | $292,209 (-4.1%) | 0.51 | 3,254 |
2021-11-01 | $189,800 (-4.8%) | $294,013 (-3.7%) | 0.51 | 2,956 |
2021-12-01 | $184,950 (-6.1%) | $289,835 (-3.8%) | 0.50 | 2,578 |
2022-01-01 | $179,000 (-5.7%) | $298,140 (-2.8%) | 0.48 | 2,081 |
2022-02-01 | $179,800 (-8.3%) | $307,355 (-5.0%) | 0.47 | 1,860 |
2022-03-01 | $189,900 (-9.4%) | $316,211 (-6.2%) | 0.48 | 1,838 |
2022-04-01 | $194,900 (-13.4%) | $313,338 (-7.5%) | 0.47 | 1,918 |
2022-05-01 | $215,325 (-2.1%) | $327,914 (-1.2%) | 0.49 | 2,278 |
2022-06-01 | $225,000 (2.5%) | $331,350 (3.8%) | 0.50 | 2,668 |
2022-07-01 | $224,900 (4.7%) | $323,433 (3.6%) | 0.51 | 3,133 |
2022-08-01 | $224,450 (12.3%) | $313,906 (3.2%) | 0.52 | 3,416 |
2022-09-01 | $219,450 (10.3%) | $307,732 (2.1%) | 0.51 | 3,412 |
2022-10-01 | $209,900 (10.5%) | $305,627 (4.6%) | 0.49 | 3,526 |
2022-11-01 | $199,900 (5.3%) | $302,792 (3.0%) | 0.48 | 3,449 |
2022-12-01 | $189,900 (2.7%) | $287,978 (-0.6%) | 0.47 | 3,038 |
Cleveland's median listing price comes in at 47% of the national average.
Cleveland's average listing price for 2022-12-01 was $287,978, a difference of $-1,857 (-0.6%) versus the prior year and $-14,814 versus the prior month.
For the 2022-12-01 period, Cleveland had 3,038 MLS listings, a difference of -411 listings (-12%) versus the prior month and 460 listings (18%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 92 days | 1,693 sqft |
2018-02-01 | 90 days | 1,703 sqft |
2018-03-01 | 65 days | 1,745 sqft |
2018-04-01 | 57 days | 1,779 sqft |
2018-05-01 | 53 days | 1,805 sqft |
2018-06-01 | 52 days | 1,848 sqft |
2018-07-01 | 54 days | 2,064 sqft |
2018-08-01 | 56 days | 2,035 sqft |
2018-09-01 | 61 days | 2,028 sqft |
2018-10-01 | 66 days | 2,015 sqft |
2018-11-01 | 66 days | 2,005 sqft |
2018-12-01 | 74 days | 1,972 sqft |
2019-01-01 | 85 days | 1,967 sqft |
2019-02-01 | 84 days | 1,986 sqft |
2019-03-01 | 67 days | 2,021 sqft |
2019-04-01 | 53 days | 2,045 sqft |
2019-05-01 | 53 days | 1,831 sqft |
2019-06-01 | 55 days | 1,843 sqft |
2019-07-01 | 56 days | 1,870 sqft |
2019-08-01 | 58 days | 1,937 sqft |
2019-09-01 | 61 days | 1,987 sqft |
2019-10-01 | 65 days | 2,014 sqft |
2019-11-01 | 78 days | 1,959 sqft |
2019-12-01 | 85 days | 1,926 sqft |
2020-01-01 | 93 days | 1,921 sqft |
2020-02-01 | 92 days | 1,928 sqft |
2020-03-01 | 70 days | 1,969 sqft |
2020-04-01 | 62 days | 1,971 sqft |
2020-05-01 | 78 days | 1,997 sqft |
2020-06-01 | 73 days | 2,034 sqft |
2020-07-01 | 53 days | 2,060 sqft |
2020-08-01 | 52 days | 2,029 sqft |
2020-09-01 | 60 days | 1,962 sqft |
2020-10-01 | 55 days | 1,924 sqft |
2020-11-01 | 61 days | 1,906 sqft |
2020-12-01 | 71 days | 1,870 sqft |
2021-01-01 | 78 days | 1,855 sqft |
2021-02-01 | 76 days | 1,822 sqft |
2021-03-01 | 47 days | 1,833 sqft |
2021-04-01 | 43 days | 1,852 sqft |
2021-05-01 | 34 days | 1,871 sqft |
2021-06-01 | 35 days | 1,886 sqft |
2021-07-01 | 36 days | 1,890 sqft |
2021-08-01 | 38 days | 1,850 sqft |
2021-09-01 | 43 days | 1,850 sqft |
2021-10-01 | 44 days | 1,802 sqft |
2021-11-01 | 47 days | 1,782 sqft |
2021-12-01 | 54 days | 1,773 sqft |
2022-01-01 | 61 days | 1,734 sqft |
2022-02-01 | 53 days | 1,732 sqft |
2022-03-01 | 42 days | 1,756 sqft |
2022-04-01 | 37 days | 1,792 sqft |
2022-05-01 | 34 days | 1,835 sqft |
2022-06-01 | 35 days | 1,843 sqft |
2022-07-01 | 36 days | 1,850 sqft |
2022-08-01 | 40 days | 1,848 sqft |
2022-09-01 | 46 days | 1,814 sqft |
2022-10-01 | 47 days | 1,816 sqft |
2022-11-01 | 47 days | 1,803 sqft |
2022-12-01 | 57 days | 1,781 sqft |
Cleveland's median square footage for active listings during the 2022-12-01 period was 1,781 sqft. One year prior, the average listing was 1,773 sqft.