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 192 lenders originated 6,563 FHA loans during 2022. The total origination value was $1,156,445,000, with an average FHA loan value of $176,207.
Cleveland FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Cleveland
averaged
6.57%
for the week of 2023-09-15, compared to the national average (all FHA variants) of
6.991% for the same period.
Cleveland's average FHA mortgage closing costs are $6,571.
The average rate for the prior week (2023-09-08) was
6.48% and
one month ago for the week of 2023-08-11, the
average rate was 6.55%.
The average rate one year ago was 5.34%.
For refis of the same type during the week of 2023-09-15, the average rate
was 5.77%.
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
1,050 FHA loans originated. Their average total fees are
$8,936, which is $692
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Cleveland FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($4,421), JPMorgan Chase Bank ($5,196), PNC Bank ($5,242), LAKEVIEW LOAN SERVICING, LLC ($5,318) and NORTHERN MORTGAGE SERVICES, LLC ($5,649).
The lowest rate Cleveland FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (3.48%), LAKEVIEW LOAN SERVICING, LLC (4.00%), DELMAR FINANCIAL COMPANY (4.27%), PENNYMAC LOAN SERVICES, LLC (4.31%) and AMERISAVE MORTGAGE CORPORATION (4.32%).
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 |
| CLEVELAND-ELYRIA, OH | CUYAHOGA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CLEVELAND-ELYRIA, OH | GEAUGA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CLEVELAND-ELYRIA, OH | LAKE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CLEVELAND-ELYRIA, OH | LORAIN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CLEVELAND-ELYRIA, OH | MEDINA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
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 | $160,975 (13.2%) | $248,862 (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%) | $275,711 (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%) | $283,579 (8.6%) | 0.66 | 5,973 |
| 2018-07-01 | $190,000 (8.6%) | $277,454 (5.7%) | 0.63 | 6,460 |
| 2018-08-01 | $189,250 (11.4%) | $272,027 (4.7%) | 0.63 | 6,842 |
| 2018-09-01 | $185,000 (8.9%) | $270,528 (5.3%) | 0.62 | 6,917 |
| 2018-10-01 | $185,000 (10.5%) | $268,923 (7.6%) | 0.63 | 6,882 |
| 2018-11-01 | $184,400 (11.8%) | $270,651 (8.9%) | 0.63 | 6,722 |
| 2018-12-01 | $179,900 (10.4%) | $268,913 (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%) | $277,820 (8.2%) | 0.63 | 5,393 |
| 2019-03-01 | $198,471 (14.1%) | $289,308 (8.9%) | 0.65 | 5,399 |
| 2019-04-01 | $208,121 (12.5%) | $296,693 (7.6%) | 0.66 | 5,461 |
| 2019-05-01 | $202,450 (5.7%) | $289,952 (2.7%) | 0.63 | 5,636 |
| 2019-06-01 | $209,900 (6.1%) | $291,638 (2.8%) | 0.66 | 5,974 |
| 2019-07-01 | $204,899 (7.8%) | $288,336 (3.9%) | 0.64 | 6,277 |
| 2019-08-01 | $199,182 (5.3%) | $286,478 (5.3%) | 0.63 | 6,417 |
| 2019-09-01 | $197,955 (7.0%) | $283,276 (4.7%) | 0.63 | 6,466 |
| 2019-10-01 | $193,450 (4.6%) | $279,747 (4.0%) | 0.62 | 6,498 |
| 2019-11-01 | $184,900 (0.3%) | $276,516 (2.2%) | 0.61 | 6,216 |
| 2019-12-01 | $179,900 (0.0%) | $274,379 (2.0%) | 0.60 | 5,556 |
| 2020-01-01 | $179,700 (-0.1%) | $275,504 (2.4%) | 0.60 | 4,971 |
| 2020-02-01 | $185,000 (0.0%) | $289,370 (4.2%) | 0.61 | 4,437 |
| 2020-03-01 | $202,400 (2.0%) | $303,241 (4.8%) | 0.63 | 4,257 |
| 2020-04-01 | $199,900 (-4.0%) | $303,428 (2.3%) | 0.63 | 4,119 |
| 2020-05-01 | $215,450 (6.4%) | $317,606 (9.5%) | 0.65 | 3,763 |
| 2020-06-01 | $227,200 (8.2%) | $329,122 (12.9%) | 0.67 | 3,518 |
| 2020-07-01 | $235,000 (14.7%) | $333,621 (15.7%) | 0.68 | 3,354 |
| 2020-08-01 | $231,900 (16.4%) | $330,310 (15.3%) | 0.66 | 3,282 |
| 2020-09-01 | $217,123 (9.7%) | $316,840 (11.9%) | 0.62 | 3,280 |
| 2020-10-01 | $200,000 (3.4%) | $305,094 (9.1%) | 0.57 | 3,408 |
| 2020-11-01 | $199,450 (7.9%) | $305,776 (10.6%) | 0.58 | 3,297 |
| 2020-12-01 | $198,500 (10.3%) | $301,741 (10.0%) | 0.59 | 2,942 |
| 2021-01-01 | $189,900 (5.7%) | $307,380 (11.6%) | 0.57 | 2,471 |
| 2021-02-01 | $196,975 (6.5%) | $324,274 (12.1%) | 0.57 | 2,024 |
| 2021-03-01 | $210,500 (4.0%) | $337,690 (11.4%) | 0.60 | 1,962 |
| 2021-04-01 | $225,000 (12.6%) | $339,325 (11.8%) | 0.61 | 1,934 |
| 2021-05-01 | $221,389 (2.8%) | $332,864 (4.8%) | 0.59 | 2,312 |
| 2021-06-01 | $219,894 (-3.2%) | $319,852 (-2.8%) | 0.58 | 2,709 |
| 2021-07-01 | $214,900 (-8.6%) | $312,468 (-6.3%) | 0.57 | 3,061 |
| 2021-08-01 | $199,950 (-13.8%) | $304,681 (-7.8%) | 0.53 | 3,265 |
| 2021-09-01 | $198,950 (-8.4%) | $301,812 (-4.7%) | 0.53 | 3,206 |
| 2021-10-01 | $189,900 (-5.1%) | $292,643 (-4.1%) | 0.51 | 3,244 |
| 2021-11-01 | $189,900 (-4.8%) | $294,602 (-3.7%) | 0.51 | 2,946 |
| 2021-12-01 | $184,950 (-6.8%) | $290,283 (-3.8%) | 0.50 | 2,568 |
| 2022-01-01 | $179,000 (-5.7%) | $298,814 (-2.8%) | 0.48 | 2,072 |
| 2022-02-01 | $179,900 (-8.7%) | $308,332 (-4.9%) | 0.47 | 1,851 |
| 2022-03-01 | $189,900 (-9.8%) | $317,070 (-6.1%) | 0.48 | 1,828 |
| 2022-04-01 | $194,950 (-13.4%) | $315,213 (-7.1%) | 0.46 | 1,909 |
| 2022-05-01 | $217,000 (-2.0%) | $329,540 (-1.0%) | 0.50 | 2,269 |
| 2022-06-01 | $225,000 (2.3%) | $332,700 (4.0%) | 0.50 | 2,659 |
| 2022-07-01 | $224,950 (4.7%) | $324,786 (3.9%) | 0.51 | 3,123 |
| 2022-08-01 | $224,900 (12.5%) | $315,062 (3.4%) | 0.52 | 3,406 |
| 2022-09-01 | $219,700 (10.4%) | $308,764 (2.3%) | 0.51 | 3,403 |
| 2022-10-01 | $210,000 (10.6%) | $306,720 (4.8%) | 0.49 | 3,519 |
| 2022-11-01 | $199,900 (5.3%) | $304,039 (3.2%) | 0.48 | 3,441 |
| 2022-12-01 | $189,900 (2.7%) | $290,434 (0.1%) | 0.47 | 3,007 |
| 2023-01-01 | $190,200 (6.3%) | $298,154 (-0.2%) | 0.47 | 2,650 |
| 2023-02-01 | $199,450 (10.9%) | $316,817 (2.8%) | 0.48 | 2,365 |
| 2023-03-01 | $212,500 (11.9%) | $330,430 (4.2%) | 0.50 | 2,170 |
| 2023-04-01 | $225,000 (15.4%) | $341,993 (8.5%) | 0.52 | 2,196 |
| 2023-05-01 | $236,700 (9.1%) | $348,275 (5.7%) | 0.54 | 2,257 |
| 2023-06-01 | $248,480 (10.4%) | $354,638 (6.6%) | 0.56 | 2,409 |
| 2023-07-01 | $245,000 (8.9%) | $353,877 (9.0%) | 0.56 | 2,490 |
| 2023-08-01 | $249,900 (11.1%) | $356,113 (13.0%) | 0.57 | 2,583 |
Cleveland's median listing price comes in at 57% of the national average.
Cleveland's average listing price for 2023-08-01 was $356,113, a difference of $41,051 (13.0%) versus the prior year and $2,236 versus the prior month.
For the 2023-08-01 period, Cleveland had 2,583 MLS listings, a difference of 93 listings (4%) versus the prior month and -823 listings (-24%) 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 | 88 days | 1,693 sqft |
| 2018-02-01 | 84 days | 1,704 sqft |
| 2018-03-01 | 60 days | 1,749 sqft |
| 2018-04-01 | 53 days | 1,781 sqft |
| 2018-05-01 | 51 days | 1,805 sqft |
| 2018-06-01 | 50 days | 1,844 sqft |
| 2018-07-01 | 52 days | 2,057 sqft |
| 2018-08-01 | 53 days | 2,035 sqft |
| 2018-09-01 | 59 days | 2,028 sqft |
| 2018-10-01 | 62 days | 2,015 sqft |
| 2018-11-01 | 63 days | 2,007 sqft |
| 2018-12-01 | 71 days | 1,970 sqft |
| 2019-01-01 | 81 days | 1,966 sqft |
| 2019-02-01 | 79 days | 1,983 sqft |
| 2019-03-01 | 63 days | 2,022 sqft |
| 2019-04-01 | 49 days | 2,047 sqft |
| 2019-05-01 | 51 days | 1,832 sqft |
| 2019-06-01 | 52 days | 1,842 sqft |
| 2019-07-01 | 53 days | 1,870 sqft |
| 2019-08-01 | 55 days | 1,934 sqft |
| 2019-09-01 | 58 days | 1,985 sqft |
| 2019-10-01 | 61 days | 2,012 sqft |
| 2019-11-01 | 72 days | 1,959 sqft |
| 2019-12-01 | 80 days | 1,925 sqft |
| 2020-01-01 | 87 days | 1,921 sqft |
| 2020-02-01 | 85 days | 1,928 sqft |
| 2020-03-01 | 63 days | 1,966 sqft |
| 2020-04-01 | 58 days | 1,969 sqft |
| 2020-05-01 | 72 days | 1,999 sqft |
| 2020-06-01 | 63 days | 2,036 sqft |
| 2020-07-01 | 49 days | 2,062 sqft |
| 2020-08-01 | 49 days | 2,030 sqft |
| 2020-09-01 | 55 days | 1,964 sqft |
| 2020-10-01 | 51 days | 1,927 sqft |
| 2020-11-01 | 57 days | 1,908 sqft |
| 2020-12-01 | 66 days | 1,870 sqft |
| 2021-01-01 | 74 days | 1,855 sqft |
| 2021-02-01 | 70 days | 1,823 sqft |
| 2021-03-01 | 44 days | 1,835 sqft |
| 2021-04-01 | 40 days | 1,852 sqft |
| 2021-05-01 | 32 days | 1,867 sqft |
| 2021-06-01 | 33 days | 1,888 sqft |
| 2021-07-01 | 33 days | 1,892 sqft |
| 2021-08-01 | 37 days | 1,850 sqft |
| 2021-09-01 | 42 days | 1,850 sqft |
| 2021-10-01 | 43 days | 1,802 sqft |
| 2021-11-01 | 46 days | 1,782 sqft |
| 2021-12-01 | 53 days | 1,771 sqft |
| 2022-01-01 | 58 days | 1,732 sqft |
| 2022-02-01 | 50 days | 1,730 sqft |
| 2022-03-01 | 40 days | 1,757 sqft |
| 2022-04-01 | 36 days | 1,796 sqft |
| 2022-05-01 | 33 days | 1,836 sqft |
| 2022-06-01 | 34 days | 1,844 sqft |
| 2022-07-01 | 35 days | 1,850 sqft |
| 2022-08-01 | 39 days | 1,848 sqft |
| 2022-09-01 | 45 days | 1,815 sqft |
| 2022-10-01 | 45 days | 1,816 sqft |
| 2022-11-01 | 45 days | 1,801 sqft |
| 2022-12-01 | 55 days | 1,786 sqft |
| 2023-01-01 | 60 days | 1,788 sqft |
| 2023-02-01 | 53 days | 1,796 sqft |
| 2023-03-01 | 44 days | 1,800 sqft |
| 2023-04-01 | 42 days | 1,832 sqft |
| 2023-05-01 | 38 days | 1,824 sqft |
| 2023-06-01 | 38 days | 1,864 sqft |
| 2023-07-01 | 39 days | 1,856 sqft |
| 2023-08-01 | 39 days | 1,894 sqft |
Cleveland's median square footage for active listings during the 2023-08-01 period was 1,894 sqft. One year prior, the average listing was 1,848 sqft.