Cleveland FHA Loan Rates, Closing Costs & Stats

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 168 lenders originated 5,012 FHA loans during 2024. The total origination value was $1,058,810,000, with an average FHA loan value of $211,255.

    Cleveland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cleveland averaged 0.53% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Cleveland's average FHA mortgage closing costs are $7,128.

    The average rate for the prior week (2025-06-13) was 6.81% and one month ago for the week of 2025-05-16, the average rate was 6.67%.

    The average rate one year ago was 6.83%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.6%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cleveland level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 865 6.68% $10,100
    QUICKEN LOANS, LLC 644 6.38% $10,064
    UNITED WHOLESALE MORTGAGE, LLC 238 6.32% $11,217
    NVR Mortgage Finance, Inc. 179 6.34% $11,004
    The Huntington National Bank 147 6.73% $8,088
    RUOFF MORTGAGE COMPANY, INC. 128 6.71% $6,206
    FREEDOM MORTGAGE CORPORATION 122 6.56% $11,174
    LIBERTY HOME MORTGAGE CORPORATION 105 6.70% $9,570
    S1L, Inc. 94 6.60% $10,442
    NORTHERN MORTGAGE SERVICES, LLC 83 6.66% $5,855
    PENNYMAC LOAN SERVICES, LLC 81 6.00% $8,945
    LOANDEPOT.COM, LLC 74 6.30% $10,363
    HOWARD HANNA FINANCIAL SERVICES, INC. 68 6.54% $9,020
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 62 6.82% $6,722
    Fifth Third Bank 61 6.61% $6,692
    Nations Lending Corporation 60 6.59% $8,865
    UNION HOME MORTGAGE CORP. 60 6.68% $11,013
    BROKER SOLUTIONS, INC. 51 6.86% $10,639
    Citizens Bank 45 6.39% $8,034
    NEWREZ LLC 44 6.61% $9,991
    MUTUAL OF OMAHA MORTGAGE, INC. 43 6.69% $12,398
    RELIANCE FIRST CAPITAL, LLC 43 6.68% $8,136
    KeyBank 36 6.21% $7,510
    Mr. Cooper ( Nationstar Mortgage ) 36 6.49% $10,855
    AMERICAN PACIFIC MORTGAGE CORPORATION 30 6.79% $11,972
    UNION CAPITAL MORTGAGE CORPORATION 29 6.49% $10,700
    Equity Prime Mortgage LLC 28 7.04% $9,773
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 26 5.30% $10,897
    U.S. Bank 26 6.72% $7,633
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 26 6.89% $10,614
    MOVEMENT MORTGAGE, LLC 25 6.76% $10,099
    Carrington Mortgage Services, LLC 24 6.57% $10,525
    GUARANTEED RATE, INC. 24 6.62% $10,667
    HOMESIDE FINANCIAL, LLC 23 6.52% $12,698
    Paramount Residential Mortgage Group, Inc. 22 6.28% $11,614
    POLARIS HOME FUNDING CORP. 22 6.42% $11,200
    ENDEAVOR CAPITAL, LLC. 21 6.28% $9,406
    Ixonia Bank 21 6.69% $10,013
    ABSOLUTE HOME MORTGAGE CORPORATION 19 6.78% $10,759
    GUILD MORTGAGE COMPANY 19 6.57% $9,232
    Dollar Bank, Federal Savings Bank 19 6.75% $6,224
    YOUR HOME FINANCIAL LLC 19 6.78% $10,541
    Union Savings Bank 19 6.32% $7,421
    AMERICAN FINANCIAL NETWORK, INC. 18 6.81% $12,484
    NATIONS DIRECT MORTGAGE, LLC 17 6.58% $10,514
    AMERISAVE MORTGAGE CORPORATION 17 6.17% $12,721
    Flagstar Bank, FSB 17 6.53% $8,757
    First Federal Savings and Loan Association of Lakewood 16 6.55% $8,112
    ALLIED MORTGAGE GROUP, INC. 16 6.09% $9,705
    SUN WEST MORTGAGE COMPANY, INC. 15 6.22% $12,836
    NFM, INC. 15 6.89% $12,120
    LAKEVIEW LOAN SERVICING, LLC 14 6.52% $8,600
    VILLAGE CAPITAL MORTGAGE 14 6.55% $5,696
    MID AMERICA MORTGAGE, INC. 14 7.03% $6,893
    Mortgage Research Center, LLC 14 6.76% $6,176
    JPMorgan Chase Bank 14 6.56% $6,913
    PNC Bank 14 6.75% $7,501
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 6.39% $7,942
    PULTE MORTGAGE LLC 13 5.98% $8,145
    LOANPAL, LLC 13 5.77% $9,451
    AMERICAN FINANCING CORPORATION 12 5.60% $11,640
    ZILLOW HOME LOANS, LLC 12 6.81% $8,396
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 7.09% $9,046
    PLAZA HOME MORTGAGE, INC. 11 7.40% $10,700
    PLANET HOME LENDING, LLC 10 6.44% $5,051
    AmeriHome Mortgage Company, LLC 9 6.68% $5,412
    TOP FLITE FINANCIAL, INC. 9 6.83% $11,417
    TOWNE MORTGAGE COMPANY 8 6.56% $10,622
    CARDINAL FINANCIAL 8 6.45% $10,277
    MYCUMORTGAGE, LLC 8 6.70% $8,339
    ROYAL UNITED MORTGAGE LLC 8 6.73% $10,920
    MICHIGAN MUTUAL, INC. 7 6.68% $7,755
    SOUTHWEST FUNDING, LP 6 7.50% $11,140
    First Federal Bank of the Midwest 6 6.29% $8,940
    V.I.P. MORTGAGE, INC. 6 6.31% $13,153
    First National Bank of Pennsylvania 6 6.29% $9,642
    OCEANSIDE MORTGAGE COMPANY 5 6.22% $3,520
    AMERICAN FINANCIAL RESOURCES, INC. 5 7.30% $10,161
    CMG MORTGAGE, INC. 5 6.00% $11,302
    M&T Bank 5 6.35% $7,652
    EMM LOANS LLC 5 6.03% $13,046
    CHURCHILL MORTGAGE CORPORATION 5 6.85% $11,105
    FIRST COLONY MORTGAGE CORPORATION 5 5.95% $8,291
    VERITAS FUNDING, LLC 4 6.03% $12,822
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.47% $5,012
    MORTGAGE CENTER L.C 4 7.06% $9,414
    Alcova Mortgage LLC 4 6.75% $11,914
    BETTER MORTGAGE CORPORATION 4 6.56% $8,358
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.88% $12,796
    FIRST COMMUNITY MORTGAGE, INC. 4 6.50% $7,632
    Texana Bank 4 6.88% $4,996
    WEST PENN FINANCIAL SERVICE CENTER, INC. 4 6.59% $7,226
    SIRVA MORTGAGE, INC. 3 7.21% $7,840
    Residential Mortgage Solutions, Inc. 3 6.04% $8,749
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 3 5.92% $8,525
    LEADERONE FINANCIAL CORPORATION 3 6.67% $13,458
    The Loan Store, Inc. 3 6.46% $10,508
    AmRes Corporation 3 6.21% $12,989
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.75% $10,328
    The Federal Savings Bank 3 6.75% $10,087
    PENTAGON FEDERAL CREDIT UNION 3 5.96% $8,113
    MILEND, INC. 3 6.38% $16,108
    Prosperity Home Mortgage, LLC 3 6.08% $13,057
    Florida Capital Bank 3 6.58% $9,322
    VAN DYK MORTGAGE CORPORATION 3 6.58% $7,867
    FIRST EQUITY MORTGAGE INCORPORATED 3 6.13% $11,929
    Magnolia Bank 3 6.42% $9,845
    Lakeview Community Capital, LLC 3 6.21% $8,568
    Barrington Bank & Trust Company, N.A. 2 7.00% $6,578
    First Federal Bank 2 6.19% $8,360
    CALCON MUTUAL MORTGAGE LLC 2 6.94% $9,025
    Civista Bank 2 6.25% $5,901
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.56% $17,726
    US MORTGAGE CORPORATION 2 7.13% $8,641
    EQUITY RESOURCES, INC. 2 6.81% $7,494
    NATIONS RELIABLE LENDING, LLC 2 6.88% $8,351
    Cf Bank 2 6.19% $6,911
    NEW DAY FINANCIAL, LLC 2 7.38% $5,565
    The Farmers National Bank of Canfield 2 6.38% $11,708
    Northpointe Bank 2 6.63% $11,767
    STOCKTON MORTGAGE CORPORATION 2 6.25% $20,174
    Plains Commerce Bank 2 6.31% $10,924
    Princeton Mortgage Corporation 2 6.81% $7,925
    GENEVA FINANCIAL, LLC 2 7.69% $7,037
    The State Bank and Trust Company 1 6.25% $12,959
    ALLIANT CREDIT UNION 1 5.75% $12,494
    American Mortgage & Equity Consultants, Inc. 1 6.63% $12,847
    American Security Mortgage Corp. 1 6.25% $11,972
    AMERITRUST MORTGAGE CORPORATION 1 5.75% $10,879
    BAY EQUITY LLC 1 6.25% $7,130
    BECKAM FUNDING CORP. 1 7.50% $7,569
    CANOPY MORTGAGE, LLC 1 5.99% $24,844
    Capital Bank 1 5.75% $9,102
    Century Mortgage Company DBA Century Lending Company 1 6.25% $6,112
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $9,737
    DAS Acquisition Company, LLC 1 6.25% $15,806
    East Coast Capital Corp. 1 6.13% $13,558
    ENVOY MORTGAGE, LTD 1 7.00% $9,827
    First Financial Bank 1 6.75% $9,045
    GREENSTATE CREDIT UNION 1 6.38% $11,712
    GSF Mortgage Corporation 1 6.63% $10,975
    GVC MORTGAGE, INC. 1 6.63% $10,238
    HALLMARK HOME MORTGAGE, LLC 1 7.25% $9,217
    HOMESPIRE MORTGAGE CORPORATION 1 7.00% $6,625
    Hometown Equity Mortgage, LLC 1 5.13% $9,391
    KINECTA 1 6.63% $7,273
    Kwik Mortgage Corporation 1 7.25% $10,245
    M/I FINANCIAL, LLC 1 6.13% $11,102
    MMS MORTGAGE SERVICES, LTD. 1 6.50% $8,004
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $36,295
    NBKC BANK 1 6.13% $7,460
    NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $17,591
    Northwest Bank 1 5.38% $14,190
    PHH Mortgage Corporation 1 6.63% $8,189
    PREMIER LENDING, INC. 1 7.13% $7,487
    RAPID MORTGAGE COMPANY 1 6.00% $12,559
    SENTE MORTGAGE, INC. 1 5.75% $14,269
    SFMC, LP 1 6.25% $5,534
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.13% $7,999
    SWBC MORTGAGE CORPORATION 1 5.63% $3,603
    The Central Trust Bank 1 6.38% $7,683
    THE EQUITABLE MORTGAGE CORPORATION 1 5.50% $16,466
    The Union Bank Company 1 6.25% $11,873
    TJC Mortgage, Inc. 1 5.25% $10,128
    TOTAL MORTGAGE SERVICES, LLC 1 7.25% $11,759
    TruHome Solutions, LLC 1 5.88% $13,647
    UNITED MORTGAGE CORP 1 6.00% $20,072
    Wells Fargo Bank 1 6.00% $5,345

    The top Cleveland FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 865 FHA loans originated. Their average total fees are $10,100, which is $36 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cleveland FHA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC ($5,051), VILLAGE CAPITAL MORTGAGE ($5,696), NORTHERN MORTGAGE SERVICES, LLC ($5,855), Mortgage Research Center, LLC ($6,176) and RUOFF MORTGAGE COMPANY, INC. ($6,206).

    The lowest rate Cleveland FHA lenders (with over 10 loans originated) are K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. (5.30%), AMERICAN FINANCING CORPORATION (5.60%), LOANPAL, LLC (5.77%), PULTE MORTGAGE LLC (5.98%) and PENNYMAC LOAN SERVICES, LLC (6.00%).

    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

    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).