Cleveland FHA Loans
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
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).