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 176 lenders originated 5,093 FHA loans during 2023. The total origination value was $951,555,000, with an average FHA loan value of $186,836.

Cleveland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cleveland averaged 0.09% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

Cleveland's average FHA mortgage closing costs are $6,850.

The average rate for the prior week (2024-06-14) was 6.59% and one month ago for the week of 2024-05-17, the average rate was 6.73%.

The average rate one year ago was 6.92%.

For refis of the same type during the week of 2024-06-21, the average rate was 0.8%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 789 6.91% $9,705
QUICKEN LOANS, LLC 725 6.32% $9,111
The Huntington National Bank 199 6.74% $7,844
UNITED WHOLESALE MORTGAGE, LLC 188 6.35% $10,747
RUOFF MORTGAGE COMPANY, INC. 177 6.80% $5,788
NVR Mortgage Finance, Inc. 151 6.02% $10,288
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 148 6.97% $5,963
LIBERTY HOME MORTGAGE CORPORATION 134 6.95% $7,794
UNION HOME MORTGAGE CORP. 105 6.91% $9,946
Nations Lending Corporation 80 6.82% $10,019
HOWARD HANNA FINANCIAL SERVICES, INC. 80 6.72% $8,255
Fifth Third Bank 78 6.53% $5,744
DRAPER AND KRAMER MORTGAGE CORP. 77 6.89% $10,107
American Midwest Mortgage Corporation 75 7.02% $9,088
Citizens Bank 62 6.41% $7,270
RELIANCE FIRST CAPITAL, LLC 58 6.65% $9,009
Mr. Cooper ( Nationstar Mortgage ) 57 6.02% $11,585
LOANDEPOT.COM, LLC 54 6.51% $10,026
FREEDOM MORTGAGE CORPORATION 54 7.00% $10,217
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 50 6.95% $10,283
AMERISAVE MORTGAGE CORPORATION 46 5.92% $11,085
PENNYMAC LOAN SERVICES, LLC 45 6.39% $9,777
KeyBank 45 6.43% $7,153
AMERICAN PACIFIC MORTGAGE CORPORATION 44 6.93% $10,117
Ixonia Bank 39 6.92% $9,532
MUTUAL OF OMAHA MORTGAGE, INC. 39 6.78% $11,212
BROKER SOLUTIONS, INC. 38 6.78% $9,780
NEWREZ LLC 37 6.78% $8,888
NORTHERN MORTGAGE SERVICES, LLC 34 6.57% $6,025
GUARANTEED RATE, INC. 32 6.70% $10,237
UNION CAPITAL MORTGAGE CORPORATION 28 6.84% $10,376
U.S. Bank 28 7.02% $7,297
YOUR HOME FINANCIAL LLC 27 7.19% $9,316
Dollar Bank, Federal Savings Bank 25 6.51% $5,976
AMERICAN FINANCIAL NETWORK, INC. 25 7.22% $9,393
Flagstar Bank, FSB 22 6.77% $7,947
CALIBER HOME LOANS, INC. 22 6.63% $8,336
Carrington Mortgage Services, LLC 21 6.53% $9,498
CARDINAL FINANCIAL 21 6.45% $9,459
JPMorgan Chase Bank 21 6.48% $5,268
NFM, INC. 21 6.86% $10,671
Union Savings Bank 19 6.87% $7,502
PNC Bank 18 6.56% $6,137
ARK-LA-TEX FINANCIAL SERVICES, LLC. 17 6.49% $7,942
RAPID MORTGAGE COMPANY 17 6.57% $8,735
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 17 6.39% $11,159
TOP FLITE FINANCIAL, INC. 15 7.02% $15,170
Equity Prime Mortgage LLC 15 6.59% $9,955
Paramount Residential Mortgage Group, Inc. 14 6.30% $7,635
TOWNE MORTGAGE COMPANY 13 6.56% $9,612
LAKEVIEW LOAN SERVICING, LLC 13 6.44% $9,018
MOVEMENT MORTGAGE, LLC 13 7.01% $8,953
Mortgage Research Center, LLC 12 7.00% $6,528
POLARIS HOME FUNDING CORP. 12 6.74% $10,290
First Federal Savings and Loan Association of Lakewood 11 6.66% $7,465
ENDEAVOR CAPITAL, LLC. 11 7.02% $10,682
First Federal Bank of the Midwest 11 6.34% $8,400
First National Bank of Pennsylvania 11 6.27% $9,035
PRIMARY RESIDENTIAL MORTGAGE, INC. 11 6.88% $9,077
HOMESIDE FINANCIAL, LLC 11 6.72% $11,244
AMERICAN FINANCIAL RESOURCES, INC. 10 7.03% $9,010
ZILLOW HOME LOANS, LLC 10 6.71% $9,208
VAN DYK MORTGAGE CORPORATION 10 6.93% $5,929
GUILD MORTGAGE COMPANY 10 7.11% $9,566
Hometown Equity Mortgage, LLC 8 5.92% $9,934
PULTE MORTGAGE LLC 8 5.81% $8,560
M&T Bank 8 6.55% $8,774
V.I.P. MORTGAGE, INC. 8 6.56% $12,378
SUN WEST MORTGAGE COMPANY, INC. 8 6.93% $8,277
PLAZA HOME MORTGAGE, INC. 8 6.58% $7,536
VILLAGE CAPITAL MORTGAGE 8 6.55% $6,031
ABSOLUTE HOME MORTGAGE CORPORATION 7 6.34% $11,084
LOANPAL, LLC 7 6.11% $10,263
NATIONWIDE MORTGAGE BANKERS, INC. 7 7.02% $11,586
Neighborhood Loans, Inc. 7 7.21% $10,346
ROYAL UNITED MORTGAGE LLC 7 6.86% $9,362
T2 FINANCIAL LLC 7 6.95% $9,339
The Federal Savings Bank 7 6.61% $13,884
FIRST CENTENNIAL MORTGAGE CORPORATION 6 7.23% $8,927
Century Mortgage Company DBA Century Lending Company 6 6.25% $13,139
Plains Commerce Bank 6 6.75% $9,435
AMERICAN FINANCING CORPORATION 6 6.71% $8,210
NATIONS DIRECT MORTGAGE, LLC 6 6.69% $9,613
MLB RESIDENTIAL LENDING, LLC 5 6.70% $9,496
Northwest Bank 5 6.20% $8,784
MID AMERICA MORTGAGE, INC. 5 6.45% $4,652
Western Ohio Mortgage Corporation 5 7.33% $8,046
NBKC BANK 5 6.35% $9,178
Barrington Bank & Trust Company, N.A. 5 6.73% $6,766
KELLER MORTGAGE, LLC 5 5.68% $8,350
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.55% $14,531
Prosperity Home Mortgage, LLC 4 6.50% $13,837
LEADERONE FINANCIAL CORPORATION 4 6.62% $7,086
Magnolia Bank 4 6.28% $13,680
Mercantile Bank of Michigan 4 7.03% $8,252
Lakeview Community Capital, LLC 4 6.25% $8,439
NORWICH COMMERCIAL GROUP, INC. 4 6.38% $9,669
FIRST EQUITY MORTGAGE INCORPORATED 4 6.84% $12,773
CMG MORTGAGE, INC. 4 6.97% $9,232
Civista Bank 4 6.50% $8,780
AmeriHome Mortgage Company, LLC 4 6.25% $9,995
PENTAGON FEDERAL CREDIT UNION 4 5.63% $8,394
ALLIED MORTGAGE GROUP, INC. 4 6.50% $10,919
PLANET HOME LENDING, LLC 4 6.00% $5,836
First Savings Bank 4 5.97% $13,234
NETWORK CAPITAL FUNDING CORPORATION 3 6.25% $7,950
Evolve Bank & Trust 3 7.50% $12,855
PHH Mortgage Corporation 3 5.96% $8,820
Northpointe Bank 3 6.75% $11,577
WEST PENN FINANCIAL SERVICE CENTER, INC. 3 6.67% $8,663
US MORTGAGE CORPORATION 3 7.25% $7,470
CREDIT UNION MORTGAGE ASSOCIATION, INC. 3 6.21% $6,390
GENEVA FINANCIAL, LLC 2 7.56% $13,008
BM Real Estate Services, Inc. 2 5.31% $19,424
SECURITYNATIONAL MORTGAGE COMPANY 2 7.19% $9,691
RESIDENTIAL BANCORP 2 6.19% $10,788
SUMMIT FUNDING, INC. 2 6.50% $17,778
Bank of England 2 7.13% $8,864
SWBC MORTGAGE CORPORATION 2 6.44% $7,187
AMCAP MORTGAGE, LTD. 2 6.69% $8,947
MICHIGAN MUTUAL, INC. 2 7.31% $8,943
Wells Fargo Bank 2 6.88% $6,211
First Commonwealth Bank 2 5.94% $7,423
Princeton Mortgage Corporation 2 7.06% $10,160
MILEND, INC. 2 7.13% $11,382
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.88% $10,428
PREMIER LENDING, INC. 2 7.13% $13,569
GSF Mortgage Corporation 2 6.06% $6,435
Republic Bank & Trust Company 1 7.13% $6,738
First Internet Bank of Indiana 1 6.50% $4,293
LAND HOME FINANCIAL SERVICES, INC. 1 5.50% $11,061
FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $15,011
Meridian Bank Corporation 1 7.00% $5,594
MIDLAND MORTGAGE CORPORATION 1 6.75% $18,816
MORTGAGE CENTER L.C 1 7.13% $15,697
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $16,151
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $14,104
EMBRACE HOME LOANS, INC. 1 6.75% $7,469
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 8.00% $10,701
DEVELOPER'S MORTGAGE COMPANY 1 7.25% $9,035
WesBanco 1 5.25% $9,821
NEW DAY FINANCIAL, LLC 1 7.75% $11,069
DELMAR FINANCIAL COMPANY 1 5.63% $8,142
DAS Acquisition Company, LLC 1 6.63% $6,972
CONTOUR MORTGAGE CORPORATION 1 7.25% $7,934
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.75% $10,460
CHURCHILL MORTGAGE CORPORATION 1 6.75% $13,071
PLUS RELOCATION MORTGAGE, LLC 1 7.75% $9,010
CHERRY CREEK MORTGAGE, LLC 1 5.50% $6,424
PREMIA MORTGAGE, LLC 1 6.75% $17,848
CALCON MUTUAL MORTGAGE LLC 1 7.25% $16,637
BNC National Bank 1 6.13% $6,769
BETTER MORTGAGE CORPORATION 1 5.63% $6,923
BAY EQUITY LLC 1 5.75% $8,295
FLAT BRANCH MORTGAGE, INC. 1 7.25% $8,518
Residential Mortgage Solutions, Inc. 1 6.99% $11,524
S1L, Inc. 1 7.63% $12,009
Servion, Inc. 1 7.38% $6,445
SIRVA MORTGAGE, INC. 1 6.63% $6,237
STOCKTON MORTGAGE CORPORATION 1 6.25% $8,605
Advisors Mortgage Group, L.L.C. 1 6.49% $6,136
The Farmers National Bank of Canfield 1 6.75% $7,690
ACADEMY MORTGAGE CORPORATION 1 7.25% $5,645
Bank of America 1 5.38% $5,172
The Loan Store, Inc. 1 7.13% $8,444
The Union Bank Company 1 6.38% $14,889
Associated Bank 1 6.00% $5,589
Arvest Bank 1 6.88% $10,927
ARC HOME LLC 1 6.13% $10,599
AmRes Corporation 1 7.50% $8,143
Ameris Bank 1 6.63% $8,669
American Mortgage & Equity Consultants, Inc. 1 6.99% $6,715
VERITAS FUNDING, LLC 1 7.13% $14,704
GVC MORTGAGE, INC. 1 7.13% $11,362
GUARANTEED RATE AFFINITY, LLC 1 6.50% $10,956
Florida Capital Bank 1 6.63% $5,239

The top Cleveland FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 789 FHA loans originated. Their average total fees are $9,705, which is $594 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Cleveland FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($5,268), Fifth Third Bank ($5,744), RUOFF MORTGAGE COMPANY, INC. ($5,788), VAN DYK MORTGAGE CORPORATION ($5,929) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,963).

The lowest rate Cleveland FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.92%), NVR Mortgage Finance, Inc. (6.02%), Mr. Cooper ( Nationstar Mortgage ) (6.02%), First National Bank of Pennsylvania (6.27%) and Paramount Residential Mortgage Group, Inc. (6.30%).

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 (13.1%) $248,945 (7.4%) 0.60 5,646
2018-02-01 $165,345 (13.1%) $256,958 (7.2%) 0.60 5,425
2018-03-01 $173,950 (10.7%) $265,793 (6.3%) 0.61 5,333
2018-04-01 $184,950 (16.3%) $275,814 (10.0%) 0.63 5,316
2018-05-01 $191,500 (15.4%) $282,420 (9.2%) 0.64 5,516
2018-06-01 $197,945 (13.6%) $283,679 (8.6%) 0.66 5,974
2018-07-01 $190,000 (8.6%) $277,551 (5.8%) 0.63 6,461
2018-08-01 $189,350 (11.5%) $272,120 (4.8%) 0.63 6,843
2018-09-01 $185,000 (8.9%) $270,640 (5.3%) 0.62 6,917
2018-10-01 $185,000 (10.5%) $269,040 (7.6%) 0.63 6,882
2018-11-01 $184,600 (11.9%) $270,802 (8.9%) 0.63 6,722
2018-12-01 $179,900 (10.4%) $269,088 (9.0%) 0.62 6,056
2019-01-01 $179,900 (11.8%) $269,222 (8.2%) 0.62 5,642
2019-02-01 $185,000 (11.9%) $277,995 (8.2%) 0.63 5,396
2019-03-01 $198,471 (14.1%) $289,480 (8.9%) 0.65 5,402
2019-04-01 $208,334 (12.6%) $296,862 (7.6%) 0.66 5,464
2019-05-01 $202,450 (5.7%) $290,019 (2.7%) 0.63 5,637
2019-06-01 $209,900 (6.0%) $291,670 (2.8%) 0.66 5,975
2019-07-01 $204,923 (7.9%) $288,367 (3.9%) 0.64 6,278
2019-08-01 $199,182 (5.2%) $286,500 (5.3%) 0.63 6,418
2019-09-01 $197,955 (7.0%) $283,286 (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 (0.2%) $276,516 (2.1%) 0.61 6,216
2019-12-01 $179,900 (0.0%) $274,374 (2.0%) 0.60 5,555
2020-01-01 $179,575 (-0.2%) $275,499 (2.3%) 0.60 4,970
2020-02-01 $184,950 (0.0%) $289,302 (4.1%) 0.61 4,432
2020-03-01 $202,400 (2.0%) $303,186 (4.7%) 0.63 4,252
2020-04-01 $199,900 (-4.1%) $303,372 (2.2%) 0.63 4,114
2020-05-01 $215,000 (6.2%) $317,557 (9.5%) 0.65 3,759
2020-06-01 $226,950 (8.1%) $329,082 (12.8%) 0.67 3,514
2020-07-01 $235,000 (14.7%) $333,595 (15.7%) 0.68 3,349
2020-08-01 $231,145 (16.1%) $330,186 (15.3%) 0.66 3,275
2020-09-01 $215,950 (9.1%) $316,802 (11.8%) 0.62 3,273
2020-10-01 $199,999 (3.4%) $305,114 (9.1%) 0.57 3,401
2020-11-01 $199,450 (7.9%) $305,866 (10.6%) 0.58 3,294
2020-12-01 $198,500 (10.3%) $301,803 (10.0%) 0.59 2,941
2021-01-01 $189,900 (5.8%) $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%) $339,382 (11.9%) 0.61 1,934
2021-05-01 $221,389 (3.0%) $332,864 (4.8%) 0.59 2,312
2021-06-01 $219,894 (-3.1%) $319,852 (-2.8%) 0.58 2,709
2021-07-01 $214,900 (-8.6%) $312,462 (-6.3%) 0.57 3,060
2021-08-01 $199,950 (-13.5%) $304,674 (-7.7%) 0.53 3,264
2021-09-01 $198,950 (-7.9%) $301,804 (-4.7%) 0.53 3,205
2021-10-01 $189,900 (-5.1%) $292,643 (-4.1%) 0.51 3,243
2021-11-01 $189,900 (-4.8%) $294,546 (-3.7%) 0.51 2,945
2021-12-01 $184,950 (-6.8%) $290,283 (-3.8%) 0.50 2,568
2022-01-01 $179,000 (-5.7%) $298,791 (-2.8%) 0.48 2,072
2022-02-01 $179,900 (-8.7%) $308,312 (-4.9%) 0.47 1,850
2022-03-01 $189,900 (-9.8%) $317,053 (-6.1%) 0.48 1,827
2022-04-01 $194,950 (-13.4%) $315,213 (-7.1%) 0.46 1,908
2022-05-01 $217,000 (-2.0%) $329,533 (-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%) $315,058 (3.4%) 0.52 3,406
2022-09-01 $219,700 (10.4%) $308,766 (2.3%) 0.51 3,401
2022-10-01 $210,000 (10.6%) $306,730 (4.8%) 0.49 3,515
2022-11-01 $199,900 (5.3%) $304,017 (3.2%) 0.48 3,439
2022-12-01 $189,900 (2.7%) $290,396 (0.0%) 0.47 3,005
2023-01-01 $189,950 (6.1%) $298,141 (-0.2%) 0.47 2,648
2023-02-01 $199,450 (10.9%) $316,817 (2.8%) 0.48 2,365
2023-03-01 $212,000 (11.6%) $330,431 (4.2%) 0.50 2,170
2023-04-01 $225,000 (15.4%) $342,391 (8.6%) 0.52 2,197
2023-05-01 $236,700 (9.1%) $348,652 (5.8%) 0.54 2,258
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
2023-09-01 $240,000 (9.2%) $345,200 (11.8%) 0.56 2,781
2023-10-01 $238,000 (13.3%) $339,451 (10.7%) 0.56 2,968
2023-11-01 $225,250 (12.7%) $329,962 (8.5%) 0.54 3,095
2023-12-01 $219,900 (15.8%) $325,497 (12.1%) 0.54 2,901
2024-01-01 $214,900 (13.1%) $329,269 (10.4%) 0.52 2,531
2024-02-01 $212,475 (6.5%) $340,372 (7.4%) 0.51 2,229
2024-03-01 $229,900 (8.4%) $352,490 (6.7%) 0.54 2,179
2024-04-01 $255,250 (13.4%) $370,851 (8.3%) 0.59 2,145
2024-05-01 $274,250 (15.9%) $390,168 (11.9%) 0.62 2,315
Cleveland's median listing price for 2024-05-01 was $274,250, a difference of $37,550 (15.9%) versus the prior year and $19,000 versus the prior month.

Cleveland's median listing price comes in at 62% of the national average.

Cleveland's average listing price for 2024-05-01 was $390,168, a difference of $41,516 (11.9%) versus the prior year and $19,317 versus the prior month.

For the 2024-05-01 period, Cleveland had 2,315 MLS listings, a difference of 170 listings (8%) versus the prior month and 57 listings (3%) 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 1,690 sqft
2018-02-01 84 days 1,700 sqft
2018-03-01 60 days 1,730 sqft
2018-04-01 53 days 1,774 sqft
2018-05-01 51 days 1,802 sqft
2018-06-01 50 days 1,838 sqft
2018-07-01 52 days 2,052 sqft
2018-08-01 53 days 2,028 sqft
2018-09-01 59 days 2,025 sqft
2018-10-01 62 days 2,011 sqft
2018-11-01 63 days 2,002 sqft
2018-12-01 71 days 1,968 sqft
2019-01-01 81 days 1,963 sqft
2019-02-01 79 days 1,980 sqft
2019-03-01 63 days 2,021 sqft
2019-04-01 49 days 2,043 sqft
2019-05-01 51 days 1,831 sqft
2019-06-01 52 days 1,846 sqft
2019-07-01 53 days 1,870 sqft
2019-08-01 55 days 1,934 sqft
2019-09-01 58 days 1,986 sqft
2019-10-01 61 days 2,014 sqft
2019-11-01 72 days 1,960 sqft
2019-12-01 80 days 1,926 sqft
2020-01-01 87 days 1,920 sqft
2020-02-01 86 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 2,000 sqft
2020-06-01 63 days 2,041 sqft
2020-07-01 49 days 2,061 sqft
2020-08-01 49 days 2,029 sqft
2020-09-01 54 days 1,962 sqft
2020-10-01 51 days 1,928 sqft
2020-11-01 56 days 1,908 sqft
2020-12-01 66 days 1,870 sqft
2021-01-01 74 days 1,853 sqft
2021-02-01 70 days 1,823 sqft
2021-03-01 44 days 1,834 sqft
2021-04-01 40 days 1,851 sqft
2021-05-01 32 days 1,867 sqft
2021-06-01 33 days 1,885 sqft
2021-07-01 33 days 1,890 sqft
2021-08-01 37 days 1,850 sqft
2021-09-01 42 days 1,849 sqft
2021-10-01 43 days 1,801 sqft
2021-11-01 46 days 1,781 sqft
2021-12-01 53 days 1,770 sqft
2022-01-01 58 days 1,735 sqft
2022-02-01 50 days 1,732 sqft
2022-03-01 40 days 1,757 sqft
2022-04-01 36 days 1,794 sqft
2022-05-01 33 days 1,835 sqft
2022-06-01 34 days 1,842 sqft
2022-07-01 35 days 1,850 sqft
2022-08-01 39 days 1,848 sqft
2022-09-01 45 days 1,813 sqft
2022-10-01 45 days 1,815 sqft
2022-11-01 45 days 1,800 sqft
2022-12-01 55 days 1,779 sqft
2023-01-01 60 days 1,784 sqft
2023-02-01 53 days 1,794 sqft
2023-03-01 44 days 1,800 sqft
2023-04-01 42 days 1,832 sqft
2023-05-01 38 days 1,820 sqft
2023-06-01 38 days 1,855 sqft
2023-07-01 39 days 1,850 sqft
2023-08-01 39 days 1,888 sqft
2023-09-01 40 days 1,849 sqft
2023-10-01 40 days 1,830 sqft
2023-11-01 44 days 1,820 sqft
2023-12-01 51 days 1,806 sqft
2024-01-01 58 days 1,758 sqft
2024-02-01 50 days 1,752 sqft
2024-03-01 42 days 1,800 sqft
2024-04-01 39 days 1,848 sqft
2024-05-01 30 days 1,915 sqft
Cleveland's median listing age (time on market) for 2024-05-01 was 30 days. This is -20% shorter than the same period one year ago.

Cleveland's median square footage for active listings during the 2024-05-01 period was 1,915 sqft. One year prior, the average listing was 1,820 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).