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
5.88%
for the week of 2024-10-04, compared to the national average (all FHA variants) of
5.885% for the same period.
Cleveland's average FHA mortgage closing costs are $6,850.
The average rate for the prior week (2024-09-27) was
5.87% and
one month ago for the week of 2024-08-30, the
average rate was 6.03%.
The average rate one year ago was 7.07%.
For refis of the same type during the week of 2024-10-04, the average rate
was 6.79%.
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
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. LouisDate | 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 |
2024-06-01 | $285,000 (14.7%) | $403,214 (13.7%) | 0.64 | 2,543 |
2024-07-01 | $265,000 (8.2%) | $376,121 (6.3%) | 0.61 | 2,750 |
2024-08-01 | $269,900 (8.0%) | $381,127 (7.0%) | 0.63 | 2,936 |
2024-09-01 | $262,213 (9.3%) | $377,101 (9.2%) | 0.00 | 3,105 |
Cleveland's median listing price comes in at 0% of the national average.
Cleveland's average listing price for 2024-09-01 was $377,101, a difference of $31,901 (9.2%) versus the prior year and $-4,026 versus the prior month.
For the 2024-09-01 period, Cleveland had 3,105 MLS listings, a difference of 169 listings (6%) versus the prior month and 324 listings (12%) 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 | 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 |
2024-06-01 | 31 days | 1,956 sqft |
2024-07-01 | 37 days | 1,900 sqft |
2024-08-01 | 38 days | 1,905 sqft |
2024-09-01 | 0 days | 1,898 sqft |
Cleveland's median square footage for active listings during the 2024-09-01 period was 1,898 sqft. One year prior, the average listing was 1,849 sqft.