Cleveland FHA Loan Rates, Closing Costs & Stats

CLEVELAND-ELYRIA, OH

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.04% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Cleveland's average FHA mortgage closing costs are $6,236.

    The average rate for the prior week (2023-01-20) was 6.01% and one month ago for the week of 2022-12-23, the average rate was 6.5%.

    The average rate one year ago was 3.69%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.79%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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
    HOWARD HANNA FINANCIAL SERVICES, INC. 199 2.89% $7,371
    Mr. Cooper ( Nationstar Mortgage ) 199 3.31% $3,307
    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 MORTGAGE 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
    Citizens Bank 48 2.70% $5,931
    Dollar Bank, Federal Savings Bank 48 2.92% $5,510
    UNION CAPITAL MORTGAGE CORPORATION 46 2.99% $6,407
    AMERISAVE MORTGAGE CORPORATION 46 3.11% $7,447
    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
    KeyBank 38 2.93% $6,488
    PRIMARY RESIDENTIAL MORTGAGE, INC. 38 3.66% $7,538
    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
    AmeriHome Mortgage Company, LLC 27 3.08% $3,877
    JPMorgan Chase Bank 27 3.00% $3,785
    T2 FINANCIAL LLC 27 3.15% $9,175
    Goldwater Bank, N.A. 24 3.32% $7,749
    DELMAR FINANCIAL COMPANY 24 3.19% $7,225
    MUTUAL OF OMAHA MORTGAGE, INC. 24 2.93% $7,934
    TCF National Bank 24 2.54% $5,341
    MID AMERICA MORTGAGE, INC. 23 3.01% $4,971
    POLARIS HOME FUNDING CORP. 23 3.35% $8,932
    RESIDENTIAL MORTGAGE SERVICES, INC. 22 2.95% $7,071
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 22 2.95% $9,498
    Equity Prime Mortgage LLC 21 3.43% $5,324
    Northpointe Bank 21 2.98% $7,575
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 21 3.33% $7,178
    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
    DRAPER AND KRAMER MORTGAGE CORP. 20 3.29% $7,681
    Lakeview Community Capital, LLC 20 3.10% $4,225
    CELEBRITY HOME LOANS, LLC 20 3.63% $7,174
    U.S. Bank 19 3.41% $5,768
    MYCUMORTGAGE, LLC 19 2.82% $6,256
    Flagstar Bank, FSB 18 2.97% $6,702
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 18 3.03% $7,141
    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
    KELLER MORTGAGE, LLC 15 3.02% $6,354
    Magnolia Bank 15 3.25% $6,564
    MORIA DEVELOPMENT, INC. 15 3.72% $7,419
    TOP FLITE FINANCIAL, INC. 14 3.36% $9,575
    First Federal Bank of the Midwest 14 3.00% $6,407
    AMERICAN FINANCIAL NETWORK, INC. 14 3.29% $10,984
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 2.91% $6,427
    PLANET HOME LENDING, LLC 13 3.21% $6,123
    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
    The Cortland Savings and Banking Company 9 3.07% $8,431
    PLAZA HOME MORTGAGE, INC. 9 2.96% $6,267
    SIGNATURE MORTGAGE CORPORATION 9 3.08% $7,296
    WEST PENN FINANCIAL SERVICE CENTER, INC. 9 2.74% $5,330
    M&T Bank 8 3.39% $6,094
    GUILD MORTGAGE COMPANY 8 3.28% $9,329
    Hometown Equity Mortgage, LLC 7 3.13% $6,687
    OCEANSIDE MORTGAGE COMPANY 7 2.66% $2,104
    TOWNE MORTGAGE COMPANY 7 3.57% $5,963
    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
    First National Bank of Pennsylvania 7 2.64% $7,478
    DAS Acquisition Company, LLC 7 4.09% $7,609
    First Commonwealth Bank 6 2.58% $7,654
    Evolve Bank & Trust 6 3.25% $8,283
    AMERICAN FINANCING CORPORATION 6 2.69% $7,004
    PULTE MORTGAGE LLC 6 2.79% $9,057
    GENEVA FINANCIAL, LLC 5 3.35% $8,613
    MOVEMENT MORTGAGE, LLC 5 3.43% $3,589
    ZILLOW HOME LOANS, LLC 5 3.18% $6,407
    Ixonia Bank 4 3.34% $5,612
    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
    CHURCHILL MORTGAGE CORPORATION 4 2.78% $7,968
    SOUTHWEST FUNDING, LP 4 3.81% $10,217
    Northwest Bank 3 2.63% $4,576
    BAYSHORE MORTGAGE FUNDING, LLC 3 3.25% $5,539
    CityWorth Mortgage LLC 3 3.17% $5,838
    JLB CORPORATION 3 3.25% $6,849
    ARC HOME LLC 3 2.96% $10,071
    HALLMARK HOME MORTGAGE, LLC 3 3.33% $6,812
    Austin Capital Bank SSB 3 3.29% $7,727
    First Federal Bank 3 2.83% $6,217
    FINANCE OF AMERICA MORTGAGE LLC 3 3.13% $5,468
    STOCKTON MORTGAGE CORPORATION 3 3.17% $6,863
    ENDEAVOR CAPITAL, LLC. 3 3.21% $4,998
    Barrington Bank & Trust Company, N.A. 3 3.38% $7,466
    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
    MIDLAND MORTGAGE CORPORATION 2 3.50% $8,160
    MORTGAGE 1 INCORPORATED 2 3.50% $7,915
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.25% $7,063
    FAY SERVICING, LLC 2 3.19% $6,461
    EMBRACE HOME LOANS, INC. 2 3.00% $7,524
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 2 2.88% $6,022
    PHH Mortgage Corporation 2 3.38% $3,559
    Wyndham Capital Mortgage, Inc. 2 3.13% $4,984
    Civista Bank 2 2.88% $4,912
    Servion, Inc. 2 3.44% $4,759
    1ST SIGNATURE LENDING, LLC 2 2.94% $9,649
    1st National Bank 2 2.81% $5,683
    THE EQUITABLE MORTGAGE CORPORATION 2 2.56% $6,393
    Union Savings Bank 2 2.81% $6,404
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.50% $10,193
    AMCAP MORTGAGE, LTD. 2 3.44% $8,723
    Wells Fargo Bank 2 3.44% $2,087
    Western Ohio Mortgage Corporation 2 2.88% $9,920
    EMM LOANS LLC 1 3.63% $6,530
    EQUITY RESOURCES, INC. 1 3.88% $4,469
    Axos Bank 1 3.13% $9,689
    First Savings Bank 1 2.63% $8,898
    Sierra Pacific Mortgage Company, Inc. 1 2.75% $8,501
    AHL FUNDING 1 2.88% $12,282
    SIRVA MORTGAGE, INC. 1 2.75% $10,909
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.25% $4,332
    EVANSVILLE TEACHERS 1 3.25% $3,864
    STEARNS LENDING, LLC 1 3.15% $13,639
    EVERETT FINANCIAL, INC. 1 3.00% $5,518
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $8,571
    MORTGAGE CENTER L.C 1 3.38% $5,445
    First Financial Bank 1 2.63% $6,728
    ANGEL OAK HOME LOANS LLC 1 3.50% $7,891
    ACADEMY MORTGAGE CORPORATION 1 3.63% $6,887
    INOVA FEDERAL CREDIT UNION 1 3.13% $2,497
    The Farmers National Bank of Canfield 1 3.13% $6,618
    Ameris Bank 1 3.00% $5,284
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.50% $5,850
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $7,083
    Midwest BankCentre 1 3.00% $9,207
    AMERICAN MORTGAGE SERVICE COMPANY 1 3.75% $7,211
    First Home Bank 1 2.63% $6,720
    Guardian Savings Bank, A Federal Savings Bank 1 3.63% $6,827
    UNITED SECURITY FINANCIAL CORP 1 3.13% $8,685
    Florida Capital Bank 1 3.13% $7,859
    GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $6,653
    MICHIGAN MUTUAL, INC. 1 3.50% $4,953
    VERITAS FUNDING, LLC 1 2.75% $8,985
    Colonial Savings, F.A. 1 3.75% $4,959
    CALCON MUTUAL MORTGAGE LLC 1 3.88% $8,373
    PRIORITY MORTGAGE CORP. 1 3.25% $8,066
    Prosperity Home Mortgage, LLC 1 3.63% $9,055
    Peoples Bank 1 3.50% $6,700
    BETTER MORTGAGE CORPORATION 1 3.13% $3,887
    Comerica Bank 1 2.88% $8,308
    DHI MORTGAGE COMPANY, LTD. 1 3.75% $6,809
    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 MORTGAGE ($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 $160,975 (13.2%) $248,869 (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%) $275,720 (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%) $283,691 (8.6%) 0.66 5,973
    2018-07-01 $190,000 (8.6%) $277,457 (5.7%) 0.63 6,460
    2018-08-01 $189,350 (11.5%) $272,034 (4.7%) 0.63 6,842
    2018-09-01 $185,000 (8.9%) $270,543 (5.3%) 0.62 6,917
    2018-10-01 $185,000 (10.5%) $268,897 (7.6%) 0.63 6,882
    2018-11-01 $184,400 (11.8%) $270,660 (8.9%) 0.63 6,722
    2018-12-01 $179,900 (10.5%) $268,831 (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%) $277,821 (8.2%) 0.62 5,393
    2019-03-01 $198,471 (14.1%) $289,343 (8.9%) 0.65 5,401
    2019-04-01 $208,334 (12.6%) $296,695 (7.6%) 0.66 5,463
    2019-05-01 $202,450 (5.7%) $289,937 (2.7%) 0.63 5,641
    2019-06-01 $209,900 (6.1%) $291,644 (2.8%) 0.66 5,980
    2019-07-01 $204,875 (7.8%) $288,264 (3.9%) 0.64 6,285
    2019-08-01 $199,179 (5.2%) $286,374 (5.3%) 0.63 6,426
    2019-09-01 $197,948 (7.0%) $283,127 (4.7%) 0.63 6,476
    2019-10-01 $193,445 (4.6%) $279,565 (4.0%) 0.62 6,509
    2019-11-01 $184,900 (0.3%) $276,376 (2.1%) 0.61 6,227
    2019-12-01 $179,900 (0.0%) $274,191 (2.0%) 0.60 5,567
    2020-01-01 $179,700 (-0.1%) $275,276 (2.3%) 0.60 4,982
    2020-02-01 $185,000 (0.0%) $289,060 (4.1%) 0.60 4,448
    2020-03-01 $202,400 (2.0%) $302,889 (4.7%) 0.63 4,268
    2020-04-01 $199,900 (-4.1%) $303,122 (2.2%) 0.63 4,130
    2020-05-01 $215,000 (6.2%) $317,181 (9.4%) 0.65 3,774
    2020-06-01 $226,950 (8.1%) $328,740 (12.7%) 0.67 3,529
    2020-07-01 $235,000 (14.7%) $333,303 (15.6%) 0.68 3,364
    2020-08-01 $230,990 (16.0%) $329,828 (15.2%) 0.66 3,293
    2020-09-01 $215,950 (9.1%) $316,382 (11.8%) 0.62 3,291
    2020-10-01 $199,950 (3.4%) $304,714 (9.0%) 0.57 3,419
    2020-11-01 $199,450 (7.9%) $305,257 (10.5%) 0.58 3,308
    2020-12-01 $197,000 (9.5%) $301,299 (9.9%) 0.59 2,953
    2021-01-01 $189,900 (5.7%) $306,799 (11.5%) 0.57 2,482
    2021-02-01 $196,000 (6.0%) $323,525 (11.9%) 0.57 2,035
    2021-03-01 $209,500 (3.5%) $336,918 (11.2%) 0.59 1,973
    2021-04-01 $225,000 (12.6%) $338,714 (11.7%) 0.61 1,944
    2021-05-01 $220,000 (2.3%) $331,867 (4.6%) 0.58 2,319
    2021-06-01 $219,450 (-3.3%) $319,160 (-2.9%) 0.58 2,716
    2021-07-01 $214,900 (-8.6%) $312,059 (-6.4%) 0.57 3,068
    2021-08-01 $199,950 (-13.4%) $304,329 (-7.7%) 0.53 3,273
    2021-09-01 $198,950 (-7.9%) $301,382 (-4.7%) 0.53 3,214
    2021-10-01 $189,900 (-5.0%) $292,209 (-4.1%) 0.51 3,254
    2021-11-01 $189,800 (-4.8%) $294,013 (-3.7%) 0.51 2,956
    2021-12-01 $184,950 (-6.1%) $289,835 (-3.8%) 0.50 2,578
    2022-01-01 $179,000 (-5.7%) $298,140 (-2.8%) 0.48 2,081
    2022-02-01 $179,800 (-8.3%) $307,355 (-5.0%) 0.47 1,860
    2022-03-01 $189,900 (-9.4%) $316,211 (-6.2%) 0.48 1,838
    2022-04-01 $194,900 (-13.4%) $313,338 (-7.5%) 0.47 1,918
    2022-05-01 $215,325 (-2.1%) $327,914 (-1.2%) 0.49 2,278
    2022-06-01 $225,000 (2.5%) $331,350 (3.8%) 0.50 2,668
    2022-07-01 $224,900 (4.7%) $323,433 (3.6%) 0.51 3,133
    2022-08-01 $224,450 (12.3%) $313,906 (3.2%) 0.52 3,416
    2022-09-01 $219,450 (10.3%) $307,732 (2.1%) 0.51 3,412
    2022-10-01 $209,900 (10.5%) $305,627 (4.6%) 0.49 3,526
    2022-11-01 $199,900 (5.3%) $302,792 (3.0%) 0.48 3,449
    2022-12-01 $189,900 (2.7%) $287,978 (-0.6%) 0.47 3,038
    Cleveland's median listing price for 2022-12-01 was $189,900, a difference of $4,950 (2.7%) versus the prior year and $-10,000 versus the prior month.

    Cleveland's median listing price comes in at 47% of the national average.

    Cleveland's average listing price for 2022-12-01 was $287,978, a difference of $-1,857 (-0.6%) versus the prior year and $-14,814 versus the prior month.

    For the 2022-12-01 period, Cleveland had 3,038 MLS listings, a difference of -411 listings (-12%) versus the prior month and 460 listings (18%) 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 92 days 1,693 sqft
    2018-02-01 90 days 1,703 sqft
    2018-03-01 65 days 1,745 sqft
    2018-04-01 57 days 1,779 sqft
    2018-05-01 53 days 1,805 sqft
    2018-06-01 52 days 1,848 sqft
    2018-07-01 54 days 2,064 sqft
    2018-08-01 56 days 2,035 sqft
    2018-09-01 61 days 2,028 sqft
    2018-10-01 66 days 2,015 sqft
    2018-11-01 66 days 2,005 sqft
    2018-12-01 74 days 1,972 sqft
    2019-01-01 85 days 1,967 sqft
    2019-02-01 84 days 1,986 sqft
    2019-03-01 67 days 2,021 sqft
    2019-04-01 53 days 2,045 sqft
    2019-05-01 53 days 1,831 sqft
    2019-06-01 55 days 1,843 sqft
    2019-07-01 56 days 1,870 sqft
    2019-08-01 58 days 1,937 sqft
    2019-09-01 61 days 1,987 sqft
    2019-10-01 65 days 2,014 sqft
    2019-11-01 78 days 1,959 sqft
    2019-12-01 85 days 1,926 sqft
    2020-01-01 93 days 1,921 sqft
    2020-02-01 92 days 1,928 sqft
    2020-03-01 70 days 1,969 sqft
    2020-04-01 62 days 1,971 sqft
    2020-05-01 78 days 1,997 sqft
    2020-06-01 73 days 2,034 sqft
    2020-07-01 53 days 2,060 sqft
    2020-08-01 52 days 2,029 sqft
    2020-09-01 60 days 1,962 sqft
    2020-10-01 55 days 1,924 sqft
    2020-11-01 61 days 1,906 sqft
    2020-12-01 71 days 1,870 sqft
    2021-01-01 78 days 1,855 sqft
    2021-02-01 76 days 1,822 sqft
    2021-03-01 47 days 1,833 sqft
    2021-04-01 43 days 1,852 sqft
    2021-05-01 34 days 1,871 sqft
    2021-06-01 35 days 1,886 sqft
    2021-07-01 36 days 1,890 sqft
    2021-08-01 38 days 1,850 sqft
    2021-09-01 43 days 1,850 sqft
    2021-10-01 44 days 1,802 sqft
    2021-11-01 47 days 1,782 sqft
    2021-12-01 54 days 1,773 sqft
    2022-01-01 61 days 1,734 sqft
    2022-02-01 53 days 1,732 sqft
    2022-03-01 42 days 1,756 sqft
    2022-04-01 37 days 1,792 sqft
    2022-05-01 34 days 1,835 sqft
    2022-06-01 35 days 1,843 sqft
    2022-07-01 36 days 1,850 sqft
    2022-08-01 40 days 1,848 sqft
    2022-09-01 46 days 1,814 sqft
    2022-10-01 47 days 1,816 sqft
    2022-11-01 47 days 1,803 sqft
    2022-12-01 57 days 1,781 sqft
    Cleveland's median listing age (time on market) for 2022-12-01 was 57 days. This is 5% longer than the same period one year ago.

    Cleveland's median square footage for active listings during the 2022-12-01 period was 1,781 sqft. One year prior, the average listing was 1,773 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).