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 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).