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 192 lenders originated 6,563 FHA loans during 2022. The total origination value was $1,156,445,000, with an average FHA loan value of $176,207.

Cleveland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cleveland averaged 6.17% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Cleveland's average FHA mortgage closing costs are $6,571.

The average rate for the prior week (2024-02-23) was 6.56% and one month ago for the week of 2024-01-26, the average rate was 6.35%.

The average rate one year ago was 5.98%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.37%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 1,050 5.23% $8,936
QUICKEN LOANS, LLC 876 4.65% $8,243
The Huntington National Bank 274 5.10% $7,053
LIBERTY HOME MORTGAGE CORPORATION 217 5.32% $7,924
Nations Lending Corporation 198 5.24% $8,341
UNITED WHOLESALE MORTGAGE, LLC 181 5.12% $9,077
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 173 5.55% $6,357
LOANDEPOT.COM, LLC 131 4.95% $9,099
UNION HOME MORTGAGE CORP. 114 5.13% $8,524
HOWARD HANNA FINANCIAL SERVICES, INC. 111 5.15% $8,279
FREEDOM MORTGAGE CORPORATION 110 5.08% $8,377
Fifth Third Bank 110 4.75% $5,843
Mr. Cooper ( Nationstar Mortgage ) 96 4.80% $10,282
CALIBER HOME LOANS, INC. 89 5.13% $7,376
PENNYMAC LOAN SERVICES, LLC 88 4.31% $7,416
NVR Mortgage Finance, Inc. 88 4.46% $13,393
RUOFF MORTGAGE COMPANY, INC. 86 5.49% $6,019
American Midwest Mortgage Corporation 81 5.38% $8,216
Citizens Bank 81 5.04% $6,312
RELIANCE FIRST CAPITAL, LLC 67 5.20% $7,354
RAPID MORTGAGE COMPANY 66 4.85% $8,581
YOUR HOME FINANCIAL LLC 66 5.21% $7,909
NORTHERN MORTGAGE SERVICES, LLC 54 5.18% $5,649
AMERISAVE MORTGAGE CORPORATION 53 4.32% $9,184
DRAPER AND KRAMER MORTGAGE CORP. 52 5.11% $8,013
BROKER SOLUTIONS, INC. 51 5.30% $9,503
GUARANTEED RATE, INC. 48 5.16% $8,639
PNC Bank 47 4.77% $5,242
NATIONWIDE MORTGAGE BANKERS, INC. 46 5.44% $9,382
Waterstone Mortgage Corporation 43 5.33% $9,381
Flagstar Bank, FSB 43 5.37% $7,706
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 42 5.43% $10,132
Paramount Residential Mortgage Group, Inc. 41 4.83% $8,521
HOME POINT FINANCIAL CORPORATION 38 4.55% $7,986
Dollar Bank, Federal Savings Bank 38 4.82% $5,924
KeyBank 35 4.51% $6,886
Carrington Mortgage Services, LLC 32 5.36% $7,911
AMERIFIRST FINANCIAL CORPORATION 32 5.08% $10,580
LAKEVIEW LOAN SERVICING, LLC 31 4.00% $5,318
JPMorgan Chase Bank 31 4.90% $5,196
UNION CAPITAL MORTGAGE CORPORATION 29 5.00% $9,233
T2 FINANCIAL LLC 27 5.29% $11,207
U.S. Bank 26 5.31% $6,522
NEWREZ LLC 26 4.70% $6,713
DELMAR FINANCIAL COMPANY 25 4.27% $8,348
HOMESIDE FINANCIAL, LLC 24 4.91% $9,106
CARDINAL FINANCIAL 24 5.01% $8,468
First Federal Savings and Loan Association of Lakewood 23 5.06% $8,515
Equity Prime Mortgage LLC 23 5.54% $7,126
PRIMARY RESIDENTIAL MORTGAGE, INC. 22 5.85% $9,191
Mortgage Research Center, LLC 21 5.39% $5,837
TOP FLITE FINANCIAL, INC. 21 5.35% $11,994
First Federal Bank of the Midwest 20 4.59% $7,228
VILLAGE CAPITAL MORTGAGE 19 3.48% $4,421
LEADERONE FINANCIAL CORPORATION 18 5.22% $8,649
PRIMELENDING, A PLAINSCAPITAL COMPANY 18 5.27% $9,125
FIRST CENTENNIAL MORTGAGE CORPORATION 18 5.49% $9,539
Amerifirst Financial, Inc. 18 5.58% $9,511
MORIA DEVELOPMENT, INC. 18 5.33% $8,069
Hometown Equity Mortgage, LLC 16 4.88% $8,468
MUTUAL OF OMAHA MORTGAGE, INC. 16 4.77% $9,580
Bank of England 16 4.95% $8,861
NATIONS DIRECT MORTGAGE, LLC 15 4.80% $8,900
ALLIED MORTGAGE GROUP, INC. 14 4.49% $10,848
NFM, INC. 14 5.19% $11,767
ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 4.95% $7,772
PLANET HOME LENDING, LLC 12 5.32% $9,589
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 11 5.02% $8,273
MICHIGAN MUTUAL, INC. 11 5.03% $6,842
Lakeview Community Capital, LLC 10 4.40% $6,997
KELLER MORTGAGE, LLC 10 5.10% $8,352
ABSOLUTE HOME MORTGAGE CORPORATION 10 4.98% $9,382
First Guaranty Mortgage Corporation 9 4.01% $8,842
PLAZA HOME MORTGAGE, INC. 9 5.64% $8,192
POLARIS HOME FUNDING CORP. 9 5.79% $9,872
GUILD MORTGAGE COMPANY 9 4.93% $7,840
MYCUMORTGAGE, LLC 9 4.51% $6,444
PULTE MORTGAGE LLC 8 5.41% $7,944
Union Savings Bank 8 5.44% $6,045
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 8 4.59% $12,438
Wells Fargo Bank 7 4.98% $7,280
Northpointe Bank 7 4.13% $9,719
AMERICAN FINANCING CORPORATION 7 4.93% $7,550
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 4.98% $8,584
VAN DYK MORTGAGE CORPORATION 6 5.58% $6,500
Magnolia Bank 6 5.27% $12,454
NETWORK CAPITAL FUNDING CORPORATION 6 5.15% $6,939
EVERETT FINANCIAL, INC. 6 5.15% $5,380
Paramount Bank 6 5.00% $9,736
MID AMERICA MORTGAGE, INC. 6 5.15% $4,572
FIRST OHIO HOME FINANCE, INC. 6 6.06% $4,603
EMBRACE HOME LOANS, INC. 5 5.80% $9,742
SOUTHWEST FUNDING, LP 5 5.45% $9,490
The Federal Savings Bank 5 5.50% $9,063
Northwest Bank 5 4.43% $7,108
WEST PENN FINANCIAL SERVICE CENTER, INC. 5 5.45% $6,588
JLB CORPORATION 5 5.38% $9,217
ROYAL UNITED MORTGAGE LLC 5 4.18% $9,269
ZILLOW HOME LOANS, LLC 4 5.16% $8,883
AMERICAN FINANCIAL RESOURCES, INC. 4 5.34% $9,069
Bank of America 4 4.06% $5,279
BETTER MORTGAGE CORPORATION 4 4.41% $6,644
CHURCHILL MORTGAGE CORPORATION 4 5.69% $9,558
DAS Acquisition Company, LLC 4 4.53% $7,205
EUSTIS AND AMERICAN MORTGAGE COMPANY 4 4.56% $8,957
Evolve Bank & Trust 4 3.97% $7,321
First Commonwealth Bank 4 4.47% $7,790
MORTGAGE CENTER L.C 4 5.91% $8,951
MOVEMENT MORTGAGE, LLC 4 5.63% $10,031
M&T Bank 4 4.25% $7,313
RESIDENTIAL BANCORP 4 4.16% $9,061
SUN WEST MORTGAGE COMPANY, INC. 4 4.86% $7,657
TOWNE MORTGAGE COMPANY 4 5.47% $9,459
US MORTGAGE CORPORATION 4 5.91% $7,541
Wyndham Capital Mortgage, Inc. 3 6.00% $6,990
GENEVA FINANCIAL, LLC 3 4.75% $5,031
SOUTHPOINT FINANCIAL SERVICES, INC. 3 5.21% $9,993
Civista Bank 3 5.54% $8,300
CMG MORTGAGE, INC. 3 5.54% $11,872
PLUS RELOCATION MORTGAGE, LLC 3 5.75% $8,145
First National Bank of Pennsylvania 3 4.38% $5,696
MLB RESIDENTIAL LENDING, LLC 3 5.63% $7,073
AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.83% $9,634
Hometown Lenders, Inc. 3 6.04% $13,265
AmeriHome Mortgage Company, LLC 3 5.42% $8,012
Victorian Finance, LLC 3 4.33% $4,516
Barrington Bank & Trust Company, N.A. 3 5.05% $8,293
MIDLAND MORTGAGE CORPORATION 3 4.25% $5,647
GSF Mortgage Corporation 3 4.17% $9,111
WesBanco 3 6.21% $6,573
OCEANSIDE MORTGAGE COMPANY 2 4.94% $5,519
LOANPAL, LLC 2 4.75% $9,104
Ixonia Bank 2 5.50% $8,776
NATIONS RELIABLE LENDING, LLC 2 5.00% $7,894
NEW DAY FINANCIAL, LLC 2 5.75% $5,929
GUARANTEED RATE AFFINITY, LLC 2 3.99% $6,803
Goldwater Bank, N.A. 2 4.69% $6,028
PENTAGON FEDERAL CREDIT UNION 2 6.25% $6,710
PHH Mortgage Corporation 2 5.94% $9,316
Plains Commerce Bank 2 6.25% $10,699
First Federal Bank 2 4.06% $5,102
DIRECT MORTGAGE LOANS, LLC 2 5.50% $11,604
Servion, Inc. 2 5.44% $5,469
STOCKTON MORTGAGE CORPORATION 2 5.50% $10,061
BAYSHORE MORTGAGE FUNDING, LLC 2 5.25% $9,876
ANGEL OAK HOME LOANS LLC 2 4.13% $7,406
AMERICAN MORTGAGE SERVICE COMPANY 2 5.19% $8,203
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.13% $8,889
FAY SERVICING, LLC 1 3.00% $8,033
EVANSVILLE TEACHERS 1 5.00% $5,792
MORTGAGE 1 INCORPORATED 1 5.13% $11,158
COMPASS MORTGAGE, INC. 1 4.63% $9,798
WRIGHT-PATT CREDIT UNION, INC. 1 5.63% $8,613
Residential Mortgage Solutions, Inc. 1 4.99% $13,034
Florida Capital Bank 1 6.63% $4,694
OPEN MORTGAGE, LLC 1 5.75% $4,091
S1L, Inc. 1 5.25% $7,358
Sandy Spring Bank 1 3.88% $10,237
Home State Bank 1 3.75% $5,326
SIRVA MORTGAGE, INC. 1 3.75% $5,368
Mercantile Bank of Michigan 1 5.13% $5,647
CIBC Bank USA 1 5.25% $9,379
Neighborhood Loans, Inc. 1 6.63% $10,038
SUCCESS MORTGAGE PARTNERS, INC. 1 6.75% $10,419
NORWICH COMMERCIAL GROUP, INC. 1 6.00% $6,388
SUPERIOR FINANCIAL SOLUTIONS, LLC 1 5.38% $5,549
SWBC MORTGAGE CORPORATION 1 6.25% $8,233
CHERRY CREEK MORTGAGE, LLC 1 6.13% $635
Texana Bank 1 5.50% $9,420
CANOPY MORTGAGE, LLC 1 5.75% $8,015
BKCO MORTGAGE, LLC 1 3.99% $7,561
The Union Bank Company 1 5.75% $19,239
BECKAM FUNDING CORP. 1 6.50% $11,852
AMCAP MORTGAGE, LTD. 1 3.63% $8,352
American Mortgage Bank, LLC 1 5.25% $5,896
BAY EQUITY LLC 1 5.13% $7,666
North American Savings Bank, F.S.B. 1 5.25% $11,062
UNITED MORTGAGE CORP 1 4.13% $13,574
Arvest Bank 1 5.00% $14,415
ARC HOME LLC 1 3.88% $12,763
ACADEMY MORTGAGE CORPORATION 1 6.13% $6,411
NBKC BANK 1 3.75% $4,591
Peoples Bank 1 5.63% $8,571
GUARANTY HOME MORTGAGE CORPORATION 1 4.88% $7,412
HALLMARK HOME MORTGAGE, LLC 1 4.13% $6,042
First Savings Bank 1 4.75% $18,931
First Home Bank 1 6.13% $11,019
First Western Trust Bank 1 4.63% $6,228
HAMILTON HOME LOANS, INC. 1 5.13% $5,159
FIRST EQUITY MORTGAGE INCORPORATED 1 3.50% $11,000
FIRST COMMUNITY MORTGAGE, INC. 1 5.00% $15,098
FINANCE OF AMERICA MORTGAGE LLC 1 5.50% $31,055

The top Cleveland FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 1,050 FHA loans originated. Their average total fees are $8,936, which is $692 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Cleveland FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($4,421), JPMorgan Chase Bank ($5,196), PNC Bank ($5,242), LAKEVIEW LOAN SERVICING, LLC ($5,318) and NORTHERN MORTGAGE SERVICES, LLC ($5,649).

The lowest rate Cleveland FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.48%), LAKEVIEW LOAN SERVICING, LLC (4.00%), DELMAR FINANCIAL COMPANY (4.27%), PENNYMAC LOAN SERVICES, LLC (4.31%) and AMERISAVE MORTGAGE CORPORATION (4.32%).

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
Cleveland's median listing price for 2024-01-01 was $214,900, a difference of $24,950 (13.1%) versus the prior year and $-5,000 versus the prior month.

Cleveland's median listing price comes in at 52% of the national average.

Cleveland's average listing price for 2024-01-01 was $329,269, a difference of $31,128 (10.4%) versus the prior year and $3,772 versus the prior month.

For the 2024-01-01 period, Cleveland had 2,531 MLS listings, a difference of -370 listings (-13%) versus the prior month and -117 listings (-4%) 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 2,009 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
Cleveland's median listing age (time on market) for 2024-01-01 was 58 days. This is -3% shorter than the same period one year ago.

Cleveland's median square footage for active listings during the 2024-01-01 period was 1,758 sqft. One year prior, the average listing was 1,784 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).