Cleveland FHA Loan Rates, Closing Costs & Stats

CLEVELAND, TN

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 82 lenders originated 449 FHA loans during 2023. The total origination value was $108,455,000, with an average FHA loan value of $241,548.

Cleveland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cleveland averaged 6.5% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Cleveland's average FHA mortgage closing costs are $7,497.

The average rate for the prior week (2024-05-10) was 6.84% and one month ago for the week of 2024-04-12, the average rate was 6.9%.

The average rate one year ago was 6.36%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.96%.

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
QUICKEN LOANS, LLC 48 6.26% $10,128
CMG MORTGAGE, INC. 43 6.58% $10,998
MORTGAGE INVESTORS GROUP, INC. 20 6.44% $9,628
UNITED WHOLESALE MORTGAGE, LLC 20 6.50% $12,506
TJC Mortgage, Inc. 17 6.66% $11,900
United Community Bank 17 6.15% $9,745
BancorpSouth 15 6.29% $7,702
UNION HOME MORTGAGE CORP. 10 6.79% $12,679
MOVEMENT MORTGAGE, LLC 9 6.36% $10,291
First Citizens National Bank 9 6.58% $8,381
FIRST COMMUNITY MORTGAGE, INC. 8 6.73% $9,139
LOANDEPOT.COM, LLC 7 6.41% $13,677
CARDINAL FINANCIAL 7 6.98% $12,881
FirstBank 7 6.55% $10,477
Regions Bank 7 6.04% $8,110
SUCCESS MORTGAGE PARTNERS, INC. 6 6.10% $13,032
Equity Prime Mortgage LLC 5 6.75% $14,227
LEADERONE FINANCIAL CORPORATION 5 6.63% $13,467
FREEDOM MORTGAGE CORPORATION 5 6.95% $13,790
PANORAMA MORTGAGE GROUP, LLC 4 7.28% $11,618
STOCKTON MORTGAGE CORPORATION 4 5.63% $10,965
SUMMIT FUNDING, INC. 4 6.53% $11,021
BROKER SOLUTIONS, INC. 4 6.59% $15,315
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.75% $9,965
SmartBank 4 6.78% $7,780
VANDERBILT MORTGAGE AND FINANCE, INC. 4 6.59% $9,226
ALAMEDA MORTGAGE CORPORATION 3 6.50% $12,920
AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.46% $10,579
AMERISAVE MORTGAGE CORPORATION 3 6.13% $18,148
CROSSCOUNTRY MORTGAGE, LLC 3 6.25% $7,940
DHI MORTGAGE COMPANY, LTD. 3 5.83% $9,723
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.16% $12,500
GUARANTY HOME MORTGAGE CORPORATION 3 6.67% $10,253
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 6.21% $11,695
ISERVE RESIDENTIAL LENDING, LLC 3 7.25% $13,565
LOANPAL, LLC 3 6.29% $16,128
MUTUAL OF OMAHA MORTGAGE, INC. 3 7.21% $13,074
PENNYMAC LOAN SERVICES, LLC 3 6.12% $14,173
The Loan Store, Inc. 3 7.12% $10,857
Truist 3 6.30% $6,003
SeaTrust Mortgage Company 2 6.19% $11,447
Mr. Cooper ( Nationstar Mortgage ) 2 5.94% $17,258
DAS Acquisition Company, LLC 2 7.13% $11,190
LAKEVIEW LOAN SERVICING, LLC 2 6.75% $14,852
LAND HOME FINANCIAL SERVICES, INC. 2 6.13% $10,454
Flagstar Bank, FSB 2 5.69% $17,647
GUARANTEED RATE, INC. 2 6.56% $7,787
Pinnacle Bank 2 6.31% $10,455
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.13% $25,558
Nations Lending Corporation 1 6.25% $11,300
NBKC BANK 1 5.25% $11,555
NEWREZ LLC 1 5.75% $16,106
Northpointe Bank 1 5.63% $6,509
Paramount Residential Mortgage Group, Inc. 1 6.75% $8,075
AMERICAN FINANCING CORPORATION 1 6.13% $13,368
Plains Commerce Bank 1 7.00% $6,961
PLANET HOME LENDING, LLC 1 5.25% $12,943
FIRST COLONY MORTGAGE CORPORATION 1 7.50% $10,359
EVERETT FINANCIAL, INC. 1 7.13% $10,641
RELIANCE FIRST CAPITAL, LLC 1 6.25% $11,127
Renasant Bank 1 5.75% $7,863
Simmons Bank 1 6.13% $7,066
Cornerstone First Mortgage, Inc 1 7.63% $14,625
Citizens Bank 1 6.75% $4,094
Century Mortgage Company DBA Century Lending Company 1 7.25% $6,946
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $12,406
VAN DYK MORTGAGE CORPORATION 1 5.88% $4,222
BAYSHORE MORTGAGE FUNDING, LLC 1 5.75% $14,605
TOP FLITE FINANCIAL, INC. 1 7.13% $16,213
TOWNE MORTGAGE COMPANY 1 7.25% $8,572
VILLAGE CAPITAL MORTGAGE 1 7.00% $5,144
Barrington Bank & Trust Company, N.A. 1 5.75% $8,132
Independent Bank 1 7.13% $7,352
MANN FINANCIAL INC. 1 7.25% $7,367
Axos Bank 1 5.63% $11,504
MEMBER FIRST MORTGAGE, LLC 1 6.13% $5,549
MID AMERICA MORTGAGE, INC. 1 7.50% $6,130
MIDLAND MORTGAGE CORPORATION 1 6.25% $15,696
MILEND, INC. 1 6.25% $8,074
Gateway First Bank 1 6.25% $9,604
Mortgage Research Center, LLC 1 7.13% $3,040
Franklin Loan Corporation 1 5.25% $24,323

The top Cleveland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 48 FHA loans originated. Their average total fees are $10,128, which is $870 lower than the next largest lender, CMG MORTGAGE, INC..

The lowest fee Cleveland FHA lenders (with over 10 loans originated) are BancorpSouth ($7,702), MORTGAGE INVESTORS GROUP, INC. ($9,628), United Community Bank ($9,745), QUICKEN LOANS, LLC ($10,128) and CMG MORTGAGE, INC. ($10,998).

The lowest rate Cleveland FHA lenders (with over 10 loans originated) are United Community Bank (6.15%), QUICKEN LOANS, LLC (6.26%), BancorpSouth (6.29%), MORTGAGE INVESTORS GROUP, INC. (6.44%) and UNITED WHOLESALE MORTGAGE, LLC (6.50%).

Cleveland FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CLEVELAND, TN BRADLEY 2022 $420,680 $538,650 $651,050 $809,150
CLEVELAND, TN POLK 2022 $420,680 $538,650 $651,050 $809,150
CLEVELAND, TN BRADLEY 2023 $472,030 $604,400 $730,525 $907,900
CLEVELAND, TN POLK 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 $239,338 (21.0%) $283,464 (18.5%) 0.00 437
2018-02-01 $239,900 (20.0%) $284,722 (17.2%) 0.00 433
2018-03-01 $238,900 (19.5%) $283,149 (14.7%) 0.00 439
2018-04-01 $234,950 (17.5%) $285,544 (15.1%) 0.00 425
2018-05-01 $232,425 (8.1%) $290,393 (13.2%) 0.00 413
2018-06-01 $226,000 (2.9%) $284,434 (7.2%) 0.00 456
2018-07-01 $228,450 (4.1%) $286,215 (8.2%) 0.00 465
2018-08-01 $226,000 (-2.2%) $281,582 (0.8%) 0.00 489
2018-09-01 $229,900 (0.3%) $278,766 (0.5%) 0.00 534
2018-10-01 $232,450 (-1.9%) $286,075 (1.0%) 0.00 505
2018-11-01 $238,950 (1.3%) $287,305 (4.2%) 0.00 477
2018-12-01 $234,900 (2.2%) $282,442 (3.9%) 0.00 458
2019-01-01 $234,700 (-1.9%) $283,895 (0.2%) 0.00 435
2019-02-01 $234,900 (-2.1%) $278,920 (-2.0%) 0.00 412
2019-03-01 $239,643 (0.3%) $284,914 (0.6%) 0.00 400
2019-04-01 $247,168 (5.2%) $290,948 (1.9%) 0.00 389
2019-05-01 $248,800 (7.1%) $293,611 (1.1%) 0.00 398
2019-06-01 $249,900 (10.6%) $301,485 (6.0%) 0.00 421
2019-07-01 $249,900 (9.4%) $319,093 (11.5%) 0.00 447
2019-08-01 $249,855 (10.6%) $322,227 (14.4%) 0.00 452
2019-09-01 $249,880 (8.7%) $324,638 (16.5%) 0.00 461
2019-10-01 $249,897 (7.5%) $326,311 (14.1%) 0.00 463
2019-11-01 $249,900 (4.6%) $329,597 (14.7%) 0.00 454
2019-12-01 $244,900 (4.3%) $324,846 (15.0%) 0.00 427
2020-01-01 $241,000 (2.7%) $313,269 (10.4%) 0.00 389
2020-02-01 $249,900 (6.4%) $312,268 (12.0%) 0.00 358
2020-03-01 $249,175 (4.0%) $317,655 (11.5%) 0.00 352
2020-04-01 $247,400 (0.1%) $324,306 (11.5%) 0.00 357
2020-05-01 $259,900 (4.5%) $350,869 (19.5%) 0.00 327
2020-06-01 $276,350 (10.6%) $360,293 (19.5%) 0.00 277
2020-07-01 $279,950 (12.0%) $342,782 (7.4%) 0.00 229
2020-08-01 $280,000 (12.1%) $353,833 (9.8%) 0.00 208
2020-09-01 $279,825 (12.0%) $353,093 (8.8%) 0.00 227
2020-10-01 $265,000 (6.0%) $340,206 (4.3%) 0.00 228
2020-11-01 $259,925 (4.0%) $337,580 (2.4%) 0.00 227
2020-12-01 $259,400 (5.9%) $338,461 (4.2%) 0.00 183
2021-01-01 $259,900 (7.8%) $346,047 (10.5%) 0.00 141
2021-02-01 $282,500 (13.1%) $369,371 (18.3%) 0.00 128
2021-03-01 $287,450 (15.4%) $364,779 (14.8%) 0.00 114
2021-04-01 $284,416 (15.0%) $370,652 (14.3%) 0.00 123
2021-05-01 $274,900 (5.8%) $359,268 (2.4%) 0.00 124
2021-06-01 $283,894 (2.7%) $391,477 (8.7%) 0.00 152
2021-07-01 $286,025 (2.2%) $417,604 (21.8%) 0.00 171
2021-08-01 $286,701 (2.4%) $408,008 (15.3%) 0.00 203
2021-09-01 $297,578 (6.3%) $421,592 (19.4%) 0.00 209
2021-10-01 $307,028 (15.9%) $440,076 (29.4%) 0.00 200
2021-11-01 $338,975 (30.4%) $507,735 (50.4%) 0.00 166
2021-12-01 $349,500 (34.7%) $500,382 (47.8%) 0.00 161
2022-01-01 $329,400 (26.7%) $497,192 (43.7%) 0.00 129
2022-02-01 $363,425 (28.7%) $578,071 (56.5%) 0.00 105
2022-03-01 $358,675 (24.8%) $557,614 (52.9%) 0.00 110
2022-04-01 $398,900 (40.3%) $548,165 (47.9%) 0.00 138
2022-05-01 $388,450 (41.3%) $551,560 (53.5%) 0.00 195
2022-06-01 $372,396 (31.2%) $530,013 (35.4%) 0.00 249
2022-07-01 $375,000 (31.1%) $494,694 (18.5%) 0.00 335
2022-08-01 $382,805 (33.5%) $515,693 (26.4%) 0.00 340
2022-09-01 $377,400 (26.8%) $506,497 (20.1%) 0.00 362
2022-10-01 $364,805 (18.8%) $488,038 (10.9%) 0.00 382
2022-11-01 $360,000 (6.2%) $478,640 (-5.7%) 0.00 379
2022-12-01 $357,970 (2.4%) $466,195 (-6.8%) 0.00 359
2023-01-01 $360,910 (9.6%) $453,528 (-8.8%) 0.00 343
2023-02-01 $370,000 (1.8%) $478,689 (-17.2%) 0.00 323
2023-03-01 $367,500 (2.5%) $490,207 (-12.1%) 0.00 281
2023-04-01 $365,000 (-8.5%) $489,417 (-10.7%) 0.00 261
2023-05-01 $364,950 (-6.1%) $483,059 (-12.4%) 0.00 288
2023-06-01 $361,500 (-2.9%) $489,810 (-7.6%) 0.00 304
2023-07-01 $359,900 (-4.0%) $511,671 (3.4%) 0.00 293
2023-08-01 $365,750 (-4.5%) $524,010 (1.6%) 0.00 286
2023-09-01 $369,000 (-2.2%) $537,735 (6.2%) 0.00 304
2023-10-01 $350,000 (-4.1%) $504,936 (3.5%) 0.00 344
2023-11-01 $354,975 (-1.4%) $482,173 (0.7%) 0.00 384
2023-12-01 $364,000 (1.7%) $484,537 (3.9%) 0.00 368
2024-01-01 $365,480 (1.3%) $472,693 (4.2%) 0.00 355
2024-02-01 $360,605 (-2.5%) $471,883 (-1.4%) 0.00 360
2024-03-01 $374,900 (2.0%) $474,973 (-3.1%) 0.00 359
2024-04-01 $374,975 (2.7%) $476,280 (-2.7%) 0.00 379
Cleveland's median listing price for 2024-04-01 was $374,975, a difference of $9,975 (2.7%) versus the prior year and $75 versus the prior month.

Cleveland's median listing price comes in at 0% of the national average.

Cleveland's average listing price for 2024-04-01 was $476,280, a difference of $-13,137 (-2.7%) versus the prior year and $1,307 versus the prior month.

For the 2024-04-01 period, Cleveland had 379 MLS listings, a difference of 20 listings (6%) versus the prior month and 118 listings (45%) 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 0 days 2,130 sqft
2018-02-01 0 days 2,135 sqft
2018-03-01 0 days 2,162 sqft
2018-04-01 0 days 2,128 sqft
2018-05-01 0 days 2,125 sqft
2018-06-01 0 days 2,084 sqft
2018-07-01 0 days 2,100 sqft
2018-08-01 0 days 2,020 sqft
2018-09-01 0 days 2,084 sqft
2018-10-01 0 days 2,007 sqft
2018-11-01 0 days 2,078 sqft
2018-12-01 0 days 2,019 sqft
2019-01-01 0 days 1,999 sqft
2019-02-01 0 days 2,001 sqft
2019-03-01 0 days 2,044 sqft
2019-04-01 0 days 2,088 sqft
2019-05-01 0 days 2,123 sqft
2019-06-01 0 days 2,170 sqft
2019-07-01 0 days 2,199 sqft
2019-08-01 0 days 2,203 sqft
2019-09-01 0 days 2,203 sqft
2019-10-01 0 days 2,184 sqft
2019-11-01 0 days 2,112 sqft
2019-12-01 0 days 2,087 sqft
2020-01-01 0 days 2,060 sqft
2020-02-01 0 days 2,080 sqft
2020-03-01 0 days 2,094 sqft
2020-04-01 0 days 2,022 sqft
2020-05-01 0 days 2,100 sqft
2020-06-01 0 days 2,168 sqft
2020-07-01 0 days 2,170 sqft
2020-08-01 0 days 2,092 sqft
2020-09-01 0 days 2,071 sqft
2020-10-01 0 days 2,000 sqft
2020-11-01 0 days 1,899 sqft
2020-12-01 0 days 1,898 sqft
2021-01-01 0 days 1,854 sqft
2021-02-01 0 days 1,993 sqft
2021-03-01 0 days 2,020 sqft
2021-04-01 0 days 1,956 sqft
2021-05-01 0 days 1,794 sqft
2021-06-01 0 days 1,873 sqft
2021-07-01 0 days 1,856 sqft
2021-08-01 0 days 1,838 sqft
2021-09-01 0 days 1,896 sqft
2021-10-01 0 days 1,897 sqft
2021-11-01 0 days 2,033 sqft
2021-12-01 0 days 2,062 sqft
2022-01-01 0 days 2,080 sqft
2022-02-01 0 days 2,074 sqft
2022-03-01 0 days 2,109 sqft
2022-04-01 0 days 2,200 sqft
2022-05-01 0 days 2,212 sqft
2022-06-01 0 days 2,206 sqft
2022-07-01 0 days 2,133 sqft
2022-08-01 0 days 2,187 sqft
2022-09-01 0 days 2,144 sqft
2022-10-01 0 days 2,084 sqft
2022-11-01 0 days 2,043 sqft
2022-12-01 0 days 2,020 sqft
2023-01-01 0 days 1,985 sqft
2023-02-01 0 days 2,034 sqft
2023-03-01 0 days 1,977 sqft
2023-04-01 0 days 2,046 sqft
2023-05-01 0 days 2,028 sqft
2023-06-01 0 days 2,027 sqft
2023-07-01 0 days 2,000 sqft
2023-08-01 0 days 2,061 sqft
2023-09-01 0 days 2,002 sqft
2023-10-01 0 days 1,885 sqft
2023-11-01 0 days 1,928 sqft
2023-12-01 0 days 1,890 sqft
2024-01-01 0 days 1,890 sqft
2024-02-01 0 days 1,949 sqft
2024-03-01 0 days 1,874 sqft
2024-04-01 0 days 1,898 sqft
Cleveland's median listing age (time on market) for 2024-04-01 was 0 days.

Cleveland's median square footage for active listings during the 2024-04-01 period was 1,898 sqft. One year prior, the average listing was 2,046 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).