Cleveland FHA Loan Rates, Closing Costs & Stats

CLEVELAND, TN

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    • 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 6.91% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.7% and one month ago for the week of 2024-03-15, the average rate was 6.47%.

    The average rate one year ago was 6.1%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.07%.

    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
    Cleveland's median listing price for 2024-03-01 was $374,900, a difference of $7,400 (2.0%) versus the prior year and $14,295 versus the prior month.

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

    Cleveland's average listing price for 2024-03-01 was $474,973, a difference of $-15,234 (-3.1%) versus the prior year and $3,090 versus the prior month.

    For the 2024-03-01 period, Cleveland had 359 MLS listings, a difference of -1 listings (0%) versus the prior month and 78 listings (28%) 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 1,947 sqft
    2024-03-01 0 days 1,874 sqft
    Cleveland's median listing age (time on market) for 2024-03-01 was 0 days.

    Cleveland's median square footage for active listings during the 2024-03-01 period was 1,874 sqft. One year prior, the average listing was 1,977 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).