Cleveland USDA Loan Rates, Closing Costs & Stats

CLEVELAND-ELYRIA, OH

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Cleveland's 21 lenders originated 38 USDA loans during 2022. The total origination value was $6,490,000, with an average USDA loan value of $170,789.

Cleveland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Cleveland averaged -0.08% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

Cleveland's average USDA mortgage closing costs are $4,991.

The average rate for the prior week (2023-11-17) was 6.71% and one month ago for the week of 2023-10-20, the average rate was 7.43%.

The average rate one year ago was 6.47%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.18%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Cleveland USDA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for USDA 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 11 5.55% $7,405
UNION HOME MORTGAGE CORP. 4 5.25% $7,313
HOWARD HANNA FINANCIAL SERVICES, INC. 3 3.29% $6,036
LIBERTY HOME MORTGAGE CORPORATION 2 4.75% $4,384
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.75% $4,630
LAKEVIEW LOAN SERVICING, LLC 1 3.25% $2,257
MID AMERICA MORTGAGE, INC. 1 5.13% $5,566
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $7,743
NORTHERN MORTGAGE SERVICES, LLC 1 3.25% $3,526
Northwest Bank 1 3.38% $6,149
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.63% $8,948
RUOFF MORTGAGE COMPANY, INC. 1 6.38% $1,851
The Huntington National Bank 1 3.38% $5,163
TOP FLITE FINANCIAL, INC. 1 3.75% $8,992
U.S. Bank 1 5.88% $6,304
American Midwest Mortgage Corporation 1 5.13% $12,472
YOUR HOME FINANCIAL LLC 1 5.75% $7,832
Fifth Third Bank 1 5.00% $5,217
First Federal Savings and Loan Association of Lakewood 1 6.13% $6,403
GUARANTEED RATE, INC. 1 5.75% $6,272
Hometown Equity Mortgage, LLC 1 5.63% $11,539

The top Cleveland USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 11 USDA loans originated. Their average total fees are $7,405, which is $92 higher than the next largest lender, UNION HOME MORTGAGE CORP..

The lowest fee Cleveland USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($7,405), .

The lowest rate Cleveland USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC (5.55%), .


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%) $248,862 (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%) $275,711 (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%) $283,579 (8.6%) 0.66 5,973
2018-07-01 $190,000 (8.6%) $277,454 (5.7%) 0.63 6,460
2018-08-01 $189,250 (11.4%) $272,027 (4.7%) 0.63 6,842
2018-09-01 $185,000 (8.9%) $270,528 (5.3%) 0.62 6,917
2018-10-01 $185,000 (10.5%) $268,923 (7.6%) 0.63 6,882
2018-11-01 $184,400 (11.8%) $270,651 (8.9%) 0.63 6,722
2018-12-01 $179,900 (10.4%) $268,913 (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%) $277,820 (8.2%) 0.63 5,393
2019-03-01 $198,471 (14.1%) $289,308 (8.9%) 0.65 5,399
2019-04-01 $208,121 (12.5%) $296,693 (7.6%) 0.66 5,461
2019-05-01 $202,450 (5.7%) $289,952 (2.7%) 0.63 5,636
2019-06-01 $209,900 (6.1%) $291,638 (2.8%) 0.66 5,974
2019-07-01 $204,899 (7.8%) $288,336 (3.9%) 0.64 6,277
2019-08-01 $199,182 (5.3%) $286,478 (5.3%) 0.63 6,417
2019-09-01 $197,955 (7.0%) $283,276 (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 (0.3%) $276,516 (2.2%) 0.61 6,216
2019-12-01 $179,900 (0.0%) $274,379 (2.0%) 0.60 5,556
2020-01-01 $179,700 (-0.1%) $275,504 (2.4%) 0.60 4,971
2020-02-01 $185,000 (0.0%) $289,370 (4.2%) 0.61 4,437
2020-03-01 $202,400 (2.0%) $303,241 (4.8%) 0.63 4,257
2020-04-01 $199,900 (-4.0%) $303,428 (2.3%) 0.63 4,119
2020-05-01 $215,450 (6.4%) $317,606 (9.5%) 0.65 3,763
2020-06-01 $227,200 (8.2%) $329,122 (12.9%) 0.67 3,518
2020-07-01 $235,000 (14.7%) $333,621 (15.7%) 0.68 3,354
2020-08-01 $231,900 (16.4%) $330,310 (15.3%) 0.66 3,282
2020-09-01 $217,123 (9.7%) $316,840 (11.9%) 0.62 3,280
2020-10-01 $200,000 (3.4%) $305,094 (9.1%) 0.57 3,408
2020-11-01 $199,450 (7.9%) $305,776 (10.6%) 0.58 3,297
2020-12-01 $198,500 (10.3%) $301,741 (10.0%) 0.59 2,942
2021-01-01 $189,900 (5.7%) $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%) $339,325 (11.8%) 0.61 1,934
2021-05-01 $221,389 (2.8%) $332,864 (4.8%) 0.59 2,312
2021-06-01 $219,894 (-3.2%) $319,852 (-2.8%) 0.58 2,709
2021-07-01 $214,900 (-8.6%) $312,468 (-6.3%) 0.57 3,061
2021-08-01 $199,950 (-13.8%) $304,681 (-7.8%) 0.53 3,265
2021-09-01 $198,950 (-8.4%) $301,812 (-4.7%) 0.53 3,206
2021-10-01 $189,900 (-5.1%) $292,643 (-4.1%) 0.51 3,244
2021-11-01 $189,900 (-4.8%) $294,602 (-3.7%) 0.51 2,946
2021-12-01 $184,950 (-6.8%) $290,283 (-3.8%) 0.50 2,568
2022-01-01 $179,000 (-5.7%) $298,814 (-2.8%) 0.48 2,072
2022-02-01 $179,900 (-8.7%) $308,332 (-4.9%) 0.47 1,851
2022-03-01 $189,900 (-9.8%) $317,070 (-6.1%) 0.48 1,828
2022-04-01 $194,950 (-13.4%) $315,213 (-7.1%) 0.46 1,909
2022-05-01 $217,000 (-2.0%) $329,540 (-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%) $315,062 (3.4%) 0.52 3,406
2022-09-01 $219,700 (10.4%) $308,764 (2.3%) 0.51 3,403
2022-10-01 $210,000 (10.6%) $306,720 (4.8%) 0.49 3,519
2022-11-01 $199,900 (5.3%) $304,039 (3.2%) 0.48 3,441
2022-12-01 $189,900 (2.7%) $290,434 (0.1%) 0.47 3,007
2023-01-01 $190,200 (6.3%) $298,154 (-0.2%) 0.47 2,650
2023-02-01 $199,450 (10.9%) $316,817 (2.8%) 0.48 2,365
2023-03-01 $212,500 (11.9%) $330,430 (4.2%) 0.50 2,170
2023-04-01 $225,000 (15.4%) $341,993 (8.5%) 0.52 2,196
2023-05-01 $236,700 (9.1%) $348,275 (5.7%) 0.54 2,257
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
Cleveland's median listing price for 2023-10-01 was $238,000, a difference of $28,000 (13.3%) versus the prior year and $-2,000 versus the prior month.

Cleveland's median listing price comes in at 56% of the national average.

Cleveland's average listing price for 2023-10-01 was $339,451, a difference of $32,731 (10.7%) versus the prior year and $-5,749 versus the prior month.

For the 2023-10-01 period, Cleveland had 2,968 MLS listings, a difference of 187 listings (7%) versus the prior month and -551 listings (-16%) 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 1,693 sqft
2018-02-01 84 days 1,704 sqft
2018-03-01 60 days 1,749 sqft
2018-04-01 53 days 1,781 sqft
2018-05-01 51 days 1,805 sqft
2018-06-01 50 days 1,844 sqft
2018-07-01 52 days 2,057 sqft
2018-08-01 53 days 2,035 sqft
2018-09-01 59 days 2,028 sqft
2018-10-01 62 days 2,015 sqft
2018-11-01 63 days 2,007 sqft
2018-12-01 71 days 1,970 sqft
2019-01-01 81 days 1,966 sqft
2019-02-01 79 days 1,983 sqft
2019-03-01 63 days 2,022 sqft
2019-04-01 49 days 2,047 sqft
2019-05-01 51 days 1,832 sqft
2019-06-01 52 days 1,842 sqft
2019-07-01 53 days 1,870 sqft
2019-08-01 55 days 1,934 sqft
2019-09-01 58 days 1,985 sqft
2019-10-01 61 days 2,012 sqft
2019-11-01 72 days 1,959 sqft
2019-12-01 80 days 1,925 sqft
2020-01-01 87 days 1,921 sqft
2020-02-01 85 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 1,999 sqft
2020-06-01 63 days 2,036 sqft
2020-07-01 49 days 2,062 sqft
2020-08-01 49 days 2,030 sqft
2020-09-01 55 days 1,964 sqft
2020-10-01 51 days 1,927 sqft
2020-11-01 57 days 1,908 sqft
2020-12-01 66 days 1,870 sqft
2021-01-01 74 days 1,855 sqft
2021-02-01 70 days 1,823 sqft
2021-03-01 44 days 1,835 sqft
2021-04-01 40 days 1,852 sqft
2021-05-01 32 days 1,867 sqft
2021-06-01 33 days 1,888 sqft
2021-07-01 33 days 1,892 sqft
2021-08-01 37 days 1,850 sqft
2021-09-01 42 days 1,850 sqft
2021-10-01 43 days 1,802 sqft
2021-11-01 46 days 1,782 sqft
2021-12-01 53 days 1,771 sqft
2022-01-01 58 days 1,732 sqft
2022-02-01 50 days 1,730 sqft
2022-03-01 40 days 1,757 sqft
2022-04-01 36 days 1,796 sqft
2022-05-01 33 days 1,836 sqft
2022-06-01 34 days 1,844 sqft
2022-07-01 35 days 1,850 sqft
2022-08-01 39 days 1,848 sqft
2022-09-01 45 days 1,815 sqft
2022-10-01 45 days 1,816 sqft
2022-11-01 45 days 1,801 sqft
2022-12-01 55 days 1,786 sqft
2023-01-01 60 days 1,788 sqft
2023-02-01 53 days 1,796 sqft
2023-03-01 44 days 1,800 sqft
2023-04-01 42 days 1,832 sqft
2023-05-01 38 days 1,824 sqft
2023-06-01 38 days 1,864 sqft
2023-07-01 39 days 1,856 sqft
2023-08-01 39 days 1,894 sqft
2023-09-01 40 days 1,850 sqft
2023-10-01 40 days 1,832 sqft
Cleveland's median listing age (time on market) for 2023-10-01 was 40 days. This is -12% shorter than the same period one year ago.

Cleveland's median square footage for active listings during the 2023-10-01 period was 1,832 sqft. One year prior, the average listing was 1,816 sqft.