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 37 lenders originated 114 USDA loans during 2021. The total origination value was $17,710,000, with an average USDA loan value of $155,351.

Cleveland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Cleveland averaged 0.04% for the week of 2022-11-25, compared to the national average (all USDA variants) of 0% for the same period.

Cleveland's average USDA mortgage closing costs are $4,863.

The average rate for the prior week (2022-11-18) was 6.59% and one month ago for the week of 2022-10-21, the average rate was 6.81%.

The average rate one year ago was 3.25%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.01%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 32 2.75% $4,598
UNION HOME MORTGAGE CORP. 11 2.98% $5,988
NORTHERN MORTGAGE SERVICES, LLC 5 2.95% $4,100
RUOFF MORTGAGE COMPANY, INC. 5 3.03% $3,718
American Midwest Mortgage Corporation 5 2.88% $6,168
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.00% $3,712
The Huntington National Bank 4 2.97% $4,751
HOWARD HANNA FINANCIAL SERVICES, INC. 4 2.81% $5,153
Nations Lending Corporation 3 2.71% $7,151
YOUR HOME FINANCIAL LLC 3 3.42% $5,317
GUARANTEED RATE, INC. 3 2.96% $4,587
Paramount Residential Mortgage Group, Inc. 3 3.50% $6,185
LIBERTY HOME MORTGAGE CORPORATION 2 2.50% $9,198
Bank of England 2 3.00% $5,630
Fifth Third Bank 2 2.88% $5,504
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 3.50% $5,769
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.00% $5,622
LENDUS, LLC 1 3.25% $6,516
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.25% $3,406
HOME POINT FINANCIAL CORPORATION 1 2.88% $3,654
Flagstar Bank, FSB 1 2.89% $3,275
NVR Mortgage Finance, Inc. 1 2.99% $9,898
OCEANSIDE MORTGAGE COMPANY 1 3.13% $1,418
First Federal Bank of the Midwest 1 2.38% $4,931
Plains Commerce Bank 1 2.88% $5,694
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $5,072
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,138
RELIANCE FIRST CAPITAL, LLC 1 2.50% $9,644
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.25% $5,976
SOUTHWEST FUNDING, LP 1 3.50% $6,002
T2 FINANCIAL LLC 1 2.88% $4,685
CELEBRITY HOME LOANS, LLC 1 2.75% $6,173
TOP FLITE FINANCIAL, INC. 1 3.75% $6,962
TOWNE MORTGAGE COMPANY 1 3.13% $4,886
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.25% $5,699
U.S. Bank 1 2.75% $3,728
Hometown Equity Mortgage, LLC 1 3.38% $4,591

The top Cleveland USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 32 USDA loans originated. Their average total fees are $4,598, which is $1,390 lower than the next largest lender, UNION HOME MORTGAGE CORP..

The lowest fee Cleveland USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($4,598), UNION HOME MORTGAGE CORP. ($5,988), .

The lowest rate Cleveland USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC (2.75%), UNION HOME MORTGAGE CORP. (2.98%), .


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 $160,950 (13.2%) $248,866 (7.4%) 0.60 5,645
2018-02-01 $165,297 (13.1%) $256,869 (7.2%) 0.60 5,424
2018-03-01 $173,950 (10.9%) $265,763 (6.3%) 0.61 5,333
2018-04-01 $184,950 (16.3%) $275,776 (10.0%) 0.63 5,315
2018-05-01 $191,500 (15.4%) $282,368 (9.2%) 0.64 5,515
2018-06-01 $197,900 (13.6%) $283,745 (8.6%) 0.66 5,973
2018-07-01 $190,000 (8.6%) $277,487 (5.7%) 0.63 6,459
2018-08-01 $189,250 (11.4%) $272,040 (4.8%) 0.63 6,841
2018-09-01 $185,000 (8.9%) $270,550 (5.3%) 0.62 6,916
2018-10-01 $185,000 (10.5%) $268,903 (7.6%) 0.63 6,881
2018-11-01 $184,400 (11.8%) $270,663 (8.9%) 0.63 6,721
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 (5.3%) $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%) $316,310 (11.7%) 0.62 3,290
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%) $306,770 (11.4%) 0.57 2,484
2021-02-01 $196,475 (6.2%) $323,473 (11.9%) 0.57 2,037
2021-03-01 $209,500 (3.5%) $336,855 (11.2%) 0.59 1,975
2021-04-01 $225,000 (12.6%) $338,703 (11.7%) 0.61 1,944
2021-05-01 $220,000 (2.3%) $331,837 (4.6%) 0.58 2,320
2021-06-01 $219,450 (-3.3%) $319,154 (-2.9%) 0.58 2,717
2021-07-01 $214,900 (-8.6%) $312,055 (-6.4%) 0.57 3,069
2021-08-01 $199,950 (-13.4%) $304,328 (-7.7%) 0.53 3,274
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 (-8.5%) $307,355 (-5.0%) 0.47 1,860
2022-03-01 $189,900 (-9.4%) $316,211 (-6.1%) 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%) $331,338 (3.8%) 0.50 2,668
2022-07-01 $224,900 (4.7%) $323,433 (3.7%) 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
Cleveland's median listing price for 2022-10-01 was $209,900, a difference of $20,000 (10.5%) versus the prior year and $-9,550 versus the prior month.

Cleveland's median listing price comes in at 49% of the national average.

Cleveland's average listing price for 2022-10-01 was $305,627, a difference of $13,418 (4.6%) versus the prior year and $-2,105 versus the prior month.

For the 2022-10-01 period, Cleveland had 3,526 MLS listings, a difference of 114 listings (3%) versus the prior month and 272 listings (8%) 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 1,692 sqft
2018-02-01 90 days 1,702 sqft
2018-03-01 65 days 1,744 sqft
2018-04-01 57 days 1,775 sqft
2018-05-01 53 days 1,803 sqft
2018-06-01 52 days 1,846 sqft
2018-07-01 54 days 2,063 sqft
2018-08-01 56 days 2,035 sqft
2018-09-01 61 days 2,028 sqft
2018-10-01 66 days 2,014 sqft
2018-11-01 66 days 2,005 sqft
2018-12-01 74 days 1,971 sqft
2019-01-01 85 days 1,968 sqft
2019-02-01 84 days 1,982 sqft
2019-03-01 67 days 2,022 sqft
2019-04-01 53 days 2,046 sqft
2019-05-01 53 days 1,831 sqft
2019-06-01 55 days 1,842 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 1,927 sqft
2020-01-01 93 days 1,923 sqft
2020-02-01 92 days 1,931 sqft
2020-03-01 70 days 1,971 sqft
2020-04-01 62 days 1,974 sqft
2020-05-01 78 days 2,000 sqft
2020-06-01 73 days 2,040 sqft
2020-07-01 53 days 2,063 sqft
2020-08-01 52 days 2,032 sqft
2020-09-01 60 days 1,964 sqft
2020-10-01 55 days 1,923 sqft
2020-11-01 61 days 1,905 sqft
2020-12-01 71 days 1,870 sqft
2021-01-01 78 days 1,853 sqft
2021-02-01 76 days 1,821 sqft
2021-03-01 47 days 1,831 sqft
2021-04-01 43 days 1,849 sqft
2021-05-01 34 days 1,866 sqft
2021-06-01 35 days 1,884 sqft
2021-07-01 36 days 1,891 sqft
2021-08-01 38 days 1,850 sqft
2021-09-01 43 days 1,851 sqft
2021-10-01 44 days 1,802 sqft
2021-11-01 47 days 1,782 sqft
2021-12-01 54 days 1,772 sqft
2022-01-01 61 days 1,732 sqft
2022-02-01 53 days 1,730 sqft
2022-03-01 42 days 1,755 sqft
2022-04-01 37 days 1,790 sqft
2022-05-01 34 days 1,838 sqft
2022-06-01 35 days 1,847 sqft
2022-07-01 36 days 1,850 sqft
2022-08-01 40 days 1,850 sqft
2022-09-01 46 days 1,815 sqft
2022-10-01 47 days 1,820 sqft
Cleveland's median listing age (time on market) for 2022-10-01 was 47 days. This is 7% longer than the same period one year ago.

Cleveland's median square footage for active listings during the 2022-10-01 period was 1,820 sqft. One year prior, the average listing was 1,802 sqft.