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%.
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 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 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.