Cleveland USDA Loans

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 5.44% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.47% and one month ago for the week of 2022-04-08, the average rate was 4.83%.

The average rate one year ago was 3.24%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.98%.

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 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. Total Fees
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 $161,450 (13.7%) $249,865 (7.8%) 0.59 5,631
2018-02-01 $165,250 (13.3%) $258,192 (7.7%) 0.60 5,417
2018-03-01 $173,900 (10.8%) $266,777 (6.6%) 0.60 5,310
2018-04-01 $184,995 (16.4%) $277,638 (10.6%) 0.62 5,313
2018-05-01 $191,445 (16.1%) $283,914 (9.7%) 0.64 5,508
2018-06-01 $198,000 (14.3%) $285,130 (9.0%) 0.66 5,963
2018-07-01 $190,000 (8.6%) $278,620 (6.0%) 0.63 6,441
2018-08-01 $189,450 (11.5%) $273,689 (5.1%) 0.63 6,822
2018-09-01 $185,000 (8.9%) $271,815 (5.7%) 0.62 6,867
2018-10-01 $185,000 (10.5%) $269,349 (7.3%) 0.62 6,837
2018-11-01 $184,175 (11.5%) $271,189 (8.8%) 0.62 6,683
2018-12-01 $179,900 (10.4%) $269,474 (9.0%) 0.62 6,023
2019-01-01 $179,900 (11.4%) $270,975 (8.5%) 0.62 5,623
2019-02-01 $187,000 (13.2%) $280,065 (8.5%) 0.63 5,372
2019-03-01 $198,471 (14.1%) $291,374 (9.2%) 0.65 5,355
2019-04-01 $208,471 (12.7%) $299,212 (7.8%) 0.66 5,403
2019-05-01 $202,450 (5.8%) $292,803 (3.1%) 0.62 5,560
2019-06-01 $209,950 (6.0%) $294,370 (3.2%) 0.65 5,893
2019-07-01 $206,600 (8.7%) $290,780 (4.4%) 0.64 6,219
2019-08-01 $199,571 (5.3%) $287,473 (5.0%) 0.63 6,349
2019-09-01 $198,950 (7.5%) $281,945 (3.7%) 0.63 6,365
2019-10-01 $194,500 (5.1%) $281,892 (4.7%) 0.62 6,463
2019-11-01 $189,900 (3.1%) $283,822 (4.7%) 0.61 6,179
2019-12-01 $182,400 (1.4%) $280,897 (4.2%) 0.61 5,522
2020-01-01 $181,500 (0.9%) $282,745 (4.3%) 0.61 4,936
2020-02-01 $189,900 (1.6%) $298,935 (6.7%) 0.61 4,391
2020-03-01 $205,481 (3.5%) $311,106 (6.8%) 0.64 4,203
2020-04-01 $202,400 (-2.9%) $306,686 (2.5%) 0.63 4,082
2020-05-01 $224,900 (11.1%) $334,070 (14.1%) 0.68 3,718
2020-06-01 $239,900 (14.3%) $346,563 (17.7%) 0.70 3,457
2020-07-01 $239,450 (15.9%) $346,278 (19.1%) 0.69 3,300
2020-08-01 $235,000 (17.8%) $338,903 (17.9%) 0.67 3,211
2020-09-01 $226,950 (14.1%) $335,133 (18.9%) 0.65 3,234
2020-10-01 $209,999 (8.0%) $322,477 (14.4%) 0.60 3,352
2020-11-01 $205,000 (8.0%) $320,400 (12.9%) 0.59 3,231
2020-12-01 $199,900 (9.6%) $317,060 (12.9%) 0.59 2,914
2021-01-01 $197,900 (9.0%) $319,128 (12.9%) 0.58 2,436
2021-02-01 $202,450 (6.6%) $342,772 (14.7%) 0.58 1,983
2021-03-01 $207,450 (1.0%) $339,275 (9.1%) 0.58 1,899
2021-04-01 $223,950 (10.7%) $340,583 (11.1%) 0.60 1,863
2021-05-01 $219,900 (-2.2%) $332,954 (-0.3%) 0.58 2,238
2021-06-01 $219,000 (-8.7%) $319,926 (-7.7%) 0.57 2,644
2021-07-01 $211,950 (-11.5%) $314,481 (-9.2%) 0.55 2,970
2021-08-01 $199,950 (-14.9%) $305,355 (-9.9%) 0.53 3,216
2021-09-01 $199,450 (-12.1%) $302,895 (-9.6%) 0.52 3,152
2021-10-01 $189,900 (-9.6%) $292,825 (-9.2%) 0.50 3,190
2021-11-01 $189,900 (-7.4%) $295,257 (-7.9%) 0.50 2,916
2021-12-01 $183,750 (-8.1%) $289,302 (-8.8%) 0.49 2,541
2022-01-01 $177,000 (-10.6%) $297,829 (-6.7%) 0.47 2,034
2022-02-01 $176,950 (-12.6%) $308,516 (-10.0%) 0.45 1,825
2022-03-01 $189,900 (-8.5%) $316,698 (-6.7%) 0.47 1,789
2022-04-01 $194,000 (-13.4%) $316,524 (-7.1%) 0.46 1,860
Cleveland's median listing price for 2022-04-01 was $194,000, a difference of $-29,950 (-13.4%) versus the prior year and $4,100 versus the prior month.

Cleveland's median listing price comes in at 46% of the national average.

Cleveland's average listing price for 2022-04-01 was $316,524, a difference of $-24,059 (-7.1%) versus the prior year and $-174 versus the prior month.

For the 2022-04-01 period, Cleveland had 1,860 MLS listings, a difference of 71 listings (4%) versus the prior month and -3 listings (0%) 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 91 days 1,713 sqft
2018-02-01 89 days 1,728 sqft
2018-03-01 65 days 1,768 sqft
2018-04-01 57 days 1,796 sqft
2018-05-01 53 days 1,819 sqft
2018-06-01 52 days 1,868 sqft
2018-07-01 53 days 2,102 sqft
2018-08-01 55 days 2,075 sqft
2018-09-01 60 days 2,072 sqft
2018-10-01 65 days 2,053 sqft
2018-11-01 66 days 2,039 sqft
2018-12-01 74 days 2,000 sqft
2019-01-01 83 days 2,000 sqft
2019-02-01 84 days 2,013 sqft
2019-03-01 63 days 2,061 sqft
2019-04-01 52 days 2,088 sqft
2019-05-01 53 days 1,851 sqft
2019-06-01 55 days 1,868 sqft
2019-07-01 55 days 1,897 sqft
2019-08-01 54 days 1,976 sqft
2019-09-01 59 days 2,028 sqft
2019-10-01 63 days 2,032 sqft
2019-11-01 64 days 2,000 sqft
2019-12-01 73 days 1,946 sqft
2020-01-01 83 days 1,942 sqft
2020-02-01 81 days 1,950 sqft
2020-03-01 60 days 1,988 sqft
2020-04-01 59 days 1,991 sqft
2020-05-01 68 days 2,052 sqft
2020-06-01 58 days 2,072 sqft
2020-07-01 47 days 2,078 sqft
2020-08-01 47 days 2,052 sqft
2020-09-01 46 days 1,998 sqft
2020-10-01 42 days 1,944 sqft
2020-11-01 48 days 1,922 sqft
2020-12-01 57 days 1,884 sqft
2021-01-01 67 days 1,870 sqft
2021-02-01 66 days 1,837 sqft
2021-03-01 48 days 1,832 sqft
2021-04-01 45 days 1,857 sqft
2021-05-01 36 days 1,868 sqft
2021-06-01 35 days 1,900 sqft
2021-07-01 37 days 1,896 sqft
2021-08-01 39 days 1,858 sqft
2021-09-01 43 days 1,865 sqft
2021-10-01 44 days 1,814 sqft
2021-11-01 47 days 1,789 sqft
2021-12-01 55 days 1,779 sqft
2022-01-01 61 days 1,728 sqft
2022-02-01 58 days 1,736 sqft
2022-03-01 45 days 1,765 sqft
2022-04-01 39 days 1,800 sqft
Cleveland's median listing age (time on market) for 2022-04-01 was 39 days. This is -12% shorter than the same period one year ago.

Cleveland's median square footage for active listings during the 2022-04-01 period was 1,800 sqft. One year prior, the average listing was 1,857 sqft.