Cleveland VA Loans

CLEVELAND-ELYRIA, OH

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Cleveland's 163 lenders originated 4,326 VA loans during 2021. The total origination value was $937,110,000, with an average VA loan value of $216,623.

Cleveland VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Cleveland averaged 5.53% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.36% and one month ago for the week of 2022-04-08, the average rate was 5.08%.

The average rate one year ago was 3.19%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.27%.

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

Cleveland VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 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
QUICKEN LOANS, LLC 543 2.55% $5,429
Mortgage Research Center, LLC 467 2.93% $5,069
FREEDOM MORTGAGE CORPORATION 275 2.51% $2,979
CROSSCOUNTRY MORTGAGE, LLC 252 2.82% $5,610
PENNYMAC LOAN SERVICES, LLC 158 2.52% $4,832
NAVY FEDERAL CREDIT UNION 134 2.47% $5,324
USAA Federal Savings Bank 111 2.83% $5,046
VILLAGE CAPITAL & INVESTMENT LLC 100 2.39% $3,182
NEW DAY FINANCIAL, LLC 100 2.89% $7,316
UNION HOME MORTGAGE CORP. 80 2.78% $5,082
UNITED WHOLESALE MORTGAGE, LLC 73 2.63% $5,058
CLEARPATH LENDING 63 2.39% $4,761
LOANDEPOT.COM, LLC 59 2.62% $5,380
Nations Lending Corporation 59 2.85% $6,173
The Huntington National Bank 57 3.07% $4,832
NVR Mortgage Finance, Inc. 57 2.71% $7,769
Mr. Cooper ( Nationstar Mortgage ) 56 3.02% $4,044
CALIBER HOME LOANS, INC. 49 2.56% $4,018
American Midwest Mortgage Corporation 42 2.79% $5,241
LAKEVIEW LOAN SERVICING, LLC 39 2.62% $2,366
HOME POINT FINANCIAL CORPORATION 37 2.56% $3,368
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 35 2.89% $5,356
GUARANTEED RATE, INC. 33 2.73% $5,908
HOWARD HANNA FINANCIAL SERVICES, INC. 33 2.66% $7,965
NEWREZ LLC 31 2.77% $3,616
Low VA Rates, LLC 30 2.43% $3,926
Fifth Third Bank 29 2.95% $4,267
Wells Fargo Bank 28 2.63% $3,738
The Federal Savings Bank 28 2.53% $5,272
UNION CAPITAL MORTGAGE CORPORATION 27 2.82% $5,102
Barrington Bank & Trust Company, N.A. 26 2.95% $4,152
LENDUS, LLC 22 2.96% $7,123
Carrington Mortgage Services, LLC 20 3.73% $4,919
First Federal Savings and Loan Association of Lakewood 20 2.66% $6,032
LIBERTY HOME MORTGAGE CORPORATION 19 2.99% $7,702
RELIANCE FIRST CAPITAL, LLC 19 2.85% $4,775
Citizens Bank 18 2.63% $4,916
MID AMERICA MORTGAGE, INC. 17 2.69% $2,251
First Guaranty Mortgage Corporation 17 2.57% $3,487
AMERISAVE MORTGAGE CORPORATION 16 2.73% $7,612
PNC Bank 14 2.83% $4,496
PENTAGON FEDERAL CREDIT UNION 14 2.31% $2,214
YOUR HOME FINANCIAL LLC 14 3.25% $8,221
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 12 2.50% $8,049
SUN WEST MORTGAGE COMPANY, INC. 12 2.62% $5,091
Paramount Residential Mortgage Group, Inc. 12 3.05% $10,621
AMERICAN FINANCIAL NETWORK, INC. 11 2.66% $10,459
North American Savings Bank, F.S.B. 11 2.55% $3,264
MUTUAL OF OMAHA MORTGAGE, INC. 11 2.81% $6,709
Goldwater Bank, N.A. 10 2.85% $4,631
NP, Inc. 10 2.35% $4,174
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 3.44% $6,808
RUOFF MORTGAGE COMPANY, INC. 9 3.08% $6,661
PRIMARY RESIDENTIAL MORTGAGE, INC. 9 3.43% $7,389
PULTE MORTGAGE LLC 9 2.75% $6,394
KELLER MORTGAGE, LLC 8 2.83% $6,661
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 2.73% $6,277
First Federal Bank 8 3.70% $10,474
Flagstar Bank, FSB 8 2.67% $4,946
InterContinental Capital Group, Inc 8 2.33% $3,556
Lakeview Community Capital, LLC 8 2.75% $2,017
Magnolia Bank 7 2.73% $6,479
MYCUMORTGAGE, LLC 7 2.82% $6,180
TJC Mortgage, Inc. 7 2.32% $5,078
U.S. Bank 7 2.77% $8,318
BROKER SOLUTIONS, INC. 7 2.77% $6,530
Bank of England 6 2.81% $4,776
RESIDENTIAL MORTGAGE SERVICES, INC. 6 3.08% $8,290
NORTHERN MORTGAGE SERVICES, LLC 6 3.00% $5,354
BNC National Bank 6 2.38% $5,100
CHURCHILL MORTGAGE CORPORATION 6 2.69% $4,992
AMERIFIRST FINANCIAL CORPORATION 6 3.00% $8,948
NATIONS DIRECT MORTGAGE, LLC 6 3.14% $7,840
PLANET HOME LENDING, LLC 6 2.65% $2,784
First National Bank of Pennsylvania 5 2.88% $5,412
FIRST EQUITY MORTGAGE INCORPORATED 5 2.75% $10,519
T2 FINANCIAL LLC 5 3.38% $3,531
JPMorgan Chase Bank 5 3.33% $4,600
WEST PENN FINANCIAL SERVICE CENTER, INC. 5 2.90% $6,256
Wyndham Capital Mortgage, Inc. 5 2.65% $4,944
Waterstone Mortgage Corporation 5 3.27% $4,617
KeyBank 4 3.09% $4,514
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 2.44% $6,314
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 4 2.91% $4,715
TOP FLITE FINANCIAL, INC. 4 3.16% $4,879
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.31% $3,525
NBKC BANK 4 2.44% $7,847
RAPID MORTGAGE COMPANY 4 3.19% $5,578
Equity Prime Mortgage LLC 4 3.56% $4,760
CELEBRITY HOME LOANS, LLC 4 3.25% $4,868
Dollar Bank, Federal Savings Bank 3 2.75% $3,445
LOANPAL, LLC 3 2.58% $5,936
NATIONWIDE MORTGAGE BANKERS, INC. 3 3.29% $6,480
The Cortland Savings and Banking Company 3 3.00% $3,711
PREMIA MORTGAGE, LLC 3 2.38% $4,200
FIRST CENTENNIAL MORTGAGE CORPORATION 3 3.00% $5,921
HOMESIDE FINANCIAL, LLC 3 2.58% $6,100
First Federal Bank of the Midwest 3 2.58% $6,489
ABSOLUTE HOME MORTGAGE CORPORATION 2 3.44% $6,562
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 2.94% $8,040
AmRes Corporation 2 2.50% $3,054
DRAPER AND KRAMER MORTGAGE CORP. 2 3.06% $9,783
First Savings Bank 2 2.31% $2,600
KS StateBank 2 2.38% $6,364
LEADERONE FINANCIAL CORPORATION 2 3.06% $7,665
Meridian Bank Corporation 2 2.44% $5,350
PHH Mortgage Corporation 2 3.00% $8,255
POLARIS HOME FUNDING CORP. 2 3.50% $7,376
TCF National Bank 2 2.44% $4,895
ZILLOW HOME LOANS, LLC 2 2.75% $8,767
MORIA DEVELOPMENT, INC. 1 3.13% $11,437
OCEANSIDE MORTGAGE COMPANY 1 2.75% $1,018
Mid-Continent Funding, Inc. 1 2.75% $6,058
MICHIGAN MUTUAL, INC. 1 3.00% $1,811
LAND HOME FINANCIAL SERVICES, INC. 1 3.50% $2,437
West Town Bank & Trust 1 2.88% $11,505
Ixonia Bank 1 3.75% $1,028
PLAZA HOME MORTGAGE, INC. 1 2.75% $1,860
Independent Bank 1 2.25% $6,015
AMERICAN FINANCING CORPORATION 1 2.88% $2,394
Hometown Lenders, Inc. 1 3.13% $4,131
Hometown Equity Mortgage, LLC 1 3.25% $2,241
Prime Choice Funding Inc. 1 2.25% $0
GUARANTY HOME MORTGAGE CORPORATION 1 2.25% $4,556
Prosperity Home Mortgage, LLC 1 2.50% $3,049
GUARANTEED RATE AFFINITY, LLC 1 2.88% $17,468
Great Plains National Bank 1 3.75% $0
George Mason Mortgage, LLC 1 2.88% $4,438
First Horizon Bank 1 2.38% $8,978
First Federal Bank of Kansas City 1 2.25% $3,173
FIRST COMMUNITY MORTGAGE, INC. 1 2.25% $2,629
SIGNATURE MORTGAGE CORPORATION 1 3.00% $7,143
SIRVA MORTGAGE, INC. 1 2.88% $601
Stifel Bank and Trust 1 2.38% $15,128
First Commonwealth Bank 1 2.63% $2,939
FINANCE OF AMERICA MORTGAGE LLC 1 2.25% $1,861
AMERICAN FINANCIAL RESOURCES, INC. 1 2.63% $9,505
Texana Bank 1 3.63% $526
FAMILY FIRST FUNDING LLC 1 2.88% $7,855
THE EQUITABLE MORTGAGE CORPORATION 1 2.75% $2,740
EQUITY RESOURCES, INC. 1 2.25% $3,240
EMBRACE HOME LOANS, INC. 1 2.25% $1,265
TIAA, FSB 1 2.75% $354
DELMAR FINANCIAL COMPANY 1 2.75% $7,738
CMG MORTGAGE, INC. 1 2.25% $9,225
Truist Bank 1 2.75% $913
Civista Bank 1 2.38% $23,515
Century Mortgage Company DBA Century Lending Company 1 2.25% $4,769
Union Savings Bank 1 2.88% $5,994
United Fidelity Funding Corp. 1 3.25% $9,649
UNITED SECURITY FINANCIAL CORP 1 1.75% $8,235
CALCON MUTUAL MORTGAGE LLC 1 2.88% $2,483
BOKF 1 2.50% $5,500
BELEM SERVICING LLC 1 2.75% $5,505
VICTORY MORTGAGE, L.L.C. 1 2.75% $2,982
BAYSHORE MORTGAGE FUNDING, LLC 1 2.25% $2,031
American Security Mortgage Corp. 1 2.38% $32,336
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.38% $13,605
AMERICAN MORTGAGE SERVICE COMPANY 1 2.75% $3,102
MOVEMENT MORTGAGE, LLC 1 2.75% $6,744
Northpointe Bank 1 2.75% $3,989
Northwest Bank 1 2.88% $4,931
MORTGAGE 1 INCORPORATED 1 4.13% $1,539

The top Cleveland VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 543 VA loans originated. Their average total fees are $5,429, which is $360 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Cleveland VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION ($2,214), MID AMERICA MORTGAGE, INC. ($2,251), LAKEVIEW LOAN SERVICING, LLC ($2,366), FREEDOM MORTGAGE CORPORATION ($2,979) and VILLAGE CAPITAL & INVESTMENT LLC ($3,182).

The lowest rate Cleveland VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (2.31%), NP, Inc. (2.35%), VILLAGE CAPITAL & INVESTMENT LLC (2.39%), CLEARPATH LENDING (2.39%) and Low VA Rates, LLC (2.43%).


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.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.