Cleveland VA Loan Rates, Closing Costs & Stats

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 not 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 138 lenders originated 2,111 VA loans during 2022. The total origination value was $498,755,000, with an average VA loan value of $236,265.

Cleveland VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Cleveland averaged -0.2% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Cleveland's average VA mortgage closing costs are $5,385.

The average rate for the prior week (2024-02-16) was 6.38% and one month ago for the week of 2024-01-19, the average rate was 6.03%.

The average rate one year ago was 6.05%.

For refis of the same type during the week of 2024-02-23, the average rate was -1%.

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/closing costs and rates for VA 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
Mortgage Research Center, LLC 417 5.27% $6,297
QUICKEN LOANS, LLC 193 4.19% $9,225
CROSSCOUNTRY MORTGAGE, LLC 156 5.05% $7,843
NAVY FEDERAL CREDIT UNION 96 4.17% $5,844
UNITED WHOLESALE MORTGAGE, LLC 66 4.59% $7,119
NEW DAY FINANCIAL, LLC 64 5.14% $8,899
FREEDOM MORTGAGE CORPORATION 62 4.64% $10,195
USAA Federal Savings Bank 53 4.72% $7,233
LOANDEPOT.COM, LLC 41 4.42% $8,318
NVR Mortgage Finance, Inc. 41 4.35% $6,354
UNION HOME MORTGAGE CORP. 36 4.48% $9,842
The Huntington National Bank 35 4.53% $5,682
PENNYMAC LOAN SERVICES, LLC 32 3.55% $7,574
Nations Lending Corporation 31 5.03% $9,301
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 28 5.11% $6,632
HOWARD HANNA FINANCIAL SERVICES, INC. 26 4.54% $8,441
Mr. Cooper ( Nationstar Mortgage ) 25 4.88% $9,698
The Federal Savings Bank 24 4.82% $12,848
HOME POINT FINANCIAL CORPORATION 23 4.17% $9,545
LIBERTY HOME MORTGAGE CORPORATION 21 5.10% $9,823
Barrington Bank & Trust Company, N.A. 16 4.41% $6,025
CALIBER HOME LOANS, INC. 15 4.92% $8,332
YOUR HOME FINANCIAL LLC 15 5.03% $9,955
GUARANTEED RATE, INC. 15 4.98% $8,374
VILLAGE CAPITAL MORTGAGE 14 4.24% $8,325
AMERISAVE MORTGAGE CORPORATION 14 4.13% $7,493
Flagstar Bank, FSB 13 5.08% $7,883
RUOFF MORTGAGE COMPANY, INC. 12 5.69% $7,370
Fifth Third Bank 12 4.93% $4,644
KeyBank 12 3.81% $4,052
NEWREZ LLC 11 4.52% $7,971
RELIANCE FIRST CAPITAL, LLC 10 5.24% $7,279
BROKER SOLUTIONS, INC. 10 4.05% $10,697
PENTAGON FEDERAL CREDIT UNION 10 3.55% $3,930
JPMorgan Chase Bank 9 4.75% $5,773
NATIONWIDE MORTGAGE BANKERS, INC. 9 5.50% $14,636
American Midwest Mortgage Corporation 9 5.10% $8,491
DRAPER AND KRAMER MORTGAGE CORP. 9 5.39% $8,859
Wells Fargo Bank 9 4.88% $8,571
CLEARPATH LENDING 8 4.25% $11,023
MUTUAL OF OMAHA MORTGAGE, INC. 8 5.14% $7,435
Amerifirst Financial, Inc. 8 5.31% $7,550
UNION CAPITAL MORTGAGE CORPORATION 7 4.89% $11,938
PULTE MORTGAGE LLC 7 4.25% $6,129
Magnolia Bank 7 4.04% $14,242
AMERICAN PACIFIC MORTGAGE CORPORATION 7 4.16% $18,456
Equity Prime Mortgage LLC 7 5.54% $7,739
FIRST EQUITY MORTGAGE INCORPORATED 6 4.73% $16,821
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 4.58% $6,705
Citizens Bank 6 4.81% $6,564
LAKEVIEW LOAN SERVICING, LLC 6 3.69% $6,300
T2 FINANCIAL LLC 5 4.95% $9,400
U.S. Bank 5 5.05% $5,161
NORTHERN MORTGAGE SERVICES, LLC 5 4.70% $5,868
WEST PENN FINANCIAL SERVICE CENTER, INC. 5 5.20% $5,885
Mid-Continent Funding, Inc. 5 5.50% $6,277
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 5.75% $6,036
FIRST CENTENNIAL MORTGAGE CORPORATION 5 5.53% $5,232
Carrington Mortgage Services, LLC 4 3.97% $8,083
NFM, INC. 4 5.81% $9,493
First Federal Savings and Loan Association of Lakewood 4 5.59% $6,470
AMERIFIRST FINANCIAL CORPORATION 4 6.41% $10,306
NETWORK CAPITAL FUNDING CORPORATION 4 3.97% $6,537
Low VA Rates, LLC 4 5.31% $10,022
NATIONS DIRECT MORTGAGE, LLC 4 4.41% $8,600
MID AMERICA MORTGAGE, INC. 4 4.66% $4,770
MYCUMORTGAGE, LLC 4 4.84% $4,783
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 3.41% $9,296
First National Bank of Pennsylvania 4 4.88% $3,883
Dollar Bank, Federal Savings Bank 3 5.42% $7,202
ROYAL UNITED MORTGAGE LLC 3 5.13% $11,767
Seven Seventeen Credit Union 3 5.96% $6,684
RAPID MORTGAGE COMPANY 3 5.96% $9,818
CMG MORTGAGE, INC. 3 5.29% $7,355
MOVEMENT MORTGAGE, LLC 3 5.67% $5,847
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 5.67% $12,159
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 5.42% $5,201
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 3 5.38% $9,655
Lakeview Community Capital, LLC 3 4.92% $7,861
First Federal Bank 3 4.62% $5,524
LEADERONE FINANCIAL CORPORATION 3 6.00% $2,539
Waterstone Mortgage Corporation 3 6.00% $11,198
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 3.87% $4,977
AMERICAN FINANCING CORPORATION 2 4.56% $15,355
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.63% $8,756
Armed Forces Bank 2 5.63% $7,552
Bank of England 2 5.00% $5,766
BNC National Bank 2 3.88% $12,817
CHURCHILL MORTGAGE CORPORATION 2 5.44% $5,880
First Federal Bank of the Midwest 2 4.69% $3,580
Goldwater Bank, N.A. 2 4.50% $11,184
HOMESIDE FINANCIAL, LLC 2 4.94% $13,797
MIDLAND MORTGAGE CORPORATION 2 4.81% $6,374
Mutual Federal Bank 2 4.75% $14,267
North American Savings Bank, F.S.B. 2 4.38% $3,778
PLANET HOME LENDING, LLC 2 6.00% $13,200
PNC Bank 2 4.75% $7,371
Union Savings Bank 2 4.75% $11,958
VERITAS FUNDING, LLC 2 4.75% $23,483
Paramount Residential Mortgage Group, Inc. 1 5.75% $3,036
MORTGAGE ACCESS CORP. 1 5.00% $3,380
MICHIGAN MUTUAL, INC. 1 2.50% $12,900
Ameris Bank 1 6.13% $2,547
AMERICAN INTERNET MORTGAGE, INC. 1 3.25% $9,452
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.99% $4,491
KELLER MORTGAGE, LLC 1 6.25% $7,192
INTERCAP LENDING INC. 1 2.88% $1,444
Hometown Lenders, Inc. 1 5.75% $9,454
Hometown Equity Mortgage, LLC 1 3.25% $6,608
HomePromise Corporation 1 3.88% $13,196
RESIDENTIAL BANCORP 1 4.99% $11,332
GUILD MORTGAGE COMPANY 1 4.38% $8,241
First State Bank 1 6.63% $9,725
First Commonwealth Bank 1 4.25% $7,632
SIRVA MORTGAGE, INC. 1 5.50% $237
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.75% $8,799
SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $11,615
FirstBank 1 3.25% $33,842
Texana Bank 1 4.50% $8,914
EVANSVILLE TEACHERS 1 3.13% $9,651
The First, A National Banking Association 1 3.75% $10,551
ABSOLUTE HOME MORTGAGE CORPORATION 1 6.00% $4,612
The Union Bank Company 1 3.00% $10,008
TOP FLITE FINANCIAL, INC. 1 5.25% $9,314
EMBRACE HOME LOANS, INC. 1 4.99% $16,954
DEVELOPER'S MORTGAGE COMPANY 1 5.25% $2,009
ACADEMY MORTGAGE CORPORATION 1 6.50% $8,561
CONTOUR MORTGAGE CORPORATION 1 4.75% $6,525
Citibank 1 3.13% $2,518
Capital Bank 1 4.75% $3,075
US MORTGAGE CORPORATION 1 6.38% $12,715
ZILLOW HOME LOANS, LLC 1 5.63% $9,789
BAY EQUITY LLC 1 5.25% $16,018
Bank of America 1 2.50% $16,865
Northwest Bank 1 5.50% $3,187
NORWICH COMMERCIAL GROUP, INC. 1 5.75% $2,408
NBKC BANK 1 3.38% $11,180
Paramount Bank 1 5.25% $4,357

The top Cleveland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 417 VA loans originated. Their average total fees are $6,297, which is $2,928 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Cleveland VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION ($3,930), KeyBank ($4,052), Fifth Third Bank ($4,644), The Huntington National Bank ($5,682) and NAVY FEDERAL CREDIT UNION ($5,844).

The lowest rate Cleveland VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (3.55%), PENNYMAC LOAN SERVICES, LLC (3.55%), KeyBank (3.81%), BROKER SOLUTIONS, INC. (4.05%) and AMERISAVE MORTGAGE CORPORATION (4.13%).


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
2023-11-01 $225,250 (12.7%) $329,962 (8.5%) 0.54 3,095
Cleveland's median listing price for 2023-11-01 was $225,250, a difference of $25,350 (12.7%) versus the prior year and $-12,750 versus the prior month.

Cleveland's median listing price comes in at 54% of the national average.

Cleveland's average listing price for 2023-11-01 was $329,962, a difference of $25,923 (8.5%) versus the prior year and $-9,489 versus the prior month.

For the 2023-11-01 period, Cleveland had 3,095 MLS listings, a difference of 127 listings (4%) versus the prior month and -346 listings (-10%) 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
2023-11-01 44 days 1,822 sqft
Cleveland's median listing age (time on market) for 2023-11-01 was 44 days. This is -4% shorter than the same period one year ago.

Cleveland's median square footage for active listings during the 2023-11-01 period was 1,822 sqft. One year prior, the average listing was 1,801 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.