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 117 lenders originated 2,006 VA loans during 2024. The total origination value was $556,080,000, with an average VA loan value of $277,208.

Cleveland VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Cleveland averaged 6.82% for the week of 2025-04-04, compared to the national average (all VA variants) of 6.06% for the same period.

Cleveland's average VA mortgage closing costs are $5,833.

The average rate for the prior week (2025-03-28) was 6.84% and one month ago for the week of 2025-02-28, the average rate was 6.52%.

The average rate one year ago was 6.73%.

For refis of the same type during the week of 2025-04-04, the average rate was 7%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
Mortgage Research Center, LLC 441 6.39% $5,473
CROSSCOUNTRY MORTGAGE, LLC 167 6.62% $7,057
QUICKEN LOANS, LLC 155 6.04% $10,708
UNITED WHOLESALE MORTGAGE, LLC 110 6.06% $6,928
FREEDOM MORTGAGE CORPORATION 89 6.18% $7,232
NAVY FEDERAL CREDIT UNION 78 5.88% $5,578
NVR Mortgage Finance, Inc. 65 6.09% $5,518
PENNYMAC LOAN SERVICES, LLC 59 5.64% $6,433
NEW DAY FINANCIAL, LLC 53 7.46% $10,388
USAA Federal Savings Bank 50 6.26% $7,401
HOWARD HANNA FINANCIAL SERVICES, INC. 28 6.01% $7,760
NEWREZ LLC 28 6.16% $6,284
The Huntington National Bank 28 6.62% $7,587
VILLAGE CAPITAL MORTGAGE 26 5.72% $4,932
MUTUAL OF OMAHA MORTGAGE, INC. 24 6.35% $10,909
LOANDEPOT.COM, LLC 20 6.17% $9,928
Mr. Cooper ( Nationstar Mortgage ) 20 6.39% $6,990
S1L, Inc. 19 6.34% $10,063
RUOFF MORTGAGE COMPANY, INC. 19 6.51% $4,721
UNION HOME MORTGAGE CORP. 18 6.38% $8,945
Nations Lending Corporation 17 6.52% $8,372
PULTE MORTGAGE LLC 15 5.58% $7,015
GUARANTEED RATE, INC. 14 6.26% $5,974
LIBERTY HOME MORTGAGE CORPORATION 12 6.55% $8,995
JPMorgan Chase Bank 12 6.19% $4,294
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.61% $7,344
AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.82% $9,732
CLEARPATH LENDING 11 5.81% $4,728
Fifth Third Bank 11 6.25% $6,039
NBKC BANK 10 6.00% $5,979
Equity Prime Mortgage LLC 10 7.03% $7,566
The Federal Savings Bank 10 6.63% $16,904
Magnolia Bank 10 6.06% $13,113
Barrington Bank & Trust Company, N.A. 9 6.47% $5,762
FIRST EQUITY MORTGAGE INCORPORATED 9 6.11% $10,263
NORTHERN MORTGAGE SERVICES, LLC 9 6.57% $8,916
BROKER SOLUTIONS, INC. 8 6.61% $7,683
LAKEVIEW LOAN SERVICING, LLC 8 5.78% $7,257
Carrington Mortgage Services, LLC 8 6.45% $13,479
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 7 5.45% $4,553
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.61% $2,617
MORTGAGE SOLUTIONS OF COLORADO, LLC 7 7.29% $3,395
UNION CAPITAL MORTGAGE CORPORATION 6 6.04% $8,257
YOUR HOME FINANCIAL LLC 6 6.85% $10,192
POLARIS HOME FUNDING CORP. 6 6.23% $11,789
PLANET HOME LENDING, LLC 6 6.14% $6,499
MOVEMENT MORTGAGE, LLC 6 6.98% $7,066
First National Bank of Pennsylvania 6 6.27% $5,618
NFM, INC. 5 7.03% $9,054
U.S. Bank 5 6.35% $8,135
AMERICAN FINANCIAL RESOURCES, INC. 5 6.63% $9,584
CMG MORTGAGE, INC. 5 6.23% $4,177
RELIANCE FIRST CAPITAL, LLC 5 6.38% $10,796
Citizens Bank 4 6.13% $3,647
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.22% $7,089
First Federal Bank 4 6.03% $6,430
First Federal Savings and Loan Association of Lakewood 4 6.38% $3,797
ALLIED MORTGAGE GROUP, INC. 4 6.22% $8,845
Flagstar Bank, FSB 4 6.57% $6,970
Prosperity Home Mortgage, LLC 3 5.96% $6,263
AMERICAN FINANCIAL NETWORK, INC. 3 6.33% $3,762
CANOPY MORTGAGE, LLC 3 5.13% $34,896
CARDINAL FINANCIAL 3 6.42% $4,714
Credence Funding Corporation 3 5.50% $9,465
GENEVA FINANCIAL, LLC 3 6.88% $5,291
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.70% $6,741
Ixonia Bank 3 6.50% $9,183
KeyBank 3 5.75% $10,538
LOANPAL, LLC 3 5.79% $8,468
MICHIGAN MUTUAL, INC. 3 6.50% $3,129
Plains Commerce Bank 3 6.38% $4,487
Union Savings Bank 3 6.25% $4,001
VERITAS FUNDING, LLC 3 6.46% $21,908
ZILLOW HOME LOANS, LLC 3 6.46% $8,546
HOMESIDE FINANCIAL, LLC 2 7.44% $8,097
PENTAGON FEDERAL CREDIT UNION 2 6.06% $9,044
TOP FLITE FINANCIAL, INC. 2 6.00% $5,618
HomePromise Corporation 2 7.06% $7,434
ROYAL UNITED MORTGAGE LLC 2 6.50% $4,523
WEST PENN FINANCIAL SERVICE CENTER, INC. 2 6.63% $9,758
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.50% $13,105
CHURCHILL MORTGAGE CORPORATION 2 6.88% $8,896
AMERISAVE MORTGAGE CORPORATION 2 5.81% $10,741
Mid-Continent Funding, Inc. 2 6.38% $6,321
SUN WEST MORTGAGE COMPANY, INC. 2 7.06% $10,446
ABSOLUTE HOME MORTGAGE CORPORATION 2 6.19% $11,145
Texana Bank 2 7.19% $10,976
MORTGAGEONE, INC. 2 6.94% $4,326
PNC Bank 2 7.19% $3,434
GUILD MORTGAGE COMPANY 2 6.38% $7,746
GUARANTEED RATE AFFINITY, LLC 1 5.63% $2,394
The Loan Store, Inc. 1 5.63% $1,376
GoPrime Mortgage, Inc. 1 6.75% $8,733
First Federal Bank of the Midwest 1 6.63% $4,979
EMBRACE HOME LOANS, INC. 1 5.75% $6,061
US MORTGAGE CORPORATION 1 6.75% $8,451
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.63% $6,191
AMERICAN FINANCING CORPORATION 1 6.63% $9,767
North American Savings Bank, F.S.B. 1 5.99% $4,163
Northwest Bank 1 6.50% $3,986
Old National Bank 1 5.88% $7,546
MORTGAGE ACCESS CORP. 1 5.50% $4,519
OPEN MORTGAGE, LLC 1 6.75% $8,530
Paramount Residential Mortgage Group, Inc. 1 6.13% $4,298
MORIA DEVELOPMENT, INC. 1 6.75% $8,543
PHH Mortgage Corporation 1 5.63% $7,291
AmeriHome Mortgage Company, LLC 1 6.63% $5,237
PLAZA HOME MORTGAGE, INC. 1 6.25% $11,536
PLUS RELOCATION MORTGAGE, LLC 1 6.25% $9,878
MID AMERICA MORTGAGE, INC. 1 5.38% $8,117
Lakeview Community Capital, LLC 1 5.75% $10,309
Hometown Equity Mortgage, LLC 1 7.63% $5,441
RAPID MORTGAGE COMPANY 1 7.13% $13,889
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.75% $10,408
HALLMARK HOME MORTGAGE, LLC 1 7.75% $5,340
T2 FINANCIAL LLC 1 6.13% $7,307
The Farmers National Bank of Canfield 1 5.75% $8,944

The top Cleveland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 441 VA loans originated. Their average total fees are $5,473, which is $1,584 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Cleveland VA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($4,294), RUOFF MORTGAGE COMPANY, INC. ($4,721), CLEARPATH LENDING ($4,728), VILLAGE CAPITAL MORTGAGE ($4,932) and Mortgage Research Center, LLC ($5,473).

The lowest rate Cleveland VA lenders (with over 10 loans originated) are PULTE MORTGAGE LLC (5.58%), PENNYMAC LOAN SERVICES, LLC (5.64%), VILLAGE CAPITAL MORTGAGE (5.72%), CLEARPATH LENDING (5.81%) and NAVY FEDERAL CREDIT UNION (5.88%).


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 (13.1%) $248,945 (7.4%) 0.60 5,646
2018-02-01 $165,345 (13.1%) $256,958 (7.2%) 0.60 5,425
2018-03-01 $173,950 (10.7%) $265,793 (6.3%) 0.61 5,333
2018-04-01 $184,950 (16.3%) $275,814 (10.0%) 0.63 5,316
2018-05-01 $191,500 (15.4%) $282,420 (9.2%) 0.64 5,516
2018-06-01 $197,945 (13.6%) $283,679 (8.6%) 0.66 5,974
2018-07-01 $190,000 (8.6%) $277,551 (5.8%) 0.63 6,461
2018-08-01 $189,350 (11.5%) $272,120 (4.8%) 0.63 6,843
2018-09-01 $185,000 (8.9%) $270,640 (5.3%) 0.62 6,917
2018-10-01 $185,000 (10.5%) $269,040 (7.6%) 0.63 6,882
2018-11-01 $184,600 (11.9%) $270,802 (8.9%) 0.63 6,722
2018-12-01 $179,900 (10.4%) $269,088 (9.0%) 0.62 6,056
2019-01-01 $179,900 (11.8%) $269,222 (8.2%) 0.62 5,642
2019-02-01 $185,000 (11.9%) $277,995 (8.2%) 0.63 5,396
2019-03-01 $198,471 (14.1%) $289,480 (8.9%) 0.65 5,402
2019-04-01 $208,334 (12.6%) $296,862 (7.6%) 0.66 5,464
2019-05-01 $202,450 (5.7%) $290,019 (2.7%) 0.63 5,637
2019-06-01 $209,900 (6.0%) $291,670 (2.8%) 0.66 5,975
2019-07-01 $204,923 (7.9%) $288,367 (3.9%) 0.64 6,278
2019-08-01 $199,182 (5.2%) $286,500 (5.3%) 0.63 6,418
2019-09-01 $197,955 (7.0%) $283,286 (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 (0.2%) $276,516 (2.1%) 0.61 6,216
2019-12-01 $179,900 (0.0%) $274,374 (2.0%) 0.60 5,555
2020-01-01 $179,575 (-0.2%) $275,499 (2.3%) 0.60 4,970
2020-02-01 $184,950 (0.0%) $289,302 (4.1%) 0.61 4,432
2020-03-01 $202,400 (2.0%) $303,186 (4.7%) 0.63 4,252
2020-04-01 $199,900 (-4.1%) $303,372 (2.2%) 0.63 4,114
2020-05-01 $215,000 (6.2%) $317,557 (9.5%) 0.65 3,759
2020-06-01 $226,950 (8.1%) $329,082 (12.8%) 0.67 3,514
2020-07-01 $235,000 (14.7%) $333,595 (15.7%) 0.68 3,349
2020-08-01 $231,145 (16.1%) $330,186 (15.3%) 0.66 3,275
2020-09-01 $215,950 (9.1%) $316,802 (11.8%) 0.62 3,273
2020-10-01 $199,999 (3.4%) $305,114 (9.1%) 0.57 3,401
2020-11-01 $199,450 (7.9%) $305,866 (10.6%) 0.58 3,294
2020-12-01 $198,500 (10.3%) $301,803 (10.0%) 0.59 2,941
2021-01-01 $189,900 (5.8%) $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%) $339,382 (11.9%) 0.61 1,934
2021-05-01 $221,389 (3.0%) $332,864 (4.8%) 0.59 2,312
2021-06-01 $219,894 (-3.1%) $319,852 (-2.8%) 0.58 2,709
2021-07-01 $214,900 (-8.6%) $312,462 (-6.3%) 0.57 3,060
2021-08-01 $199,950 (-13.5%) $304,674 (-7.7%) 0.53 3,264
2021-09-01 $198,950 (-7.9%) $301,804 (-4.7%) 0.53 3,205
2021-10-01 $189,900 (-5.1%) $292,643 (-4.1%) 0.51 3,243
2021-11-01 $189,900 (-4.8%) $294,546 (-3.7%) 0.51 2,945
2021-12-01 $184,950 (-6.8%) $290,283 (-3.8%) 0.50 2,568
2022-01-01 $179,000 (-5.7%) $298,791 (-2.8%) 0.48 2,072
2022-02-01 $179,900 (-8.7%) $308,312 (-4.9%) 0.47 1,850
2022-03-01 $189,900 (-9.8%) $317,053 (-6.1%) 0.48 1,827
2022-04-01 $194,950 (-13.4%) $315,213 (-7.1%) 0.46 1,908
2022-05-01 $217,000 (-2.0%) $329,533 (-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%) $315,058 (3.4%) 0.52 3,406
2022-09-01 $219,700 (10.4%) $308,766 (2.3%) 0.51 3,401
2022-10-01 $210,000 (10.6%) $306,730 (4.8%) 0.49 3,515
2022-11-01 $199,900 (5.3%) $304,017 (3.2%) 0.48 3,439
2022-12-01 $189,900 (2.7%) $290,396 (0.0%) 0.47 3,005
2023-01-01 $189,950 (6.1%) $298,141 (-0.2%) 0.47 2,648
2023-02-01 $199,450 (10.9%) $316,817 (2.8%) 0.48 2,365
2023-03-01 $212,000 (11.6%) $330,431 (4.2%) 0.50 2,170
2023-04-01 $225,000 (15.4%) $342,391 (8.6%) 0.52 2,197
2023-05-01 $236,700 (9.1%) $348,652 (5.8%) 0.54 2,258
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
2023-12-01 $219,900 (15.8%) $325,497 (12.1%) 0.54 2,901
2024-01-01 $214,900 (13.1%) $329,269 (10.4%) 0.52 2,531
2024-02-01 $212,475 (6.5%) $340,372 (7.4%) 0.51 2,229
2024-03-01 $229,900 (8.4%) $352,490 (6.7%) 0.54 2,179
2024-04-01 $255,250 (13.4%) $370,851 (8.3%) 0.59 2,145
2024-05-01 $274,250 (15.9%) $390,168 (11.9%) 0.62 2,315
2024-06-01 $285,000 (14.7%) $403,214 (13.7%) 0.64 2,543
2024-07-01 $265,000 (8.2%) $376,121 (6.3%) 0.61 2,750
2024-08-01 $269,900 (8.0%) $381,127 (7.0%) 0.63 2,936
2024-09-01 $262,213 (9.3%) $377,101 (9.2%) 0.62 3,105
2024-10-01 $250,000 (5.0%) $368,514 (8.6%) 0.59 3,282
2024-11-01 $249,900 (10.9%) $360,746 (9.3%) 0.60 3,323
2024-12-01 $239,950 (9.1%) $356,708 (9.6%) 0.60 3,007
Cleveland's median listing price for 2024-12-01 was $239,950, a difference of $20,050 (9.1%) versus the prior year and $-9,950 versus the prior month.

Cleveland's median listing price comes in at 60% of the national average.

Cleveland's average listing price for 2024-12-01 was $356,708, a difference of $31,211 (9.6%) versus the prior year and $-4,038 versus the prior month.

For the 2024-12-01 period, Cleveland had 3,007 MLS listings, a difference of -316 listings (-10%) versus the prior month and 106 listings (4%) 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 1,690 sqft
2018-02-01 84 days 1,700 sqft
2018-03-01 60 days 1,730 sqft
2018-04-01 53 days 1,774 sqft
2018-05-01 51 days 1,802 sqft
2018-06-01 50 days 1,838 sqft
2018-07-01 52 days 2,052 sqft
2018-08-01 53 days 2,028 sqft
2018-09-01 59 days 2,025 sqft
2018-10-01 62 days 2,011 sqft
2018-11-01 63 days 2,002 sqft
2018-12-01 71 days 1,968 sqft
2019-01-01 81 days 1,963 sqft
2019-02-01 79 days 1,980 sqft
2019-03-01 63 days 2,021 sqft
2019-04-01 49 days 2,043 sqft
2019-05-01 51 days 1,831 sqft
2019-06-01 52 days 1,846 sqft
2019-07-01 53 days 1,870 sqft
2019-08-01 55 days 1,934 sqft
2019-09-01 58 days 1,986 sqft
2019-10-01 61 days 2,014 sqft
2019-11-01 72 days 1,960 sqft
2019-12-01 80 days 1,926 sqft
2020-01-01 87 days 1,920 sqft
2020-02-01 86 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 2,000 sqft
2020-06-01 63 days 2,041 sqft
2020-07-01 49 days 2,061 sqft
2020-08-01 49 days 2,029 sqft
2020-09-01 54 days 1,962 sqft
2020-10-01 51 days 1,928 sqft
2020-11-01 56 days 1,908 sqft
2020-12-01 66 days 1,870 sqft
2021-01-01 74 days 1,853 sqft
2021-02-01 70 days 1,823 sqft
2021-03-01 44 days 1,834 sqft
2021-04-01 40 days 1,851 sqft
2021-05-01 32 days 1,867 sqft
2021-06-01 33 days 1,885 sqft
2021-07-01 33 days 1,890 sqft
2021-08-01 37 days 1,850 sqft
2021-09-01 42 days 1,849 sqft
2021-10-01 43 days 1,801 sqft
2021-11-01 46 days 1,781 sqft
2021-12-01 53 days 1,770 sqft
2022-01-01 58 days 1,735 sqft
2022-02-01 50 days 1,732 sqft
2022-03-01 40 days 1,757 sqft
2022-04-01 36 days 1,794 sqft
2022-05-01 33 days 1,835 sqft
2022-06-01 34 days 1,842 sqft
2022-07-01 35 days 1,850 sqft
2022-08-01 39 days 1,848 sqft
2022-09-01 45 days 1,813 sqft
2022-10-01 45 days 1,815 sqft
2022-11-01 45 days 1,800 sqft
2022-12-01 55 days 1,779 sqft
2023-01-01 60 days 1,784 sqft
2023-02-01 53 days 1,794 sqft
2023-03-01 44 days 1,800 sqft
2023-04-01 42 days 1,832 sqft
2023-05-01 38 days 1,820 sqft
2023-06-01 38 days 1,855 sqft
2023-07-01 39 days 1,850 sqft
2023-08-01 39 days 1,888 sqft
2023-09-01 40 days 1,849 sqft
2023-10-01 40 days 1,830 sqft
2023-11-01 44 days 1,820 sqft
2023-12-01 51 days 1,806 sqft
2024-01-01 58 days 1,758 sqft
2024-02-01 50 days 1,752 sqft
2024-03-01 42 days 1,800 sqft
2024-04-01 39 days 1,848 sqft
2024-05-01 30 days 1,915 sqft
2024-06-01 31 days 1,956 sqft
2024-07-01 37 days 1,900 sqft
2024-08-01 38 days 1,905 sqft
2024-09-01 39 days 1,898 sqft
2024-10-01 42 days 1,875 sqft
2024-11-01 45 days 1,864 sqft
2024-12-01 55 days 1,821 sqft
Cleveland's median listing age (time on market) for 2024-12-01 was 55 days. This is 7% longer than the same period one year ago.

Cleveland's median square footage for active listings during the 2024-12-01 period was 1,821 sqft. One year prior, the average listing was 1,806 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.