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 124 lenders originated 1,542 VA loans during 2023. The total origination value was $387,130,000, with an average VA loan value of $251,057.
Cleveland VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Cleveland
averaged
0.5%
for the week of 2024-11-29, compared to the national average (all VA variants) of
0% for the same period.
Cleveland's average VA mortgage closing costs are $5,654.
The average rate for the prior week (2024-11-22) was
6.67% and
one month ago for the week of 2024-10-25, the
average rate was 6.57%.
The average rate one year ago was 7.01%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.82%.
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.
The top Cleveland VA lender as defined by loan originations is Mortgage Research Center, LLC, with
308 VA loans originated. Their average total fees are
$6,484, which is $1,014
lower than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Cleveland VA lenders (with over 10 loans originated) are
Fifth Third Bank ($4,797), NAVY FEDERAL CREDIT UNION ($4,879), PENNYMAC LOAN SERVICES, LLC ($6,151), The Huntington National Bank ($6,408) and Mortgage Research Center, LLC ($6,484).
The lowest rate Cleveland VA lenders (with over 10 loans originated) are
NVR Mortgage Finance, Inc. (5.61%), PENNYMAC LOAN SERVICES, LLC (5.72%), NAVY FEDERAL CREDIT UNION (5.84%), QUICKEN LOANS, LLC (6.13%) and USAA Federal Savings Bank (6.30%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
Cleveland's median listing price comes in at 59% of the national average.
Cleveland's average listing price for 2024-10-01 was $368,514, a difference of $29,063 (8.6%) versus the prior year and $-8,587 versus the prior month.
For the 2024-10-01 period, Cleveland had 3,282 MLS listings, a difference of 177 listings (6%) versus the prior month and 314 listings (11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
Cleveland's median square footage for active listings during the 2024-10-01 period was 1,875 sqft. One year prior, the average listing was 1,830 sqft.