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 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 0.57% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

Cleveland's average VA mortgage closing costs are $4,975.

The average rate for the prior week (2022-11-18) was 6.66% and one month ago for the week of 2022-10-21, the average rate was 7.2%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-11-25, the average rate was 0.11%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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 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 MORTGAGE ($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 MORTGAGE (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 $160,950 (13.2%) $248,866 (7.4%) 0.60 5,645
2018-02-01 $165,297 (13.1%) $256,869 (7.2%) 0.60 5,424
2018-03-01 $173,950 (10.9%) $265,763 (6.3%) 0.61 5,333
2018-04-01 $184,950 (16.3%) $275,776 (10.0%) 0.63 5,315
2018-05-01 $191,500 (15.4%) $282,368 (9.2%) 0.64 5,515
2018-06-01 $197,900 (13.6%) $283,745 (8.6%) 0.66 5,973
2018-07-01 $190,000 (8.6%) $277,487 (5.7%) 0.63 6,459
2018-08-01 $189,250 (11.4%) $272,040 (4.8%) 0.63 6,841
2018-09-01 $185,000 (8.9%) $270,550 (5.3%) 0.62 6,916
2018-10-01 $185,000 (10.5%) $268,903 (7.6%) 0.63 6,881
2018-11-01 $184,400 (11.8%) $270,663 (8.9%) 0.63 6,721
2018-12-01 $179,900 (10.5%) $268,831 (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%) $277,821 (8.2%) 0.62 5,393
2019-03-01 $198,471 (14.1%) $289,343 (8.9%) 0.65 5,401
2019-04-01 $208,334 (12.6%) $296,695 (7.6%) 0.66 5,463
2019-05-01 $202,450 (5.7%) $289,937 (2.7%) 0.63 5,641
2019-06-01 $209,900 (6.1%) $291,644 (2.8%) 0.66 5,980
2019-07-01 $204,875 (7.8%) $288,264 (3.9%) 0.64 6,285
2019-08-01 $199,179 (5.3%) $286,374 (5.3%) 0.63 6,426
2019-09-01 $197,948 (7.0%) $283,127 (4.7%) 0.63 6,476
2019-10-01 $193,445 (4.6%) $279,565 (4.0%) 0.62 6,509
2019-11-01 $184,900 (0.3%) $276,376 (2.1%) 0.61 6,227
2019-12-01 $179,900 (0.0%) $274,191 (2.0%) 0.60 5,567
2020-01-01 $179,700 (-0.1%) $275,276 (2.3%) 0.60 4,982
2020-02-01 $185,000 (0.0%) $289,060 (4.1%) 0.60 4,448
2020-03-01 $202,400 (2.0%) $302,889 (4.7%) 0.63 4,268
2020-04-01 $199,900 (-4.1%) $303,122 (2.2%) 0.63 4,130
2020-05-01 $215,000 (6.2%) $317,181 (9.4%) 0.65 3,774
2020-06-01 $226,950 (8.1%) $328,740 (12.7%) 0.67 3,529
2020-07-01 $235,000 (14.7%) $333,303 (15.6%) 0.68 3,364
2020-08-01 $230,990 (16.0%) $329,828 (15.2%) 0.66 3,293
2020-09-01 $215,950 (9.1%) $316,310 (11.7%) 0.62 3,290
2020-10-01 $199,950 (3.4%) $304,714 (9.0%) 0.57 3,419
2020-11-01 $199,450 (7.9%) $305,257 (10.5%) 0.58 3,308
2020-12-01 $197,000 (9.5%) $301,299 (9.9%) 0.59 2,953
2021-01-01 $189,900 (5.7%) $306,770 (11.4%) 0.57 2,484
2021-02-01 $196,475 (6.2%) $323,473 (11.9%) 0.57 2,037
2021-03-01 $209,500 (3.5%) $336,855 (11.2%) 0.59 1,975
2021-04-01 $225,000 (12.6%) $338,703 (11.7%) 0.61 1,944
2021-05-01 $220,000 (2.3%) $331,837 (4.6%) 0.58 2,320
2021-06-01 $219,450 (-3.3%) $319,154 (-2.9%) 0.58 2,717
2021-07-01 $214,900 (-8.6%) $312,055 (-6.4%) 0.57 3,069
2021-08-01 $199,950 (-13.4%) $304,328 (-7.7%) 0.53 3,274
2021-09-01 $198,950 (-7.9%) $301,382 (-4.7%) 0.53 3,214
2021-10-01 $189,900 (-5.0%) $292,209 (-4.1%) 0.51 3,254
2021-11-01 $189,800 (-4.8%) $294,013 (-3.7%) 0.51 2,956
2021-12-01 $184,950 (-6.1%) $289,835 (-3.8%) 0.50 2,578
2022-01-01 $179,000 (-5.7%) $298,140 (-2.8%) 0.48 2,081
2022-02-01 $179,800 (-8.5%) $307,355 (-5.0%) 0.47 1,860
2022-03-01 $189,900 (-9.4%) $316,211 (-6.1%) 0.48 1,838
2022-04-01 $194,900 (-13.4%) $313,338 (-7.5%) 0.47 1,918
2022-05-01 $215,325 (-2.1%) $327,914 (-1.2%) 0.49 2,278
2022-06-01 $225,000 (2.5%) $331,338 (3.8%) 0.50 2,668
2022-07-01 $224,900 (4.7%) $323,433 (3.7%) 0.51 3,133
2022-08-01 $224,450 (12.3%) $313,906 (3.2%) 0.52 3,416
2022-09-01 $219,450 (10.3%) $307,732 (2.1%) 0.51 3,412
2022-10-01 $209,900 (10.5%) $305,627 (4.6%) 0.49 3,526
Cleveland's median listing price for 2022-10-01 was $209,900, a difference of $20,000 (10.5%) versus the prior year and $-9,550 versus the prior month.

Cleveland's median listing price comes in at 49% of the national average.

Cleveland's average listing price for 2022-10-01 was $305,627, a difference of $13,418 (4.6%) versus the prior year and $-2,105 versus the prior month.

For the 2022-10-01 period, Cleveland had 3,526 MLS listings, a difference of 114 listings (3%) versus the prior month and 272 listings (8%) 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 92 days 1,692 sqft
2018-02-01 90 days 1,702 sqft
2018-03-01 65 days 1,744 sqft
2018-04-01 57 days 1,775 sqft
2018-05-01 53 days 1,803 sqft
2018-06-01 52 days 1,846 sqft
2018-07-01 54 days 2,063 sqft
2018-08-01 56 days 2,035 sqft
2018-09-01 61 days 2,028 sqft
2018-10-01 66 days 2,014 sqft
2018-11-01 66 days 2,005 sqft
2018-12-01 74 days 1,971 sqft
2019-01-01 85 days 1,968 sqft
2019-02-01 84 days 1,982 sqft
2019-03-01 67 days 2,022 sqft
2019-04-01 53 days 2,046 sqft
2019-05-01 53 days 1,831 sqft
2019-06-01 55 days 1,842 sqft
2019-07-01 56 days 1,870 sqft
2019-08-01 58 days 1,937 sqft
2019-09-01 61 days 1,987 sqft
2019-10-01 65 days 2,014 sqft
2019-11-01 78 days 1,959 sqft
2019-12-01 85 days 1,927 sqft
2020-01-01 93 days 1,923 sqft
2020-02-01 92 days 1,931 sqft
2020-03-01 70 days 1,971 sqft
2020-04-01 62 days 1,974 sqft
2020-05-01 78 days 2,000 sqft
2020-06-01 73 days 2,040 sqft
2020-07-01 53 days 2,063 sqft
2020-08-01 52 days 2,032 sqft
2020-09-01 60 days 1,964 sqft
2020-10-01 55 days 1,923 sqft
2020-11-01 61 days 1,905 sqft
2020-12-01 71 days 1,870 sqft
2021-01-01 78 days 1,853 sqft
2021-02-01 76 days 1,821 sqft
2021-03-01 47 days 1,831 sqft
2021-04-01 43 days 1,849 sqft
2021-05-01 34 days 1,866 sqft
2021-06-01 35 days 1,884 sqft
2021-07-01 36 days 1,891 sqft
2021-08-01 38 days 1,850 sqft
2021-09-01 43 days 1,851 sqft
2021-10-01 44 days 1,802 sqft
2021-11-01 47 days 1,782 sqft
2021-12-01 54 days 1,772 sqft
2022-01-01 61 days 1,732 sqft
2022-02-01 53 days 1,730 sqft
2022-03-01 42 days 1,755 sqft
2022-04-01 37 days 1,790 sqft
2022-05-01 34 days 1,838 sqft
2022-06-01 35 days 1,847 sqft
2022-07-01 36 days 1,850 sqft
2022-08-01 40 days 1,850 sqft
2022-09-01 46 days 1,815 sqft
2022-10-01 47 days 1,820 sqft
Cleveland's median listing age (time on market) for 2022-10-01 was 47 days. This is 7% longer than the same period one year ago.

Cleveland's median square footage for active listings during the 2022-10-01 period was 1,820 sqft. One year prior, the average listing was 1,802 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.