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
6.31%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Cleveland's average VA mortgage closing costs are $5,385.
The average rate for the prior week (2023-05-19) was
6.23% and
one month ago for the week of 2023-04-21, the
average rate was 6.06%.
The average rate one year ago was 4.93%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.61%.
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
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%) | $248,869 (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%) | $275,720 (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%) | $283,691 (8.6%) | 0.66 | 5,973 |
| 2018-07-01 | $190,000 (8.6%) | $277,457 (5.7%) | 0.63 | 6,460 |
| 2018-08-01 | $189,350 (11.5%) | $272,034 (4.7%) | 0.63 | 6,842 |
| 2018-09-01 | $185,000 (8.9%) | $270,543 (5.3%) | 0.62 | 6,917 |
| 2018-10-01 | $185,000 (10.5%) | $268,897 (7.6%) | 0.63 | 6,882 |
| 2018-11-01 | $184,400 (11.8%) | $270,660 (8.9%) | 0.63 | 6,722 |
| 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%) | $277,820 (8.2%) | 0.63 | 5,393 |
| 2019-03-01 | $190,000 (9.2%) | $284,208 (7.0%) | 0.63 | 5,271 |
| 2019-04-01 | $204,500 (10.6%) | $295,319 (7.1%) | 0.65 | 5,440 |
| 2019-05-01 | $202,450 (5.7%) | $289,956 (2.7%) | 0.63 | 5,636 |
| 2019-06-01 | $209,900 (6.1%) | $291,672 (2.8%) | 0.66 | 5,974 |
| 2019-07-01 | $204,875 (7.8%) | $288,336 (3.9%) | 0.64 | 6,277 |
| 2019-08-01 | $204,000 (7.7%) | $291,574 (7.2%) | 0.64 | 6,368 |
| 2019-09-01 | $199,950 (8.1%) | $288,861 (6.8%) | 0.63 | 5,952 |
| 2019-10-01 | $192,400 (4.0%) | $279,059 (3.8%) | 0.62 | 6,509 |
| 2019-11-01 | $184,900 (0.3%) | $276,564 (2.2%) | 0.61 | 6,216 |
| 2019-12-01 | $179,900 (0.0%) | $274,408 (2.1%) | 0.60 | 5,556 |
| 2020-01-01 | $179,800 (-0.1%) | $275,524 (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 (6.5%) | $303,234 (6.7%) | 0.63 | 4,257 |
| 2020-04-01 | $199,923 (-2.2%) | $303,474 (2.8%) | 0.63 | 4,119 |
| 2020-05-01 | $215,450 (6.4%) | $317,606 (9.5%) | 0.65 | 3,763 |
| 2020-06-01 | $227,400 (8.3%) | $329,176 (12.9%) | 0.67 | 3,518 |
| 2020-07-01 | $235,000 (14.7%) | $333,717 (15.7%) | 0.68 | 3,354 |
| 2020-08-01 | $231,900 (13.7%) | $330,240 (13.3%) | 0.66 | 3,282 |
| 2020-09-01 | $217,123 (8.6%) | $316,840 (9.7%) | 0.62 | 3,280 |
| 2020-10-01 | $200,000 (4.0%) | $305,114 (9.3%) | 0.57 | 3,408 |
| 2020-11-01 | $199,450 (7.9%) | $305,661 (10.5%) | 0.58 | 3,297 |
| 2020-12-01 | $198,475 (10.3%) | $301,756 (10.0%) | 0.59 | 2,942 |
| 2021-01-01 | $189,900 (5.6%) | $307,380 (11.6%) | 0.57 | 2,471 |
| 2021-02-01 | $196,975 (6.5%) | $324,284 (12.1%) | 0.57 | 2,024 |
| 2021-03-01 | $210,500 (4.0%) | $337,637 (11.4%) | 0.60 | 1,962 |
| 2021-04-01 | $225,000 (12.5%) | $339,363 (11.8%) | 0.61 | 1,934 |
| 2021-05-01 | $222,777 (3.4%) | $332,694 (4.8%) | 0.59 | 2,312 |
| 2021-06-01 | $219,894 (-3.3%) | $319,832 (-2.8%) | 0.58 | 2,709 |
| 2021-07-01 | $214,900 (-8.6%) | $312,468 (-6.4%) | 0.57 | 3,061 |
| 2021-08-01 | $199,950 (-13.8%) | $304,676 (-7.7%) | 0.53 | 3,265 |
| 2021-09-01 | $198,950 (-8.4%) | $301,791 (-4.8%) | 0.53 | 3,206 |
| 2021-10-01 | $189,900 (-5.1%) | $292,586 (-4.1%) | 0.51 | 3,244 |
| 2021-11-01 | $189,900 (-4.8%) | $294,585 (-3.6%) | 0.51 | 2,946 |
| 2021-12-01 | $184,950 (-6.8%) | $290,329 (-3.8%) | 0.50 | 2,568 |
| 2022-01-01 | $179,000 (-5.7%) | $298,814 (-2.8%) | 0.48 | 2,072 |
| 2022-02-01 | $179,850 (-8.7%) | $308,125 (-5.0%) | 0.47 | 1,851 |
| 2022-03-01 | $189,900 (-9.8%) | $317,131 (-6.1%) | 0.48 | 1,828 |
| 2022-04-01 | $194,900 (-13.4%) | $315,041 (-7.2%) | 0.46 | 1,909 |
| 2022-05-01 | $217,000 (-2.6%) | $329,544 (-1.0%) | 0.50 | 2,269 |
| 2022-06-01 | $225,000 (2.3%) | $332,793 (4.1%) | 0.50 | 2,659 |
| 2022-07-01 | $224,900 (4.7%) | $324,761 (3.9%) | 0.51 | 3,123 |
| 2022-08-01 | $224,900 (12.5%) | $314,967 (3.4%) | 0.52 | 3,406 |
| 2022-09-01 | $219,450 (10.3%) | $308,775 (2.3%) | 0.51 | 3,402 |
| 2022-10-01 | $209,900 (10.5%) | $306,665 (4.8%) | 0.49 | 3,517 |
| 2022-11-01 | $199,900 (5.3%) | $303,859 (3.2%) | 0.48 | 3,439 |
| 2022-12-01 | $189,900 (2.7%) | $290,259 (0.0%) | 0.47 | 3,005 |
| 2023-01-01 | $189,950 (6.1%) | $298,103 (-0.2%) | 0.47 | 2,648 |
| 2023-02-01 | $199,450 (10.9%) | $316,756 (2.8%) | 0.48 | 2,365 |
| 2023-03-01 | $210,750 (11.0%) | $330,198 (4.1%) | 0.50 | 2,170 |
| 2023-04-01 | $225,000 (15.4%) | $341,847 (8.5%) | 0.52 | 2,196 |
Cleveland's median listing price comes in at 52% of the national average.
Cleveland's average listing price for 2023-04-01 was $341,847, a difference of $26,806 (8.5%) versus the prior year and $11,649 versus the prior month.
For the 2023-04-01 period, Cleveland had 2,196 MLS listings, a difference of 26 listings (1%) versus the prior month and 287 listings (15%) 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 | 1,693 sqft |
| 2018-02-01 | 90 days | 1,703 sqft |
| 2018-03-01 | 65 days | 1,744 sqft |
| 2018-04-01 | 57 days | 1,779 sqft |
| 2018-05-01 | 53 days | 1,805 sqft |
| 2018-06-01 | 52 days | 1,848 sqft |
| 2018-07-01 | 54 days | 2,063 sqft |
| 2018-08-01 | 56 days | 2,033 sqft |
| 2018-09-01 | 61 days | 2,028 sqft |
| 2018-10-01 | 66 days | 2,013 sqft |
| 2018-11-01 | 66 days | 2,003 sqft |
| 2018-12-01 | 74 days | 1,969 sqft |
| 2019-01-01 | 85 days | 1,963 sqft |
| 2019-02-01 | 84 days | 1,982 sqft |
| 2019-03-01 | 62 days | 2,000 sqft |
| 2019-04-01 | 53 days | 2,040 sqft |
| 2019-05-01 | 53 days | 1,830 sqft |
| 2019-06-01 | 55 days | 1,840 sqft |
| 2019-07-01 | 56 days | 1,868 sqft |
| 2019-08-01 | 63 days | 1,958 sqft |
| 2019-09-01 | 69 days | 2,035 sqft |
| 2019-10-01 | 65 days | 2,012 sqft |
| 2019-11-01 | 78 days | 1,959 sqft |
| 2019-12-01 | 85 days | 1,925 sqft |
| 2020-01-01 | 93 days | 1,919 sqft |
| 2020-02-01 | 92 days | 1,927 sqft |
| 2020-03-01 | 70 days | 1,965 sqft |
| 2020-04-01 | 62 days | 1,968 sqft |
| 2020-05-01 | 78 days | 1,992 sqft |
| 2020-06-01 | 72 days | 2,032 sqft |
| 2020-07-01 | 53 days | 2,059 sqft |
| 2020-08-01 | 52 days | 2,028 sqft |
| 2020-09-01 | 60 days | 1,962 sqft |
| 2020-10-01 | 54 days | 1,924 sqft |
| 2020-11-01 | 61 days | 1,908 sqft |
| 2020-12-01 | 71 days | 1,870 sqft |
| 2021-01-01 | 78 days | 1,856 sqft |
| 2021-02-01 | 75 days | 1,823 sqft |
| 2021-03-01 | 46 days | 1,833 sqft |
| 2021-04-01 | 43 days | 1,854 sqft |
| 2021-05-01 | 34 days | 1,871 sqft |
| 2021-06-01 | 35 days | 1,888 sqft |
| 2021-07-01 | 35 days | 1,892 sqft |
| 2021-08-01 | 38 days | 1,854 sqft |
| 2021-09-01 | 43 days | 1,854 sqft |
| 2021-10-01 | 44 days | 1,801 sqft |
| 2021-11-01 | 47 days | 1,786 sqft |
| 2021-12-01 | 54 days | 1,772 sqft |
| 2022-01-01 | 60 days | 1,731 sqft |
| 2022-02-01 | 52 days | 1,730 sqft |
| 2022-03-01 | 42 days | 1,756 sqft |
| 2022-04-01 | 37 days | 1,789 sqft |
| 2022-05-01 | 34 days | 1,835 sqft |
| 2022-06-01 | 35 days | 1,843 sqft |
| 2022-07-01 | 36 days | 1,850 sqft |
| 2022-08-01 | 39 days | 1,848 sqft |
| 2022-09-01 | 46 days | 1,810 sqft |
| 2022-10-01 | 47 days | 1,814 sqft |
| 2022-11-01 | 47 days | 1,800 sqft |
| 2022-12-01 | 57 days | 1,779 sqft |
| 2023-01-01 | 63 days | 1,784 sqft |
| 2023-02-01 | 57 days | 1,796 sqft |
| 2023-03-01 | 47 days | 1,799 sqft |
| 2023-04-01 | 44 days | 1,832 sqft |
Cleveland's median square footage for active listings during the 2023-04-01 period was 1,832 sqft. One year prior, the average listing was 1,789 sqft.