Cleveland VA Loans

CLEVELAND-ELYRIA, OH

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    • 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 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 5.53% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.36% and one month ago for the week of 2022-04-08, the average rate was 5.08%.

    The average rate one year ago was 3.19%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.27%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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 Bank 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 & INVESTMENT LLC ($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 & INVESTMENT LLC (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 $161,450 (13.7%) $249,865 (7.8%) 0.59 5,631
    2018-02-01 $165,250 (13.3%) $258,192 (7.7%) 0.60 5,417
    2018-03-01 $173,900 (10.8%) $266,777 (6.6%) 0.60 5,310
    2018-04-01 $184,995 (16.4%) $277,638 (10.6%) 0.62 5,313
    2018-05-01 $191,445 (16.1%) $283,914 (9.7%) 0.64 5,508
    2018-06-01 $198,000 (14.3%) $285,130 (9.0%) 0.66 5,963
    2018-07-01 $190,000 (8.6%) $278,620 (6.0%) 0.63 6,441
    2018-08-01 $189,450 (11.5%) $273,689 (5.1%) 0.63 6,822
    2018-09-01 $185,000 (8.9%) $271,815 (5.7%) 0.62 6,867
    2018-10-01 $185,000 (10.5%) $269,349 (7.3%) 0.62 6,837
    2018-11-01 $184,175 (11.5%) $271,189 (8.8%) 0.62 6,683
    2018-12-01 $179,900 (10.4%) $269,474 (9.0%) 0.62 6,023
    2019-01-01 $179,900 (11.4%) $270,975 (8.5%) 0.62 5,623
    2019-02-01 $187,000 (13.2%) $280,065 (8.5%) 0.63 5,372
    2019-03-01 $198,471 (14.1%) $291,374 (9.2%) 0.65 5,355
    2019-04-01 $208,471 (12.7%) $299,212 (7.8%) 0.66 5,403
    2019-05-01 $202,450 (5.8%) $292,803 (3.1%) 0.62 5,560
    2019-06-01 $209,950 (6.0%) $294,370 (3.2%) 0.65 5,893
    2019-07-01 $206,600 (8.7%) $290,780 (4.4%) 0.64 6,219
    2019-08-01 $199,571 (5.3%) $287,473 (5.0%) 0.63 6,349
    2019-09-01 $198,950 (7.5%) $281,945 (3.7%) 0.63 6,365
    2019-10-01 $194,500 (5.1%) $281,892 (4.7%) 0.62 6,463
    2019-11-01 $189,900 (3.1%) $283,822 (4.7%) 0.61 6,179
    2019-12-01 $182,400 (1.4%) $280,897 (4.2%) 0.61 5,522
    2020-01-01 $181,500 (0.9%) $282,745 (4.3%) 0.61 4,936
    2020-02-01 $189,900 (1.6%) $298,935 (6.7%) 0.61 4,391
    2020-03-01 $205,481 (3.5%) $311,106 (6.8%) 0.64 4,203
    2020-04-01 $202,400 (-2.9%) $306,686 (2.5%) 0.63 4,082
    2020-05-01 $224,900 (11.1%) $334,070 (14.1%) 0.68 3,718
    2020-06-01 $239,900 (14.3%) $346,563 (17.7%) 0.70 3,457
    2020-07-01 $239,450 (15.9%) $346,278 (19.1%) 0.69 3,300
    2020-08-01 $235,000 (17.8%) $338,903 (17.9%) 0.67 3,211
    2020-09-01 $226,950 (14.1%) $335,133 (18.9%) 0.65 3,234
    2020-10-01 $209,999 (8.0%) $322,477 (14.4%) 0.60 3,352
    2020-11-01 $205,000 (8.0%) $320,400 (12.9%) 0.59 3,231
    2020-12-01 $199,900 (9.6%) $317,060 (12.9%) 0.59 2,914
    2021-01-01 $197,900 (9.0%) $319,128 (12.9%) 0.58 2,436
    2021-02-01 $202,450 (6.6%) $342,772 (14.7%) 0.58 1,983
    2021-03-01 $207,450 (1.0%) $339,275 (9.1%) 0.58 1,899
    2021-04-01 $223,950 (10.7%) $340,583 (11.1%) 0.60 1,863
    2021-05-01 $219,900 (-2.2%) $332,954 (-0.3%) 0.58 2,238
    2021-06-01 $219,000 (-8.7%) $319,926 (-7.7%) 0.57 2,644
    2021-07-01 $211,950 (-11.5%) $314,481 (-9.2%) 0.55 2,970
    2021-08-01 $199,950 (-14.9%) $305,355 (-9.9%) 0.53 3,216
    2021-09-01 $199,450 (-12.1%) $302,895 (-9.6%) 0.52 3,152
    2021-10-01 $189,900 (-9.6%) $292,825 (-9.2%) 0.50 3,190
    2021-11-01 $189,900 (-7.4%) $295,257 (-7.9%) 0.50 2,916
    2021-12-01 $183,750 (-8.1%) $289,302 (-8.8%) 0.49 2,541
    2022-01-01 $177,000 (-10.6%) $297,829 (-6.7%) 0.47 2,034
    2022-02-01 $176,950 (-12.6%) $308,516 (-10.0%) 0.45 1,825
    2022-03-01 $189,900 (-8.5%) $316,698 (-6.7%) 0.47 1,789
    2022-04-01 $194,000 (-13.4%) $316,524 (-7.1%) 0.46 1,860
    Cleveland's median listing price for 2022-04-01 was $194,000, a difference of $-29,950 (-13.4%) versus the prior year and $4,100 versus the prior month.

    Cleveland's median listing price comes in at 46% of the national average.

    Cleveland's average listing price for 2022-04-01 was $316,524, a difference of $-24,059 (-7.1%) versus the prior year and $-174 versus the prior month.

    For the 2022-04-01 period, Cleveland had 1,860 MLS listings, a difference of 71 listings (4%) versus the prior month and -3 listings (0%) 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 91 days 1,713 sqft
    2018-02-01 89 days 1,728 sqft
    2018-03-01 65 days 1,768 sqft
    2018-04-01 57 days 1,796 sqft
    2018-05-01 53 days 1,819 sqft
    2018-06-01 52 days 1,868 sqft
    2018-07-01 53 days 2,102 sqft
    2018-08-01 55 days 2,075 sqft
    2018-09-01 60 days 2,072 sqft
    2018-10-01 65 days 2,053 sqft
    2018-11-01 66 days 2,039 sqft
    2018-12-01 74 days 2,000 sqft
    2019-01-01 83 days 2,000 sqft
    2019-02-01 84 days 2,013 sqft
    2019-03-01 63 days 2,061 sqft
    2019-04-01 52 days 2,088 sqft
    2019-05-01 53 days 1,851 sqft
    2019-06-01 55 days 1,868 sqft
    2019-07-01 55 days 1,897 sqft
    2019-08-01 54 days 1,976 sqft
    2019-09-01 59 days 2,028 sqft
    2019-10-01 63 days 2,032 sqft
    2019-11-01 64 days 2,000 sqft
    2019-12-01 73 days 1,946 sqft
    2020-01-01 83 days 1,942 sqft
    2020-02-01 81 days 1,950 sqft
    2020-03-01 60 days 1,988 sqft
    2020-04-01 59 days 1,991 sqft
    2020-05-01 68 days 2,052 sqft
    2020-06-01 58 days 2,072 sqft
    2020-07-01 47 days 2,078 sqft
    2020-08-01 47 days 2,052 sqft
    2020-09-01 46 days 1,998 sqft
    2020-10-01 42 days 1,944 sqft
    2020-11-01 48 days 1,922 sqft
    2020-12-01 57 days 1,884 sqft
    2021-01-01 67 days 1,870 sqft
    2021-02-01 66 days 1,837 sqft
    2021-03-01 48 days 1,832 sqft
    2021-04-01 45 days 1,857 sqft
    2021-05-01 36 days 1,868 sqft
    2021-06-01 35 days 1,900 sqft
    2021-07-01 37 days 1,896 sqft
    2021-08-01 39 days 1,858 sqft
    2021-09-01 43 days 1,865 sqft
    2021-10-01 44 days 1,814 sqft
    2021-11-01 47 days 1,789 sqft
    2021-12-01 55 days 1,779 sqft
    2022-01-01 61 days 1,728 sqft
    2022-02-01 58 days 1,736 sqft
    2022-03-01 45 days 1,765 sqft
    2022-04-01 39 days 1,800 sqft
    Cleveland's median listing age (time on market) for 2022-04-01 was 39 days. This is -12% shorter than the same period one year ago.

    Cleveland's median square footage for active listings during the 2022-04-01 period was 1,800 sqft. One year prior, the average listing was 1,857 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.