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%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 308 6.77% $6,484
CROSSCOUNTRY MORTGAGE, LLC 136 6.84% $7,497
QUICKEN LOANS, LLC 126 6.13% $10,333
NAVY FEDERAL CREDIT UNION 80 5.84% $4,879
UNITED WHOLESALE MORTGAGE, LLC 71 6.39% $8,483
FREEDOM MORTGAGE CORPORATION 43 6.55% $12,408
NVR Mortgage Finance, Inc. 40 5.61% $6,932
USAA Federal Savings Bank 34 6.30% $8,491
PENNYMAC LOAN SERVICES, LLC 33 5.72% $6,151
UNION HOME MORTGAGE CORP. 32 6.80% $9,291
NEW DAY FINANCIAL, LLC 31 7.71% $11,298
The Huntington National Bank 30 6.69% $6,408
HOWARD HANNA FINANCIAL SERVICES, INC. 29 6.51% $9,097
RUOFF MORTGAGE COMPANY, INC. 23 6.60% $7,178
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.36% $6,535
The Federal Savings Bank 19 6.60% $14,526
Nations Lending Corporation 15 6.86% $10,137
AMERICAN PACIFIC MORTGAGE CORPORATION 14 7.04% $6,957
LOANDEPOT.COM, LLC 14 6.40% $9,118
LIBERTY HOME MORTGAGE CORPORATION 14 7.01% $8,445
American Midwest Mortgage Corporation 13 6.68% $8,234
GUARANTEED RATE, INC. 12 6.50% $6,980
RELIANCE FIRST CAPITAL, LLC 12 6.41% $7,492
NEWREZ LLC 12 7.08% $8,746
MUTUAL OF OMAHA MORTGAGE, INC. 12 6.52% $11,251
Fifth Third Bank 11 6.38% $4,797
DRAPER AND KRAMER MORTGAGE CORP. 10 6.87% $11,569
FIRST EQUITY MORTGAGE INCORPORATED 9 6.15% $14,290
VILLAGE CAPITAL MORTGAGE 9 5.96% $10,469
AMERISAVE MORTGAGE CORPORATION 9 5.69% $16,332
Barrington Bank & Trust Company, N.A. 8 6.31% $8,030
PENTAGON FEDERAL CREDIT UNION 8 5.88% $7,507
UNION CAPITAL MORTGAGE CORPORATION 8 6.19% $11,293
Citizens Bank 7 6.27% $6,773
NORTHERN MORTGAGE SERVICES, LLC 7 6.29% $9,004
NFM, INC. 6 6.83% $8,439
Mr. Cooper ( Nationstar Mortgage ) 5 5.68% $9,436
Magnolia Bank 5 6.48% $14,913
U.S. Bank 5 6.18% $6,827
First Federal Savings and Loan Association of Lakewood 5 6.58% $7,610
NBKC BANK 5 6.38% $8,166
Dollar Bank, Federal Savings Bank 5 6.40% $5,191
JPMorgan Chase Bank 5 6.72% $4,266
PULTE MORTGAGE LLC 4 5.53% $7,015
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 4 6.09% $3,561
Princeton Mortgage Corporation 4 7.06% $6,658
Equity Prime Mortgage LLC 4 7.28% $7,663
YOUR HOME FINANCIAL LLC 4 6.72% $13,806
First National Bank of Pennsylvania 4 5.88% $3,101
BROKER SOLUTIONS, INC. 4 6.78% $10,918
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.17% $11,240
First Savings Bank 3 6.42% $9,289
Flagstar Bank, FSB 3 6.27% $9,139
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.42% $17,368
KeyBank 3 6.38% $4,315
NATIONWIDE MORTGAGE BANKERS, INC. 3 6.92% $8,652
Prosperity Home Mortgage, LLC 3 6.79% $12,894
ROYAL UNITED MORTGAGE LLC 3 7.17% $12,288
SUN WEST MORTGAGE COMPANY, INC. 3 6.88% $8,296
BAY EQUITY LLC 3 6.17% $5,677
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.58% $9,877
Ameris Bank 3 6.42% $6,816
DELMAR FINANCIAL COMPANY 2 6.81% $10,443
First Federal Bank 2 7.31% $5,740
HOMESIDE FINANCIAL, LLC 2 6.44% $13,871
Paramount Residential Mortgage Group, Inc. 2 7.69% $7,716
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $6,102
CMG MORTGAGE, INC. 2 6.69% $7,864
TOWNE MORTGAGE COMPANY 2 6.13% $8,728
GUILD MORTGAGE COMPANY 2 6.88% $6,697
CHURCHILL MORTGAGE CORPORATION 2 6.88% $9,123
CARDINAL FINANCIAL 2 6.75% $15,097
MOVEMENT MORTGAGE, LLC 2 6.50% $8,727
Ixonia Bank 2 7.13% $12,741
First Federal Bank of the Midwest 2 6.00% $8,257
CALIBER HOME LOANS, INC. 2 6.69% $7,297
ENDEAVOR CAPITAL, LLC. 2 6.81% $8,031
LOANPAL, LLC 2 6.06% $8,765
Plains Commerce Bank 2 6.63% $6,821
VAN DYK MORTGAGE CORPORATION 2 6.75% $6,154
PNC Bank 2 7.06% $8,790
Wells Fargo Bank 2 5.50% $15,321
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $0
RESIDENTIAL BANCORP 1 6.75% $13,165
V.I.P. MORTGAGE, INC. 1 6.88% $8,976
SECURITYNATIONAL MORTGAGE COMPANY 1 6.63% $14,065
SIRVA MORTGAGE, INC. 1 6.38% $16,112
SUCCESS MORTGAGE PARTNERS, INC. 1 5.99% $29,891
The Farmers National Bank of Canfield 1 6.13% $2,378
WEST PENN FINANCIAL SERVICE CENTER, INC. 1 5.75% $7,802
The Loan Store, Inc. 1 6.63% $7,688
THRIVE MORTGAGE, LLC 1 6.75% $13,626
TOP FLITE FINANCIAL, INC. 1 7.13% $8,791
Bank of England 1 6.63% $7,902
Armed Forces Bank 1 6.25% $10,760
Union Savings Bank 1 7.00% $13,601
United Fidelity Funding Corp. 1 6.63% $10,432
Florida Capital Bank 1 6.50% $3,339
First Federal Bank of Kansas City 1 6.50% $5,935
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $7,076
MICHIGAN MUTUAL, INC. 1 8.00% $12,667
Mid-Continent Funding, Inc. 1 5.88% $8,443
MORTGAGE ACCESS CORP. 1 5.75% $8,215
EMM LOANS LLC 1 6.88% $16,110
KELLER MORTGAGE, LLC 1 6.38% $2,835
EMBRACE HOME LOANS, INC. 1 6.25% $10,906
MYCUMORTGAGE, LLC 1 7.63% $15,103
NATIONS DIRECT MORTGAGE, LLC 1 7.25% $5,208
Evolve Bank & Trust 1 6.75% $9,818
Neighborhood Loans, Inc. 1 7.25% $16,297
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 6.25% $8,911
Cornerstone First Mortgage, Inc 1 6.00% $10,277
North American Savings Bank, F.S.B. 1 6.99% $2,623
ZILLOW HOME LOANS, LLC 1 6.25% $3,837
Northwest Bank 1 7.38% $10,527
CONTOUR MORTGAGE CORPORATION 1 5.88% $18,745
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.50% $5,648
Academy Bank 1 5.88% $19,559
PHH Mortgage Corporation 1 7.63% $9,459
PLAZA HOME MORTGAGE, INC. 1 6.25% $4,247
POLARIS HOME FUNDING CORP. 1 6.63% $35,709
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $4,655
Home Federal Savings and Loan Association of Niles 1 7.13% $7,814
AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $19,432

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. 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
Cleveland's median listing price for 2024-10-01 was $250,000, a difference of $12,000 (5.0%) versus the prior year and $-12,213 versus the prior month.

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. 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
Cleveland's median listing age (time on market) for 2024-10-01 was 42 days. This is 5% longer than the same period one year ago.

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.

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.