Cleveland VA Loan Rates, Closing Costs & Stats

Cleveland, MS

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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 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 5 lenders originated 11 VA loans during 2023. The total origination value was $2,725,000, with an average VA loan value of $247,727.

    Cleveland VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cleveland averaged 0.12% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Cleveland's average VA mortgage closing costs are $4,480.

    The average rate for the prior week (2024-11-08) was 6.43% and one month ago for the week of 2024-10-11, the average rate was 5.79%.

    The average rate one year ago was 7.08%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

    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 6 6.81% $2,679
    COMMUNITY MORTGAGE CORPORATION 1 6.49% $8,124
    QUICKEN LOANS, LLC 1 4.99% $10,490
    Regions Bank 1 5.75% $6,597
    USAA Federal Savings Bank 1 5.75% $35,434

    The top Cleveland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 6 VA loans originated. Their average total fees are $2,679, which is $5,446 lower than the next largest lender, COMMUNITY MORTGAGE CORPORATION.

    The lowest fee Cleveland VA lenders (with over 10 loans originated) are .

    The lowest rate Cleveland VA lenders (with over 10 loans originated) are .

    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 $130,000 (4.2%) $198,390 (17.1%) 0.00 51
    2018-02-01 $126,500 (0.6%) $175,747 (0.3%) 0.00 59
    2018-03-01 $128,000 (-7.6%) $174,251 (-0.8%) 0.00 55
    2018-04-01 $128,750 (-13.6%) $168,317 (-10.0%) 0.00 60
    2018-05-01 $139,500 (-3.8%) $176,259 (-4.2%) 0.00 64
    2018-06-01 $160,000 (4.2%) $185,115 (-3.4%) 0.00 62
    2018-07-01 $150,475 (-5.4%) $173,085 (-14.1%) 0.00 71
    2018-08-01 $149,125 (1.2%) $170,846 (-21.3%) 0.00 68
    2018-09-01 $150,750 (11.7%) $174,215 (-16.2%) 0.00 60
    2018-10-01 $150,950 (6.1%) $176,390 (-14.4%) 0.00 62
    2018-11-01 $142,250 (4.5%) $168,158 (-17.2%) 0.00 63
    2018-12-01 $139,900 (7.6%) $167,827 (-14.8%) 0.00 67
    2019-01-01 $131,200 (0.9%) $157,319 (-20.7%) 0.00 75
    2019-02-01 $135,600 (7.2%) $159,755 (-9.1%) 0.00 76
    2019-03-01 $138,664 (8.3%) $157,491 (-9.6%) 0.00 74
    2019-04-01 $135,189 (5.0%) $153,512 (-8.8%) 0.00 68
    2019-05-01 $145,750 (4.5%) $168,263 (-4.5%) 0.00 67
    2019-06-01 $143,000 (-10.6%) $164,223 (-11.3%) 0.00 59
    2019-07-01 $143,500 (-4.6%) $174,870 (1.0%) 0.00 51
    2019-08-01 $145,905 (-2.2%) $178,925 (4.7%) 0.00 49
    2019-09-01 $139,911 (-7.2%) $170,755 (-2.0%) 0.00 49
    2019-10-01 $133,100 (-11.8%) $164,409 (-6.8%) 0.00 49
    2019-11-01 $140,000 (-1.6%) $174,268 (3.6%) 0.00 48
    2019-12-01 $143,750 (2.8%) $181,226 (8.0%) 0.00 51
    2020-01-01 $141,750 (8.0%) $179,136 (13.9%) 0.00 44
    2020-02-01 $137,500 (1.4%) $174,756 (9.4%) 0.00 45
    2020-03-01 $140,500 (1.3%) $186,754 (18.6%) 0.00 47
    2020-04-01 $143,875 (6.4%) $182,801 (19.1%) 0.00 47
    2020-05-01 $137,750 (-5.5%) $177,932 (5.8%) 0.00 42
    2020-06-01 $157,475 (10.1%) $196,240 (19.5%) 0.00 42
    2020-07-01 $157,250 (9.6%) $181,947 (4.1%) 0.00 43
    2020-08-01 $164,500 (12.7%) $194,438 (8.7%) 0.00 35
    2020-09-01 $150,100 (7.3%) $187,392 (9.7%) 0.00 33
    2020-10-01 $146,200 (9.8%) $188,116 (14.4%) 0.00 39
    2020-11-01 $156,800 (12.0%) $181,693 (4.3%) 0.00 51
    2020-12-01 $159,975 (11.3%) $188,247 (3.9%) 0.00 47
    2021-01-01 $138,200 (-2.5%) $181,367 (1.3%) 0.00 37
    2021-02-01 $162,450 (18.2%) $218,629 (25.1%) 0.00 34
    2021-03-01 $188,000 (33.8%) $249,712 (33.7%) 0.00 30
    2021-04-01 $192,125 (33.5%) $249,233 (36.3%) 0.00 28
    2021-05-01 $195,000 (41.6%) $232,038 (30.4%) 0.00 24
    2021-06-01 $177,475 (12.7%) $229,092 (16.7%) 0.00 24
    2021-07-01 $165,000 (4.9%) $202,586 (11.3%) 0.00 21
    2021-08-01 $159,925 (-2.8%) $197,425 (1.5%) 0.00 28
    2021-09-01 $159,925 (6.6%) $187,648 (0.1%) 0.00 28
    2021-10-01 $161,750 (10.6%) $185,722 (-1.3%) 0.00 23
    2021-11-01 $159,375 (1.6%) $193,332 (6.4%) 0.00 30
    2021-12-01 $141,625 (-11.5%) $187,144 (-0.6%) 0.00 30
    2022-01-01 $145,000 (4.9%) $200,334 (10.5%) 0.00 26
    2022-02-01 $164,950 (1.5%) $199,370 (-8.8%) 0.00 39
    2022-03-01 $154,975 (-17.6%) $205,066 (-17.9%) 0.00 42
    2022-04-01 $149,500 (-22.2%) $206,295 (-17.2%) 0.00 37
    2022-05-01 $149,875 (-23.1%) $190,928 (-17.7%) 0.00 39
    2022-06-01 $147,500 (-16.9%) $178,301 (-22.2%) 0.00 42
    2022-07-01 $156,000 (-5.5%) $198,349 (-2.1%) 0.00 45
    2022-08-01 $167,000 (4.4%) $201,537 (2.1%) 0.00 43
    2022-09-01 $169,500 (6.0%) $203,929 (8.7%) 0.00 46
    2022-10-01 $175,000 (8.2%) $210,944 (13.6%) 0.00 39
    2022-11-01 $175,000 (9.8%) $202,376 (4.7%) 0.00 37
    2022-12-01 $179,900 (27.0%) $207,988 (11.1%) 0.00 42
    2023-01-01 $175,000 (20.7%) $215,751 (7.7%) 0.00 36
    2023-02-01 $190,000 (15.2%) $242,315 (21.5%) 0.00 35
    2023-03-01 $190,000 (22.6%) $249,749 (21.8%) 0.00 36
    2023-04-01 $190,000 (27.1%) $254,049 (23.2%) 0.00 43
    2023-05-01 $194,550 (29.8%) $253,380 (32.7%) 0.00 41
    2023-06-01 $206,625 (40.1%) $250,891 (40.7%) 0.00 42
    2023-07-01 $215,000 (37.8%) $243,890 (23.0%) 0.00 43
    2023-08-01 $192,000 (15.0%) $223,071 (10.7%) 0.00 46
    2023-09-01 $158,500 (-6.5%) $191,828 (-5.9%) 0.00 59
    2023-10-01 $166,250 (-5.0%) $184,096 (-12.7%) 0.00 57
    2023-11-01 $152,000 (-13.1%) $173,457 (-14.3%) 0.00 55
    2023-12-01 $150,000 (-16.6%) $176,570 (-15.1%) 0.00 54
    2024-01-01 $145,000 (-17.1%) $175,261 (-18.8%) 0.00 56
    2024-02-01 $147,500 (-22.4%) $180,385 (-25.6%) 0.00 50
    2024-03-01 $150,000 (-21.1%) $188,707 (-24.4%) 0.00 54
    2024-04-01 $157,500 (-17.1%) $193,260 (-23.9%) 0.00 58
    2024-05-01 $176,875 (-9.1%) $194,287 (-23.3%) 0.00 65
    2024-06-01 $169,200 (-18.1%) $191,858 (-23.5%) 0.00 64
    2024-07-01 $168,500 (-21.6%) $210,685 (-13.6%) 0.00 61
    2024-08-01 $172,500 (-10.2%) $212,008 (-5.0%) 0.00 64
    2024-09-01 $175,000 (10.4%) $218,677 (14.0%) 0.00 65
    2024-10-01 $176,350 (6.1%) $219,542 (19.3%) 0.00 75
    Cleveland's median listing price for 2024-10-01 was $176,350, a difference of $10,100 (6.1%) versus the prior year and $1,350 versus the prior month.

    Cleveland's median listing price comes in at 0% of the national average.

    Cleveland's average listing price for 2024-10-01 was $219,542, a difference of $35,446 (19.3%) versus the prior year and $865 versus the prior month.

    For the 2024-10-01 period, Cleveland had 75 MLS listings, a difference of 10 listings (15%) versus the prior month and 18 listings (32%) 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 0 days 1,920 sqft
    2018-02-01 0 days 1,691 sqft
    2018-03-01 0 days 1,693 sqft
    2018-04-01 0 days 1,693 sqft
    2018-05-01 0 days 1,760 sqft
    2018-06-01 0 days 1,887 sqft
    2018-07-01 0 days 1,828 sqft
    2018-08-01 0 days 1,763 sqft
    2018-09-01 0 days 1,765 sqft
    2018-10-01 0 days 1,824 sqft
    2018-11-01 0 days 1,748 sqft
    2018-12-01 0 days 1,624 sqft
    2019-01-01 0 days 1,605 sqft
    2019-02-01 0 days 1,683 sqft
    2019-03-01 0 days 1,742 sqft
    2019-04-01 0 days 1,756 sqft
    2019-05-01 0 days 1,767 sqft
    2019-06-01 0 days 1,769 sqft
    2019-07-01 0 days 1,832 sqft
    2019-08-01 0 days 1,887 sqft
    2019-09-01 0 days 1,804 sqft
    2019-10-01 0 days 1,761 sqft
    2019-11-01 0 days 1,865 sqft
    2019-12-01 0 days 1,798 sqft
    2020-01-01 0 days 1,712 sqft
    2020-02-01 0 days 1,723 sqft
    2020-03-01 0 days 1,793 sqft
    2020-04-01 0 days 1,795 sqft
    2020-05-01 0 days 1,764 sqft
    2020-06-01 0 days 1,920 sqft
    2020-07-01 0 days 1,965 sqft
    2020-08-01 0 days 2,078 sqft
    2020-09-01 0 days 2,000 sqft
    2020-10-01 0 days 2,035 sqft
    2020-11-01 0 days 1,875 sqft
    2020-12-01 0 days 1,996 sqft
    2021-01-01 0 days 1,780 sqft
    2021-02-01 0 days 1,873 sqft
    2021-03-01 0 days 2,047 sqft
    2021-04-01 0 days 2,097 sqft
    2021-05-01 0 days 1,963 sqft
    2021-06-01 0 days 1,871 sqft
    2021-07-01 0 days 1,964 sqft
    2021-08-01 0 days 1,790 sqft
    2021-09-01 0 days 1,825 sqft
    2021-10-01 0 days 1,790 sqft
    2021-11-01 0 days 1,652 sqft
    2021-12-01 0 days 1,645 sqft
    2022-01-01 0 days 1,751 sqft
    2022-02-01 0 days 1,938 sqft
    2022-03-01 0 days 1,961 sqft
    2022-04-01 0 days 1,938 sqft
    2022-05-01 0 days 1,789 sqft
    2022-06-01 0 days 1,831 sqft
    2022-07-01 0 days 1,793 sqft
    2022-08-01 0 days 1,856 sqft
    2022-09-01 0 days 1,826 sqft
    2022-10-01 0 days 1,851 sqft
    2022-11-01 0 days 1,948 sqft
    2022-12-01 0 days 1,948 sqft
    2023-01-01 0 days 1,882 sqft
    2023-02-01 0 days 2,046 sqft
    2023-03-01 0 days 1,944 sqft
    2023-04-01 0 days 1,952 sqft
    2023-05-01 0 days 2,000 sqft
    2023-06-01 0 days 2,090 sqft
    2023-07-01 0 days 2,151 sqft
    2023-08-01 0 days 1,994 sqft
    2023-09-01 0 days 1,763 sqft
    2023-10-01 0 days 1,778 sqft
    2023-11-01 0 days 1,654 sqft
    2023-12-01 0 days 1,664 sqft
    2024-01-01 0 days 1,525 sqft
    2024-02-01 0 days 1,500 sqft
    2024-03-01 0 days 1,549 sqft
    2024-04-01 0 days 1,624 sqft
    2024-05-01 0 days 1,660 sqft
    2024-06-01 0 days 1,593 sqft
    2024-07-01 0 days 1,708 sqft
    2024-08-01 0 days 1,711 sqft
    2024-09-01 0 days 1,757 sqft
    2024-10-01 0 days 1,722 sqft
    Cleveland's median listing age (time on market) for 2024-10-01 was 0 days.

    Cleveland's median square footage for active listings during the 2024-10-01 period was 1,722 sqft. One year prior, the average listing was 1,778 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.