Cleveland VA Loan Rates, Closing Costs & Stats

CLEVELAND, TN

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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 61 lenders originated 190 VA loans during 2023. The total origination value was $61,630,000, with an average VA loan value of $324,368.

    Cleveland VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cleveland averaged 6.83% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Cleveland's average VA mortgage closing costs are $5,760.

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.82%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.28%.

    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 43 6.86% $4,925
    CMG MORTGAGE, INC. 12 6.63% $8,324
    QUICKEN LOANS, LLC 11 6.35% $9,735
    MOVEMENT MORTGAGE, LLC 9 6.26% $7,887
    UNITED WHOLESALE MORTGAGE, LLC 7 6.77% $6,349
    FREEDOM MORTGAGE CORPORATION 6 6.75% $13,929
    NAVY FEDERAL CREDIT UNION 5 5.63% $7,745
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.44% $12,505
    NEW DAY FINANCIAL, LLC 4 7.81% $12,718
    PENNYMAC LOAN SERVICES, LLC 4 5.03% $4,190
    FIRST COMMUNITY MORTGAGE, INC. 3 5.83% $9,654
    STOCKTON MORTGAGE CORPORATION 3 6.33% $12,063
    USAA Federal Savings Bank 3 5.92% $13,884
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.42% $5,718
    ALAMEDA MORTGAGE CORPORATION 2 6.25% $9,288
    GUARANTEED RATE, INC. 2 7.00% $6,769
    DHI MORTGAGE COMPANY, LTD. 2 5.49% $2,823
    Paramount Residential Mortgage Group, Inc. 2 6.38% $4,340
    LEADERONE FINANCIAL CORPORATION 2 6.56% $46,279
    LOANDEPOT.COM, LLC 2 6.12% $16,234
    First Citizens National Bank 2 5.94% $7,139
    Regions Bank 2 6.75% $5,492
    SIRVA MORTGAGE, INC. 2 7.31% $3,314
    TJC Mortgage, Inc. 2 6.19% $15,395
    MORTGAGE INVESTORS GROUP, INC. 2 6.63% $5,681
    VAN DYK MORTGAGE CORPORATION 2 6.88% $10,480
    Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $16,108
    Sierra Pacific Mortgage Company, Inc. 1 6.00% $9,379
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.88% $8,522
    The Federal Savings Bank 1 5.75% $8,361
    Towne Bank 1 6.75% $4,075
    United Community Bank 1 6.25% $12,421
    U.S. Bank 1 6.50% $9,469
    VILLAGE CAPITAL MORTGAGE 1 5.00% $8,125
    Wells Fargo Bank 1 7.63% $3,385
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $7,207
    Armed Forces Bank 1 5.75% $13,245
    BancorpSouth 1 6.88% $4,256
    Barrington Bank & Trust Company, N.A. 1 6.25% $8,113
    BROKER SOLUTIONS, INC. 1 6.75% $11,063
    CARDINAL FINANCIAL 1 7.75% $13,417
    CHURCHILL MORTGAGE CORPORATION 1 6.99% $6,013
    Citizens Bank 1 6.88% $5,402
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $15,498
    Equity Prime Mortgage LLC 1 6.88% $1,711
    EVERETT FINANCIAL, INC. 1 7.63% $20,580
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.50% $7,652
    FirstBank 1 5.50% $0
    First Horizon Bank 1 6.63% $2,386
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $6,363
    HOMESTAR FINANCIAL CORPORATION 1 6.25% $2,615
    LOANPAL, LLC 1 5.00% $13,669
    Magnolia Bank 1 6.50% $15,423
    Mid-Continent Funding, Inc. 1 6.99% $11,804
    MILEND, INC. 1 7.13% $18,836
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $14,127
    NEWREZ LLC 1 7.25% $14,321
    North American Savings Bank, F.S.B. 1 5.63% $14,276
    PLANET HOME LENDING, LLC 1 5.99% $4,707
    POLARIS HOME FUNDING CORP. 1 6.63% $11,779
    Princeton Mortgage Corporation 1 6.25% $9,897

    The top Cleveland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 43 VA loans originated. Their average total fees are $4,925, which is $3,399 lower than the next largest lender, CMG MORTGAGE, INC..

    The lowest fee Cleveland VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,925), CMG MORTGAGE, INC. ($8,324), QUICKEN LOANS, LLC ($9,735), .

    The lowest rate Cleveland VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.35%), CMG MORTGAGE, INC. (6.63%), Mortgage Research Center, LLC (6.86%), .

    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 $239,338 (21.0%) $283,464 (18.5%) 0.00 437
    2018-02-01 $239,900 (20.0%) $284,722 (17.2%) 0.00 433
    2018-03-01 $238,900 (19.5%) $283,149 (14.7%) 0.00 439
    2018-04-01 $234,950 (17.5%) $285,544 (15.1%) 0.00 425
    2018-05-01 $232,425 (8.1%) $290,393 (13.2%) 0.00 413
    2018-06-01 $226,000 (2.9%) $284,434 (7.2%) 0.00 456
    2018-07-01 $228,450 (4.1%) $286,215 (8.2%) 0.00 465
    2018-08-01 $226,000 (-2.2%) $281,582 (0.8%) 0.00 489
    2018-09-01 $229,900 (0.3%) $278,766 (0.5%) 0.00 534
    2018-10-01 $232,450 (-1.9%) $286,075 (1.0%) 0.00 505
    2018-11-01 $238,950 (1.3%) $287,305 (4.2%) 0.00 477
    2018-12-01 $234,900 (2.2%) $282,442 (3.9%) 0.00 458
    2019-01-01 $234,700 (-1.9%) $283,895 (0.2%) 0.00 435
    2019-02-01 $234,900 (-2.1%) $278,920 (-2.0%) 0.00 412
    2019-03-01 $239,643 (0.3%) $284,914 (0.6%) 0.00 400
    2019-04-01 $247,168 (5.2%) $290,948 (1.9%) 0.00 389
    2019-05-01 $248,800 (7.1%) $293,611 (1.1%) 0.00 398
    2019-06-01 $249,900 (10.6%) $301,485 (6.0%) 0.00 421
    2019-07-01 $249,900 (9.4%) $319,093 (11.5%) 0.00 447
    2019-08-01 $249,855 (10.6%) $322,227 (14.4%) 0.00 452
    2019-09-01 $249,880 (8.7%) $324,638 (16.5%) 0.00 461
    2019-10-01 $249,897 (7.5%) $326,311 (14.1%) 0.00 463
    2019-11-01 $249,900 (4.6%) $329,597 (14.7%) 0.00 454
    2019-12-01 $244,900 (4.3%) $324,846 (15.0%) 0.00 427
    2020-01-01 $241,000 (2.7%) $313,269 (10.4%) 0.00 389
    2020-02-01 $249,900 (6.4%) $312,268 (12.0%) 0.00 358
    2020-03-01 $249,175 (4.0%) $317,655 (11.5%) 0.00 352
    2020-04-01 $247,400 (0.1%) $324,306 (11.5%) 0.00 357
    2020-05-01 $259,900 (4.5%) $350,869 (19.5%) 0.00 327
    2020-06-01 $276,350 (10.6%) $360,293 (19.5%) 0.00 277
    2020-07-01 $279,950 (12.0%) $342,782 (7.4%) 0.00 229
    2020-08-01 $280,000 (12.1%) $353,833 (9.8%) 0.00 208
    2020-09-01 $279,825 (12.0%) $353,093 (8.8%) 0.00 227
    2020-10-01 $265,000 (6.0%) $340,206 (4.3%) 0.00 228
    2020-11-01 $259,925 (4.0%) $337,580 (2.4%) 0.00 227
    2020-12-01 $259,400 (5.9%) $338,461 (4.2%) 0.00 183
    2021-01-01 $259,900 (7.8%) $346,047 (10.5%) 0.00 141
    2021-02-01 $282,500 (13.1%) $369,371 (18.3%) 0.00 128
    2021-03-01 $287,450 (15.4%) $364,779 (14.8%) 0.00 114
    2021-04-01 $284,416 (15.0%) $370,652 (14.3%) 0.00 123
    2021-05-01 $274,900 (5.8%) $359,268 (2.4%) 0.00 124
    2021-06-01 $283,894 (2.7%) $391,477 (8.7%) 0.00 152
    2021-07-01 $286,025 (2.2%) $417,604 (21.8%) 0.00 171
    2021-08-01 $286,701 (2.4%) $408,008 (15.3%) 0.00 203
    2021-09-01 $297,578 (6.3%) $421,592 (19.4%) 0.00 209
    2021-10-01 $307,028 (15.9%) $440,076 (29.4%) 0.00 200
    2021-11-01 $338,975 (30.4%) $507,735 (50.4%) 0.00 166
    2021-12-01 $349,500 (34.7%) $500,382 (47.8%) 0.00 161
    2022-01-01 $329,400 (26.7%) $497,192 (43.7%) 0.00 129
    2022-02-01 $363,425 (28.7%) $578,071 (56.5%) 0.00 105
    2022-03-01 $358,675 (24.8%) $557,614 (52.9%) 0.00 110
    2022-04-01 $398,900 (40.3%) $548,165 (47.9%) 0.00 138
    2022-05-01 $388,450 (41.3%) $551,560 (53.5%) 0.00 195
    2022-06-01 $372,396 (31.2%) $530,013 (35.4%) 0.00 249
    2022-07-01 $375,000 (31.1%) $494,694 (18.5%) 0.00 335
    2022-08-01 $382,805 (33.5%) $515,693 (26.4%) 0.00 340
    2022-09-01 $377,400 (26.8%) $506,497 (20.1%) 0.00 362
    2022-10-01 $364,805 (18.8%) $488,038 (10.9%) 0.00 382
    2022-11-01 $360,000 (6.2%) $478,640 (-5.7%) 0.00 379
    2022-12-01 $357,970 (2.4%) $466,195 (-6.8%) 0.00 359
    2023-01-01 $360,910 (9.6%) $453,528 (-8.8%) 0.00 343
    2023-02-01 $370,000 (1.8%) $478,689 (-17.2%) 0.00 323
    2023-03-01 $367,500 (2.5%) $490,207 (-12.1%) 0.00 281
    2023-04-01 $365,000 (-8.5%) $489,417 (-10.7%) 0.00 261
    2023-05-01 $364,950 (-6.1%) $483,059 (-12.4%) 0.00 288
    2023-06-01 $361,500 (-2.9%) $489,810 (-7.6%) 0.00 304
    2023-07-01 $359,900 (-4.0%) $511,671 (3.4%) 0.00 293
    2023-08-01 $365,750 (-4.5%) $524,010 (1.6%) 0.00 286
    2023-09-01 $369,000 (-2.2%) $537,735 (6.2%) 0.00 304
    2023-10-01 $350,000 (-4.1%) $504,936 (3.5%) 0.00 344
    2023-11-01 $354,975 (-1.4%) $482,173 (0.7%) 0.00 384
    2023-12-01 $364,000 (1.7%) $484,537 (3.9%) 0.00 368
    2024-01-01 $365,480 (1.3%) $472,693 (4.2%) 0.00 355
    2024-02-01 $360,605 (-2.5%) $471,883 (-1.4%) 0.00 360
    2024-03-01 $374,900 (2.0%) $474,973 (-3.1%) 0.00 359
    Cleveland's median listing price for 2024-03-01 was $374,900, a difference of $7,400 (2.0%) versus the prior year and $14,295 versus the prior month.

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

    Cleveland's average listing price for 2024-03-01 was $474,973, a difference of $-15,234 (-3.1%) versus the prior year and $3,090 versus the prior month.

    For the 2024-03-01 period, Cleveland had 359 MLS listings, a difference of -1 listings (0%) versus the prior month and 78 listings (28%) 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 2,130 sqft
    2018-02-01 0 days 2,135 sqft
    2018-03-01 0 days 2,162 sqft
    2018-04-01 0 days 2,128 sqft
    2018-05-01 0 days 2,125 sqft
    2018-06-01 0 days 2,084 sqft
    2018-07-01 0 days 2,100 sqft
    2018-08-01 0 days 2,020 sqft
    2018-09-01 0 days 2,084 sqft
    2018-10-01 0 days 2,007 sqft
    2018-11-01 0 days 2,078 sqft
    2018-12-01 0 days 2,019 sqft
    2019-01-01 0 days 1,999 sqft
    2019-02-01 0 days 2,001 sqft
    2019-03-01 0 days 2,044 sqft
    2019-04-01 0 days 2,088 sqft
    2019-05-01 0 days 2,123 sqft
    2019-06-01 0 days 2,170 sqft
    2019-07-01 0 days 2,199 sqft
    2019-08-01 0 days 2,203 sqft
    2019-09-01 0 days 2,203 sqft
    2019-10-01 0 days 2,184 sqft
    2019-11-01 0 days 2,112 sqft
    2019-12-01 0 days 2,087 sqft
    2020-01-01 0 days 2,060 sqft
    2020-02-01 0 days 2,080 sqft
    2020-03-01 0 days 2,094 sqft
    2020-04-01 0 days 2,022 sqft
    2020-05-01 0 days 2,100 sqft
    2020-06-01 0 days 2,168 sqft
    2020-07-01 0 days 2,170 sqft
    2020-08-01 0 days 2,092 sqft
    2020-09-01 0 days 2,071 sqft
    2020-10-01 0 days 2,000 sqft
    2020-11-01 0 days 1,899 sqft
    2020-12-01 0 days 1,898 sqft
    2021-01-01 0 days 1,854 sqft
    2021-02-01 0 days 1,993 sqft
    2021-03-01 0 days 2,020 sqft
    2021-04-01 0 days 1,956 sqft
    2021-05-01 0 days 1,794 sqft
    2021-06-01 0 days 1,873 sqft
    2021-07-01 0 days 1,856 sqft
    2021-08-01 0 days 1,838 sqft
    2021-09-01 0 days 1,896 sqft
    2021-10-01 0 days 1,897 sqft
    2021-11-01 0 days 2,033 sqft
    2021-12-01 0 days 2,062 sqft
    2022-01-01 0 days 2,080 sqft
    2022-02-01 0 days 2,074 sqft
    2022-03-01 0 days 2,109 sqft
    2022-04-01 0 days 2,200 sqft
    2022-05-01 0 days 2,212 sqft
    2022-06-01 0 days 2,206 sqft
    2022-07-01 0 days 2,133 sqft
    2022-08-01 0 days 2,187 sqft
    2022-09-01 0 days 2,144 sqft
    2022-10-01 0 days 2,084 sqft
    2022-11-01 0 days 2,043 sqft
    2022-12-01 0 days 2,020 sqft
    2023-01-01 0 days 1,985 sqft
    2023-02-01 0 days 2,034 sqft
    2023-03-01 0 days 1,977 sqft
    2023-04-01 0 days 2,046 sqft
    2023-05-01 0 days 2,028 sqft
    2023-06-01 0 days 2,027 sqft
    2023-07-01 0 days 2,000 sqft
    2023-08-01 0 days 2,061 sqft
    2023-09-01 0 days 2,002 sqft
    2023-10-01 0 days 1,885 sqft
    2023-11-01 0 days 1,928 sqft
    2023-12-01 0 days 1,890 sqft
    2024-01-01 0 days 1,890 sqft
    2024-02-01 0 days 1,947 sqft
    2024-03-01 0 days 1,874 sqft
    Cleveland's median listing age (time on market) for 2024-03-01 was 0 days.

    Cleveland's median square footage for active listings during the 2024-03-01 period was 1,874 sqft. One year prior, the average listing was 1,977 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.