Cleveland VA Loan Rates, Closing Costs & Stats

CLEVELAND, TN

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 6.15% for the week of 2025-03-21, compared to the national average (all VA variants) of 6.179% for the same period.

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

The average rate for the prior week (2025-03-14) was 6.54% and one month ago for the week of 2025-02-14, the average rate was 6.49%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2025-03-21, the average rate was 6.4%.

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 $239,088 (21.7%) $282,977 (18.7%) 0.00 435
2018-02-01 $239,563 (19.8%) $284,253 (17.3%) 0.00 431
2018-03-01 $238,900 (19.5%) $282,802 (14.9%) 0.00 437
2018-04-01 $234,675 (17.4%) $284,589 (14.8%) 0.00 423
2018-05-01 $232,375 (8.3%) $288,992 (13.2%) 0.00 409
2018-06-01 $224,900 (2.7%) $283,222 (7.2%) 0.00 452
2018-07-01 $225,250 (2.9%) $285,413 (8.2%) 0.00 461
2018-08-01 $223,563 (-2.8%) $281,102 (0.6%) 0.00 484
2018-09-01 $229,900 (0.4%) $278,254 (0.3%) 0.00 531
2018-10-01 $232,500 (-1.8%) $286,521 (1.1%) 0.00 502
2018-11-01 $239,450 (3.0%) $287,721 (4.7%) 0.00 473
2018-12-01 $234,900 (2.2%) $281,788 (3.9%) 0.00 454
2019-01-01 $234,600 (-1.9%) $283,308 (0.1%) 0.00 430
2019-02-01 $234,900 (-2.0%) $278,058 (-2.2%) 0.00 409
2019-03-01 $238,786 (-0.1%) $283,759 (0.3%) 0.00 397
2019-04-01 $245,811 (4.8%) $289,383 (1.7%) 0.00 386
2019-05-01 $248,475 (6.9%) $292,329 (1.2%) 0.00 395
2019-06-01 $249,900 (11.1%) $300,252 (6.0%) 0.00 418
2019-07-01 $249,900 (10.9%) $318,486 (11.6%) 0.00 444
2019-08-01 $249,609 (11.7%) $321,881 (14.5%) 0.00 447
2019-09-01 $249,773 (8.6%) $324,706 (16.7%) 0.00 458
2019-10-01 $249,882 (7.5%) $326,601 (14.0%) 0.00 460
2019-11-01 $249,900 (4.4%) $329,820 (14.6%) 0.00 450
2019-12-01 $244,950 (4.3%) $325,545 (15.5%) 0.00 423
2020-01-01 $241,100 (2.8%) $313,742 (10.7%) 0.00 386
2020-02-01 $249,810 (6.4%) $311,995 (12.2%) 0.00 358
2020-03-01 $249,175 (4.4%) $317,655 (12.0%) 0.00 352
2020-04-01 $247,363 (0.6%) $324,377 (12.1%) 0.00 357
2020-05-01 $259,900 (4.6%) $351,034 (20.1%) 0.00 327
2020-06-01 $276,350 (10.6%) $360,293 (20.0%) 0.00 277
2020-07-01 $279,925 (12.0%) $342,198 (7.5%) 0.00 228
2020-08-01 $280,000 (12.2%) $350,730 (9.0%) 0.00 204
2020-09-01 $279,750 (12.0%) $350,834 (8.1%) 0.00 225
2020-10-01 $265,000 (6.1%) $337,546 (3.4%) 0.00 228
2020-11-01 $259,900 (4.0%) $335,891 (1.8%) 0.00 225
2020-12-01 $252,750 (3.2%) $337,181 (3.6%) 0.00 180
2021-01-01 $259,900 (7.8%) $344,021 (9.7%) 0.00 140
2021-02-01 $282,475 (13.1%) $367,500 (17.8%) 0.00 126
2021-03-01 $285,950 (14.8%) $362,381 (14.1%) 0.00 112
2021-04-01 $283,399 (14.6%) $368,547 (13.6%) 0.00 121
2021-05-01 $273,713 (5.3%) $357,206 (1.8%) 0.00 124
2021-06-01 $283,775 (2.7%) $389,616 (8.1%) 0.00 151
2021-07-01 $284,025 (1.5%) $416,756 (21.8%) 0.00 169
2021-08-01 $285,176 (1.9%) $406,327 (15.9%) 0.00 202
2021-09-01 $295,078 (5.5%) $420,476 (19.9%) 0.00 208
2021-10-01 $303,683 (14.6%) $439,029 (30.1%) 0.00 199
2021-11-01 $336,700 (29.6%) $506,965 (50.9%) 0.00 165
2021-12-01 $349,500 (38.3%) $499,932 (48.3%) 0.00 161
2022-01-01 $329,400 (26.7%) $497,192 (44.5%) 0.00 129
2022-02-01 $363,425 (28.7%) $580,400 (57.9%) 0.00 105
2022-03-01 $356,600 (24.7%) $556,565 (53.6%) 0.00 107
2022-04-01 $389,755 (37.5%) $548,064 (48.7%) 0.00 136
2022-05-01 $385,925 (41.0%) $551,600 (54.4%) 0.00 195
2022-06-01 $373,075 (31.5%) $530,822 (36.2%) 0.00 249
2022-07-01 $375,000 (32.0%) $494,772 (18.7%) 0.00 335
2022-08-01 $382,830 (34.2%) $516,513 (27.1%) 0.00 338
2022-09-01 $377,388 (27.9%) $506,876 (20.6%) 0.00 360
2022-10-01 $360,255 (18.6%) $481,483 (9.7%) 0.00 379
2022-11-01 $359,975 (6.9%) $479,015 (-5.5%) 0.00 375
2022-12-01 $358,500 (2.6%) $467,597 (-6.5%) 0.00 354
2023-01-01 $360,910 (9.6%) $454,117 (-8.7%) 0.00 340
2023-02-01 $370,000 (1.8%) $479,475 (-17.4%) 0.00 321
2023-03-01 $367,500 (3.1%) $490,207 (-11.9%) 0.00 280
2023-04-01 $365,000 (-6.4%) $489,417 (-10.7%) 0.00 259
2023-05-01 $365,975 (-5.2%) $483,341 (-12.4%) 0.00 288
2023-06-01 $361,000 (-3.2%) $490,086 (-7.7%) 0.00 303
2023-07-01 $359,900 (-4.0%) $512,351 (3.6%) 0.00 293
2023-08-01 $365,500 (-4.5%) $524,193 (1.5%) 0.00 286
2023-09-01 $369,000 (-2.2%) $533,692 (5.3%) 0.00 302
2023-10-01 $350,000 (-2.9%) $500,141 (3.9%) 0.00 342
2023-11-01 $354,950 (-1.4%) $481,092 (0.4%) 0.00 383
2023-12-01 $363,750 (1.5%) $479,885 (2.6%) 0.00 366
2024-01-01 $365,102 (1.2%) $471,520 (3.8%) 0.00 354
2024-02-01 $360,277 (-2.6%) $470,766 (-1.8%) 0.00 359
2024-03-01 $372,400 (1.3%) $474,388 (-3.2%) 0.00 359
2024-04-01 $374,950 (2.7%) $475,522 (-2.8%) 0.00 380
2024-05-01 $375,000 (2.5%) $477,376 (-1.2%) 0.00 411
2024-06-01 $364,900 (1.1%) $449,568 (-8.3%) 0.00 501
2024-07-01 $349,869 (-2.8%) $430,411 (-16.0%) 0.00 541
2024-08-01 $349,950 (-4.3%) $447,194 (-14.7%) 0.00 501
2024-09-01 $345,000 (-6.5%) $434,503 (-18.6%) 0.00 518
2024-10-01 $319,500 (-8.7%) $409,731 (-18.1%) 0.00 597
2024-11-01 $349,900 (-1.4%) $455,200 (-5.4%) 0.00 533
2024-12-01 $346,065 (-4.9%) $463,809 (-3.4%) 0.00 458
2025-01-01 $353,018 (-3.3%) $482,699 (2.4%) 0.00 426
2025-02-01 $354,264 (-1.7%) $488,045 (3.7%) 0.00 405
Cleveland's median listing price for 2025-02-01 was $354,264, a difference of $-6,013 (-1.7%) versus the prior year and $1,246 versus the prior month.

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

Cleveland's average listing price for 2025-02-01 was $488,045, a difference of $17,279 (3.7%) versus the prior year and $5,346 versus the prior month.

For the 2025-02-01 period, Cleveland had 405 MLS listings, a difference of -21 listings (-5%) versus the prior month and 46 listings (13%) 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 2,122 sqft
2018-02-01 0 days 2,131 sqft
2018-03-01 0 days 2,162 sqft
2018-04-01 0 days 2,122 sqft
2018-05-01 0 days 2,117 sqft
2018-06-01 0 days 2,069 sqft
2018-07-01 0 days 2,097 sqft
2018-08-01 0 days 2,013 sqft
2018-09-01 0 days 2,084 sqft
2018-10-01 0 days 2,008 sqft
2018-11-01 0 days 2,081 sqft
2018-12-01 0 days 2,034 sqft
2019-01-01 0 days 1,998 sqft
2019-02-01 0 days 1,998 sqft
2019-03-01 0 days 2,040 sqft
2019-04-01 0 days 2,087 sqft
2019-05-01 0 days 2,120 sqft
2019-06-01 0 days 2,164 sqft
2019-07-01 0 days 2,199 sqft
2019-08-01 0 days 2,204 sqft
2019-09-01 0 days 2,204 sqft
2019-10-01 0 days 2,197 sqft
2019-11-01 0 days 2,123 sqft
2019-12-01 0 days 2,100 sqft
2020-01-01 0 days 2,072 sqft
2020-02-01 0 days 2,080 sqft
2020-03-01 0 days 2,100 sqft
2020-04-01 0 days 2,016 sqft
2020-05-01 0 days 2,100 sqft
2020-06-01 0 days 2,168 sqft
2020-07-01 0 days 2,168 sqft
2020-08-01 0 days 2,092 sqft
2020-09-01 0 days 2,067 sqft
2020-10-01 0 days 2,000 sqft
2020-11-01 0 days 1,898 sqft
2020-12-01 0 days 1,895 sqft
2021-01-01 0 days 1,840 sqft
2021-02-01 0 days 1,940 sqft
2021-03-01 0 days 1,993 sqft
2021-04-01 0 days 1,955 sqft
2021-05-01 0 days 1,794 sqft
2021-06-01 0 days 1,854 sqft
2021-07-01 0 days 1,843 sqft
2021-08-01 0 days 1,825 sqft
2021-09-01 0 days 1,890 sqft
2021-10-01 0 days 1,894 sqft
2021-11-01 0 days 2,030 sqft
2021-12-01 0 days 2,062 sqft
2022-01-01 0 days 2,090 sqft
2022-02-01 0 days 2,068 sqft
2022-03-01 0 days 2,077 sqft
2022-04-01 0 days 2,200 sqft
2022-05-01 0 days 2,211 sqft
2022-06-01 0 days 2,179 sqft
2022-07-01 0 days 2,112 sqft
2022-08-01 0 days 2,168 sqft
2022-09-01 0 days 2,142 sqft
2022-10-01 0 days 2,048 sqft
2022-11-01 0 days 2,026 sqft
2022-12-01 0 days 2,016 sqft
2023-01-01 0 days 1,985 sqft
2023-02-01 0 days 2,022 sqft
2023-03-01 0 days 1,971 sqft
2023-04-01 0 days 2,040 sqft
2023-05-01 0 days 2,024 sqft
2023-06-01 0 days 2,018 sqft
2023-07-01 0 days 2,000 sqft
2023-08-01 0 days 2,059 sqft
2023-09-01 0 days 2,007 sqft
2023-10-01 0 days 1,878 sqft
2023-11-01 0 days 1,925 sqft
2023-12-01 0 days 1,890 sqft
2024-01-01 0 days 1,890 sqft
2024-02-01 0 days 1,950 sqft
2024-03-01 0 days 1,893 sqft
2024-04-01 0 days 1,939 sqft
2024-05-01 0 days 1,938 sqft
2024-06-01 0 days 1,841 sqft
2024-07-01 0 days 1,796 sqft
2024-08-01 0 days 1,800 sqft
2024-09-01 0 days 1,779 sqft
2024-10-01 0 days 1,641 sqft
2024-11-01 0 days 1,733 sqft
2024-12-01 0 days 1,731 sqft
2025-01-01 0 days 1,764 sqft
2025-02-01 0 days 1,799 sqft
Cleveland's median listing age (time on market) for 2025-02-01 was 0 days.

Cleveland's median square footage for active listings during the 2025-02-01 period was 1,799 sqft. One year prior, the average listing was 1,950 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.