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 67 lenders originated 301 VA loans during 2024. The total origination value was $99,015,000, with an average VA loan value of $328,953.

Cleveland VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Cleveland averaged 0.23% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

Cleveland's average VA mortgage closing costs are $5,989.

The average rate for the prior week (2025-06-13) was 6.98% and one month ago for the week of 2025-05-16, the average rate was 6.74%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.16%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
Mortgage Research Center, LLC 48 6.55% $3,944
UNITED WHOLESALE MORTGAGE, LLC 29 5.94% $8,875
FREEDOM MORTGAGE CORPORATION 20 6.25% $10,255
QUICKEN LOANS, LLC 17 6.01% $9,645
DHI MORTGAGE COMPANY, LTD. 16 5.47% $7,718
CMG MORTGAGE, INC. 14 6.33% $8,775
PENNYMAC LOAN SERVICES, LLC 8 5.76% $9,423
Barrington Bank & Trust Company, N.A. 8 6.69% $5,398
NAVY FEDERAL CREDIT UNION 8 5.89% $4,727
MOVEMENT MORTGAGE, LLC 7 6.18% $5,640
USAA Federal Savings Bank 6 6.06% $8,240
First Citizens National Bank 5 6.28% $5,130
FirstBank 5 6.33% $5,935
BancorpSouth 5 6.30% $7,288
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.02% $5,785
UNION HOME MORTGAGE CORP. 4 6.19% $8,586
CROSSCOUNTRY MORTGAGE, LLC 4 6.19% $5,611
TJC Mortgage, Inc. 3 6.38% $9,089
GUARANTEED RATE, INC. 3 6.21% $3,164
NEW DAY FINANCIAL, LLC 3 7.71% $15,189
PLANET HOME LENDING, LLC 3 5.66% $4,620
The Federal Savings Bank 2 6.00% $21,774
The Loan Store, Inc. 2 5.63% $2,174
NBKC BANK 2 5.88% $3,591
VERITAS FUNDING, LLC 2 6.38% $14,733
AmeriHome Mortgage Company, LLC 2 6.06% $3,962
Regions Bank 2 6.25% $4,886
Mid-Continent Funding, Inc. 2 5.88% $4,612
VILLAGE CAPITAL MORTGAGE 2 5.75% $7,487
MORTGAGE INVESTORS GROUP, INC. 2 6.37% $2,960
TENNESSEE VALLEY 2 6.00% $5,467
CLEARPATH LENDING 2 5.49% $1,849
LOANDEPOT.COM, LLC 1 5.99% $16,119
MORTGAGE ACCESS CORP. 1 5.50% $11,595
Century Mortgage Company DBA Century Lending Company 1 6.63% $7,337
Carrington Mortgage Services, LLC 1 5.88% $23,750
Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $2,703
CANOPY MORTGAGE, LLC 1 7.13% $12,756
NEWREZ LLC 1 5.75% $4,844
NFM, INC. 1 7.88% $6,393
BROKER SOLUTIONS, INC. 1 6.25% $2,898
PENTAGON FEDERAL CREDIT UNION 1 7.50% $3,510
PHH Mortgage Corporation 1 5.63% $6,793
POLARIS HOME FUNDING CORP. 1 6.75% $12,002
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $9,205
AMERISAVE MORTGAGE CORPORATION 1 5.88% $12,071
STOCKTON MORTGAGE CORPORATION 1 6.75% $5,863
SUMMIT FUNDING, INC. 1 6.75% $7,218
SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $12,854
ALAMEDA MORTGAGE CORPORATION 1 6.75% $8,285
Truist 1 6.20% $1,474
Union Savings Bank 1 6.38% $3,728
AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $18,579
ALLIED MORTGAGE GROUP, INC. 1 6.25% $5,691
DAS Acquisition Company, LLC 1 6.25% $9,307
Equity Prime Mortgage LLC 1 7.50% $21,629
EVERETT FINANCIAL, INC. 1 7.00% $6,691
CityWorth Mortgage LLC 1 7.50% $15,674
FIRST COLONY MORTGAGE CORPORATION 1 5.75% $6,521
Flagstar Bank, FSB 1 6.08% $1,067
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.13% $14,183
GARDNER FINANCIAL SERVICES, LTD. 1 6.75% $10,815
Gateway First Bank 1 6.75% $6,497
VAN DYK MORTGAGE CORPORATION 1 4.99% $1,302
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $3,094
LAKEVIEW LOAN SERVICING, LLC 1 6.50% $8,958
LEADERONE FINANCIAL CORPORATION 1 6.25% $18,355

The top Cleveland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 48 VA loans originated. Their average total fees are $3,944, which is $4,931 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Cleveland VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,944), DHI MORTGAGE COMPANY, LTD. ($7,718), CMG MORTGAGE, INC. ($8,775), UNITED WHOLESALE MORTGAGE, LLC ($8,875) and QUICKEN LOANS, LLC ($9,645).

The lowest rate Cleveland VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.47%), UNITED WHOLESALE MORTGAGE, LLC (5.94%), QUICKEN LOANS, LLC (6.01%), FREEDOM MORTGAGE CORPORATION (6.25%) and CMG MORTGAGE, INC. (6.33%).

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.