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 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.