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 6.15% 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.