Cleveland VA Loans
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 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 81 lenders originated 441 VA loans during 2021. The total origination value was $107,205,000, with an average VA loan value of $243,095.
Cleveland VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Cleveland
averaged
5.57%
for the week of 2022-05-13, compared to the national average (all VA variants) of
5.158% for the same period.
The average rate for the prior week (2022-05-06) was
5.3% and
one month ago for the week of 2022-04-08, the
average rate was 4.83%.
The average rate one year ago was 3.24%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.08%.
Cleveland VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cleveland level.
The top Cleveland VA lender as defined by loan originations is Mortgage Research Center, LLC, with
49 VA loans originated. Their average total fees are
$5,268, which is $262
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Cleveland VA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION ($2,082), MOVEMENT MORTGAGE, LLC ($3,470), First Citizens National Bank ($4,079), USAA Federal Savings Bank ($4,484) and UNITED WHOLESALE MORTGAGE, LLC ($4,910).
The lowest rate Cleveland VA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.41%), QUICKEN LOANS, LLC (2.43%), First Citizens National Bank (2.43%), FREEDOM MORTGAGE CORPORATION (2.46%) and PENNYMAC LOAN SERVICES, LLC (2.48%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $239,900 (20.0%) | $290,982 (16.3%) | 0.00 | 603 |
2018-02-01 | $242,900 (18.5%) | $293,742 (16.0%) | 0.00 | 594 |
2018-03-01 | $244,900 (16.7%) | $295,826 (15.2%) | 0.00 | 604 |
2018-04-01 | $239,900 (14.3%) | $297,753 (15.2%) | 0.00 | 570 |
2018-05-01 | $237,450 (8.2%) | $299,230 (12.4%) | 0.00 | 560 |
2018-06-01 | $229,900 (2.2%) | $296,990 (10.1%) | 0.00 | 620 |
2018-07-01 | $238,250 (8.3%) | $295,875 (11.4%) | 0.00 | 634 |
2018-08-01 | $232,400 (-1.1%) | $289,631 (3.3%) | 0.00 | 686 |
2018-09-01 | $234,900 (0.0%) | $285,766 (1.5%) | 0.00 | 786 |
2018-10-01 | $236,500 (-1.4%) | $291,338 (0.2%) | 0.00 | 737 |
2018-11-01 | $242,500 (1.5%) | $298,748 (5.5%) | 0.00 | 695 |
2018-12-01 | $247,000 (3.4%) | $294,806 (5.8%) | 0.00 | 657 |
2019-01-01 | $246,000 (2.5%) | $295,799 (1.7%) | 0.00 | 599 |
2019-02-01 | $249,900 (2.9%) | $291,791 (-0.7%) | 0.00 | 577 |
2019-03-01 | $249,943 (2.1%) | $298,129 (0.8%) | 0.00 | 558 |
2019-04-01 | $249,943 (4.2%) | $302,063 (1.5%) | 0.00 | 541 |
2019-05-01 | $249,900 (5.2%) | $297,713 (-0.5%) | 0.00 | 568 |
2019-06-01 | $250,000 (8.7%) | $303,311 (2.1%) | 0.00 | 611 |
2019-07-01 | $252,450 (6.0%) | $320,677 (8.4%) | 0.00 | 636 |
2019-08-01 | $252,757 (8.8%) | $324,957 (12.2%) | 0.00 | 642 |
2019-09-01 | $254,557 (8.4%) | $328,018 (14.8%) | 0.00 | 655 |
2019-10-01 | $255,000 (7.8%) | $329,710 (13.2%) | 0.00 | 669 |
2019-11-01 | $249,900 (3.1%) | $328,200 (9.9%) | 0.00 | 647 |
2019-12-01 | $247,450 (0.2%) | $325,122 (10.3%) | 0.00 | 610 |
2020-01-01 | $244,950 (-0.4%) | $315,325 (6.6%) | 0.00 | 558 |
2020-02-01 | $249,900 (0.0%) | $314,159 (7.7%) | 0.00 | 515 |
2020-03-01 | $249,950 (0.0%) | $324,912 (9.0%) | 0.00 | 500 |
2020-04-01 | $252,450 (1.0%) | $340,767 (12.8%) | 0.00 | 505 |
2020-05-01 | $259,900 (4.0%) | $367,681 (23.5%) | 0.00 | 468 |
2020-06-01 | $279,900 (12.0%) | $390,057 (28.6%) | 0.00 | 390 |
2020-07-01 | $288,700 (14.4%) | $378,780 (18.1%) | 0.00 | 322 |
2020-08-01 | $295,000 (16.7%) | $393,237 (21.0%) | 0.00 | 313 |
2020-09-01 | $290,900 (14.3%) | $393,952 (20.1%) | 0.00 | 322 |
2020-10-01 | $275,000 (7.8%) | $372,084 (12.9%) | 0.00 | 316 |
2020-11-01 | $270,700 (8.3%) | $371,933 (13.3%) | 0.00 | 320 |
2020-12-01 | $272,200 (10.0%) | $364,042 (12.0%) | 0.00 | 264 |
2021-01-01 | $280,000 (14.3%) | $373,323 (18.4%) | 0.00 | 197 |
2021-02-01 | $287,450 (15.0%) | $390,067 (24.2%) | 0.00 | 179 |
2021-03-01 | $284,450 (13.8%) | $363,810 (12.0%) | 0.00 | 165 |
2021-04-01 | $281,383 (11.5%) | $361,047 (6.0%) | 0.00 | 175 |
2021-05-01 | $280,000 (7.7%) | $358,668 (-2.5%) | 0.00 | 181 |
2021-06-01 | $286,263 (2.3%) | $389,110 (-0.2%) | 0.00 | 217 |
2021-07-01 | $289,450 (0.3%) | $417,621 (10.3%) | 0.00 | 235 |
2021-08-01 | $299,450 (1.5%) | $411,470 (4.6%) | 0.00 | 301 |
2021-09-01 | $313,950 (7.9%) | $441,761 (12.1%) | 0.00 | 314 |
2021-10-01 | $316,900 (15.2%) | $456,466 (22.7%) | 0.00 | 300 |
2021-11-01 | $346,950 (28.2%) | $510,061 (37.1%) | 0.00 | 243 |
2021-12-01 | $352,500 (29.5%) | $502,055 (37.9%) | 0.00 | 249 |
2022-01-01 | $369,900 (32.1%) | $533,117 (42.8%) | 0.00 | 195 |
2022-02-01 | $385,400 (34.1%) | $573,327 (47.0%) | 0.00 | 159 |
2022-03-01 | $362,500 (27.4%) | $546,856 (50.3%) | 0.00 | 157 |
2022-04-01 | $409,900 (45.7%) | $549,259 (52.1%) | 0.00 | 197 |
Cleveland's median listing price comes in at 0% of the national average.
Cleveland's average listing price for 2022-04-01 was $549,259, a difference of $188,212 (52.1%) versus the prior year and $2,403 versus the prior month.
For the 2022-04-01 period, Cleveland had 197 MLS listings, a difference of 40 listings (25%) versus the prior month and 22 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. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 2,150 sqft |
2018-02-01 | 0 days | 2,156 sqft |
2018-03-01 | 0 days | 2,192 sqft |
2018-04-01 | 0 days | 2,156 sqft |
2018-05-01 | 0 days | 2,125 sqft |
2018-06-01 | 0 days | 2,084 sqft |
2018-07-01 | 0 days | 2,138 sqft |
2018-08-01 | 0 days | 2,081 sqft |
2018-09-01 | 0 days | 2,088 sqft |
2018-10-01 | 0 days | 2,017 sqft |
2018-11-01 | 0 days | 2,097 sqft |
2018-12-01 | 0 days | 2,112 sqft |
2019-01-01 | 0 days | 2,110 sqft |
2019-02-01 | 0 days | 2,122 sqft |
2019-03-01 | 0 days | 2,148 sqft |
2019-04-01 | 0 days | 2,157 sqft |
2019-05-01 | 0 days | 2,135 sqft |
2019-06-01 | 0 days | 2,199 sqft |
2019-07-01 | 0 days | 2,209 sqft |
2019-08-01 | 0 days | 2,248 sqft |
2019-09-01 | 0 days | 2,258 sqft |
2019-10-01 | 0 days | 2,243 sqft |
2019-11-01 | 0 days | 2,151 sqft |
2019-12-01 | 0 days | 2,100 sqft |
2020-01-01 | 0 days | 2,100 sqft |
2020-02-01 | 0 days | 2,081 sqft |
2020-03-01 | 0 days | 2,107 sqft |
2020-04-01 | 0 days | 2,106 sqft |
2020-05-01 | 0 days | 2,120 sqft |
2020-06-01 | 0 days | 2,241 sqft |
2020-07-01 | 0 days | 2,311 sqft |
2020-08-01 | 0 days | 2,288 sqft |
2020-09-01 | 0 days | 2,251 sqft |
2020-10-01 | 0 days | 2,100 sqft |
2020-11-01 | 0 days | 2,052 sqft |
2020-12-01 | 0 days | 1,976 sqft |
2021-01-01 | 0 days | 1,898 sqft |
2021-02-01 | 0 days | 2,000 sqft |
2021-03-01 | 0 days | 2,007 sqft |
2021-04-01 | 0 days | 1,991 sqft |
2021-05-01 | 0 days | 1,885 sqft |
2021-06-01 | 0 days | 1,954 sqft |
2021-07-01 | 0 days | 1,933 sqft |
2021-08-01 | 0 days | 1,885 sqft |
2021-09-01 | 0 days | 1,945 sqft |
2021-10-01 | 0 days | 1,924 sqft |
2021-11-01 | 0 days | 2,082 sqft |
2021-12-01 | 0 days | 2,125 sqft |
2022-01-01 | 0 days | 2,138 sqft |
2022-02-01 | 0 days | 2,224 sqft |
2022-03-01 | 0 days | 2,182 sqft |
2022-04-01 | 0 days | 2,218 sqft |
Cleveland's median square footage for active listings during the 2022-04-01 period was 2,218 sqft. One year prior, the average listing was 1,991 sqft.