Cleveland VA Loans

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 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%.

    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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cleveland level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 49 2.91% $5,268
    QUICKEN LOANS, LLC 38 2.43% $5,530
    FREEDOM MORTGAGE CORPORATION 34 2.46% $2,082
    NEW DAY FINANCIAL, LLC 16 2.94% $8,020
    USAA Federal Savings Bank 14 3.08% $4,484
    UNITED WHOLESALE MORTGAGE, LLC 13 2.41% $4,910
    First Citizens National Bank 12 2.43% $4,079
    PENNYMAC LOAN SERVICES, LLC 11 2.48% $5,079
    MOVEMENT MORTGAGE, LLC 10 3.11% $3,470
    CMG MORTGAGE, INC. 10 3.22% $9,086
    Barrington Bank & Trust Company, N.A. 7 2.74% $5,323
    MEMBER FIRST MORTGAGE, LLC 7 2.75% $7,495
    LOANDEPOT.COM, LLC 7 3.20% $3,320
    MORTGAGE INVESTORS GROUP, INC. 7 2.73% $6,093
    VILLAGE CAPITAL & INVESTMENT LLC 7 2.29% $3,010
    NAVY FEDERAL CREDIT UNION 6 2.60% $5,995
    Low VA Rates, LLC 6 2.40% $4,160
    United Community Bank 6 2.88% $3,577
    HOME POINT FINANCIAL CORPORATION 5 2.65% $3,437
    CALIBER HOME LOANS, INC. 5 2.74% $6,924
    The Federal Savings Bank 5 2.55% $5,879
    BancorpSouth Bank 5 2.83% $6,851
    LAKEVIEW LOAN SERVICING, LLC 5 2.63% $2,216
    CLEARPATH LENDING 5 2.40% $5,266
    AMERISAVE MORTGAGE CORPORATION 5 2.78% $5,344
    Carrington Mortgage Services, LLC 4 2.63% $5,544
    TJC Mortgage, Inc. 4 2.69% $7,626
    STOCKTON MORTGAGE CORPORATION 3 3.25% $8,496
    FIRST COMMUNITY MORTGAGE, INC. 3 2.96% $2,834
    Truist Bank 3 2.80% $8,426
    DHI MORTGAGE COMPANY, LTD. 3 2.75% $2,298
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.46% $6,395
    Renasant Bank 2 2.81% $6,807
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.94% $4,760
    Bank of England 2 3.00% $5,774
    BROKER SOLUTIONS, INC. 2 2.63% $5,529
    COMMUNITY MORTGAGE CORPORATION 2 2.50% $1,943
    CROSSCOUNTRY MORTGAGE, LLC 2 2.94% $725
    KS StateBank 2 2.25% $2,620
    NEWREZ LLC 2 3.25% $1,687
    PENTAGON FEDERAL CREDIT UNION 2 2.50% $2,173
    Pinnacle Bank 2 2.56% $5,650
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.69% $10,151
    SUCCESS MORTGAGE PARTNERS, INC. 2 2.62% $3,933
    Wolfe Financial, Inc 2 2.38% $6,360
    InterContinental Capital Group, Inc 1 2.25% $2,960
    Independent Bank 1 2.38% $2,201
    Mr. Cooper ( Nationstar Mortgage ) 1 2.88% $3,389
    HOMESIDE FINANCIAL, LLC 1 2.88% $3,237
    GUARANTEED RATE, INC. 1 2.25% $3,228
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.00% $1,598
    North American Savings Bank, F.S.B. 1 2.25% $2,129
    Paramount Residential Mortgage Group, Inc. 1 3.75% $2,394
    GENEVA FINANCIAL, LLC 1 3.13% $34,639
    VAN DYK MORTGAGE CORPORATION 1 2.38% $11,623
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 2.63% $4,116
    Wells Fargo Bank 1 3.25% $19,755
    First Mortgage Solutions, LLC 1 2.25% $12,159
    Regions Bank 1 3.13% $3,663
    RELIANCE FIRST CAPITAL, LLC 1 2.63% $6,168
    First Home Bank 1 2.38% $4,153
    Sierra Pacific Mortgage Company, Inc. 1 3.63% $152
    SIRVA MORTGAGE, INC. 1 2.38% $1,144
    SOUTHERN TRUST MORTGAGE, LLC 1 2.75% $4,480
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $4,428
    First Federal Bank 1 2.88% $5,702
    ZILLOW HOME LOANS, LLC 1 2.63% $4,494
    FirstBank 1 2.50% $9,700
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.49% $4,776
    TOWNE MORTGAGE COMPANY 1 3.38% $11,132
    DRAPER AND KRAMER MORTGAGE CORP. 1 2.50% $1,754
    CU COMMUNITY, LLC 1 2.75% $8,048
    CHURCHILL MORTGAGE CORPORATION 1 3.00% $3,161
    BNC National Bank 1 2.25% $2,703
    U.S. Bank 1 2.63% $4,566
    LOANPAL, LLC 1 2.50% $5,954
    Legends Bank 1 2.88% $2,891
    LEADERONE FINANCIAL CORPORATION 1 3.00% $11,965
    Meridian Bank Corporation 1 2.75% $3,724
    Mid-Continent Funding, Inc. 1 3.00% $11,657
    ISERVE RESIDENTIAL LENDING, LLC 1 2.63% $7,837

    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. Louis
    Date 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 for 2022-04-01 was $409,900, a difference of $128,517 (45.7%) versus the prior year and $47,400 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-04-01 was 0 days.

    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.

    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.