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 6.47% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Cleveland's average VA mortgage closing costs are $5,760.

    The average rate for the prior week (2024-07-12) was 6.52% and one month ago for the week of 2024-06-14, the average rate was 6.38%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.73%.

    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%), .

    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.