Cleveland VA Loan Rates, Closing Costs & Stats

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 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 6.29% for the week of 2025-04-04, compared to the national average (all VA variants) of 6.06% for the same period.

Cleveland's average VA mortgage closing costs are $5,989.

The average rate for the prior week (2025-03-28) was 6.51% and one month ago for the week of 2025-02-28, the average rate was 6.49%.

The average rate one year ago was 6.7%.

For refis of the same type during the week of 2025-04-04, the average rate was 6.22%.

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%).


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
2025-03-01 $364,950 (-2.0%) $495,651 (4.5%) 0.00 419
Cleveland's median listing price for 2025-03-01 was $364,950, a difference of $-7,450 (-2.0%) versus the prior year and $10,686 versus the prior month.

Cleveland's median listing price comes in at 0% of the national average.

Cleveland's average listing price for 2025-03-01 was $495,651, a difference of $21,263 (4.5%) versus the prior year and $7,606 versus the prior month.

For the 2025-03-01 period, Cleveland had 419 MLS listings, a difference of 14 listings (3%) versus the prior month and 60 listings (17%) 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
2025-03-01 0 days 1,873 sqft
Cleveland's median listing age (time on market) for 2025-03-01 was 0 days.

Cleveland's median square footage for active listings during the 2025-03-01 period was 1,873 sqft. One year prior, the average listing was 1,893 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.