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 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 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.68% and one month ago for the week of 2024-04-12, the average rate was 6.96%.

The average rate one year ago was 6.07%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.93%.

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 $239,338 (21.0%) $283,464 (18.5%) 0.00 437
2018-02-01 $239,900 (20.0%) $284,722 (17.2%) 0.00 433
2018-03-01 $238,900 (19.5%) $283,149 (14.7%) 0.00 439
2018-04-01 $234,950 (17.5%) $285,544 (15.1%) 0.00 425
2018-05-01 $232,425 (8.1%) $290,393 (13.2%) 0.00 413
2018-06-01 $226,000 (2.9%) $284,434 (7.2%) 0.00 456
2018-07-01 $228,450 (4.1%) $286,215 (8.2%) 0.00 465
2018-08-01 $226,000 (-2.2%) $281,582 (0.8%) 0.00 489
2018-09-01 $229,900 (0.3%) $278,766 (0.5%) 0.00 534
2018-10-01 $232,450 (-1.9%) $286,075 (1.0%) 0.00 505
2018-11-01 $238,950 (1.3%) $287,305 (4.2%) 0.00 477
2018-12-01 $234,900 (2.2%) $282,442 (3.9%) 0.00 458
2019-01-01 $234,700 (-1.9%) $283,895 (0.2%) 0.00 435
2019-02-01 $234,900 (-2.1%) $278,920 (-2.0%) 0.00 412
2019-03-01 $239,643 (0.3%) $284,914 (0.6%) 0.00 400
2019-04-01 $247,168 (5.2%) $290,948 (1.9%) 0.00 389
2019-05-01 $248,800 (7.1%) $293,611 (1.1%) 0.00 398
2019-06-01 $249,900 (10.6%) $301,485 (6.0%) 0.00 421
2019-07-01 $249,900 (9.4%) $319,093 (11.5%) 0.00 447
2019-08-01 $249,855 (10.6%) $322,227 (14.4%) 0.00 452
2019-09-01 $249,880 (8.7%) $324,638 (16.5%) 0.00 461
2019-10-01 $249,897 (7.5%) $326,311 (14.1%) 0.00 463
2019-11-01 $249,900 (4.6%) $329,597 (14.7%) 0.00 454
2019-12-01 $244,900 (4.3%) $324,846 (15.0%) 0.00 427
2020-01-01 $241,000 (2.7%) $313,269 (10.4%) 0.00 389
2020-02-01 $249,900 (6.4%) $312,268 (12.0%) 0.00 358
2020-03-01 $249,175 (4.0%) $317,655 (11.5%) 0.00 352
2020-04-01 $247,400 (0.1%) $324,306 (11.5%) 0.00 357
2020-05-01 $259,900 (4.5%) $350,869 (19.5%) 0.00 327
2020-06-01 $276,350 (10.6%) $360,293 (19.5%) 0.00 277
2020-07-01 $279,950 (12.0%) $342,782 (7.4%) 0.00 229
2020-08-01 $280,000 (12.1%) $353,833 (9.8%) 0.00 208
2020-09-01 $279,825 (12.0%) $353,093 (8.8%) 0.00 227
2020-10-01 $265,000 (6.0%) $340,206 (4.3%) 0.00 228
2020-11-01 $259,925 (4.0%) $337,580 (2.4%) 0.00 227
2020-12-01 $259,400 (5.9%) $338,461 (4.2%) 0.00 183
2021-01-01 $259,900 (7.8%) $346,047 (10.5%) 0.00 141
2021-02-01 $282,500 (13.1%) $369,371 (18.3%) 0.00 128
2021-03-01 $287,450 (15.4%) $364,779 (14.8%) 0.00 114
2021-04-01 $284,416 (15.0%) $370,652 (14.3%) 0.00 123
2021-05-01 $274,900 (5.8%) $359,268 (2.4%) 0.00 124
2021-06-01 $283,894 (2.7%) $391,477 (8.7%) 0.00 152
2021-07-01 $286,025 (2.2%) $417,604 (21.8%) 0.00 171
2021-08-01 $286,701 (2.4%) $408,008 (15.3%) 0.00 203
2021-09-01 $297,578 (6.3%) $421,592 (19.4%) 0.00 209
2021-10-01 $307,028 (15.9%) $440,076 (29.4%) 0.00 200
2021-11-01 $338,975 (30.4%) $507,735 (50.4%) 0.00 166
2021-12-01 $349,500 (34.7%) $500,382 (47.8%) 0.00 161
2022-01-01 $329,400 (26.7%) $497,192 (43.7%) 0.00 129
2022-02-01 $363,425 (28.7%) $578,071 (56.5%) 0.00 105
2022-03-01 $358,675 (24.8%) $557,614 (52.9%) 0.00 110
2022-04-01 $398,900 (40.3%) $548,165 (47.9%) 0.00 138
2022-05-01 $388,450 (41.3%) $551,560 (53.5%) 0.00 195
2022-06-01 $372,396 (31.2%) $530,013 (35.4%) 0.00 249
2022-07-01 $375,000 (31.1%) $494,694 (18.5%) 0.00 335
2022-08-01 $382,805 (33.5%) $515,693 (26.4%) 0.00 340
2022-09-01 $377,400 (26.8%) $506,497 (20.1%) 0.00 362
2022-10-01 $364,805 (18.8%) $488,038 (10.9%) 0.00 382
2022-11-01 $360,000 (6.2%) $478,640 (-5.7%) 0.00 379
2022-12-01 $357,970 (2.4%) $466,195 (-6.8%) 0.00 359
2023-01-01 $360,910 (9.6%) $453,528 (-8.8%) 0.00 343
2023-02-01 $370,000 (1.8%) $478,689 (-17.2%) 0.00 323
2023-03-01 $367,500 (2.5%) $490,207 (-12.1%) 0.00 281
2023-04-01 $365,000 (-8.5%) $489,417 (-10.7%) 0.00 261
2023-05-01 $364,950 (-6.1%) $483,059 (-12.4%) 0.00 288
2023-06-01 $361,500 (-2.9%) $489,810 (-7.6%) 0.00 304
2023-07-01 $359,900 (-4.0%) $511,671 (3.4%) 0.00 293
2023-08-01 $365,750 (-4.5%) $524,010 (1.6%) 0.00 286
2023-09-01 $369,000 (-2.2%) $537,735 (6.2%) 0.00 304
2023-10-01 $350,000 (-4.1%) $504,936 (3.5%) 0.00 344
2023-11-01 $354,975 (-1.4%) $482,173 (0.7%) 0.00 384
2023-12-01 $364,000 (1.7%) $484,537 (3.9%) 0.00 368
2024-01-01 $365,480 (1.3%) $472,693 (4.2%) 0.00 355
2024-02-01 $360,605 (-2.5%) $471,883 (-1.4%) 0.00 360
2024-03-01 $374,900 (2.0%) $474,973 (-3.1%) 0.00 359
2024-04-01 $374,975 (2.7%) $476,280 (-2.7%) 0.00 379
Cleveland's median listing price for 2024-04-01 was $374,975, a difference of $9,975 (2.7%) versus the prior year and $75 versus the prior month.

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

Cleveland's average listing price for 2024-04-01 was $476,280, a difference of $-13,137 (-2.7%) versus the prior year and $1,307 versus the prior month.

For the 2024-04-01 period, Cleveland had 379 MLS listings, a difference of 20 listings (6%) versus the prior month and 118 listings (45%) 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 2,130 sqft
2018-02-01 0 days 2,135 sqft
2018-03-01 0 days 2,162 sqft
2018-04-01 0 days 2,128 sqft
2018-05-01 0 days 2,125 sqft
2018-06-01 0 days 2,084 sqft
2018-07-01 0 days 2,100 sqft
2018-08-01 0 days 2,020 sqft
2018-09-01 0 days 2,084 sqft
2018-10-01 0 days 2,007 sqft
2018-11-01 0 days 2,078 sqft
2018-12-01 0 days 2,019 sqft
2019-01-01 0 days 1,999 sqft
2019-02-01 0 days 2,001 sqft
2019-03-01 0 days 2,044 sqft
2019-04-01 0 days 2,088 sqft
2019-05-01 0 days 2,123 sqft
2019-06-01 0 days 2,170 sqft
2019-07-01 0 days 2,199 sqft
2019-08-01 0 days 2,203 sqft
2019-09-01 0 days 2,203 sqft
2019-10-01 0 days 2,184 sqft
2019-11-01 0 days 2,112 sqft
2019-12-01 0 days 2,087 sqft
2020-01-01 0 days 2,060 sqft
2020-02-01 0 days 2,080 sqft
2020-03-01 0 days 2,094 sqft
2020-04-01 0 days 2,022 sqft
2020-05-01 0 days 2,100 sqft
2020-06-01 0 days 2,168 sqft
2020-07-01 0 days 2,170 sqft
2020-08-01 0 days 2,092 sqft
2020-09-01 0 days 2,071 sqft
2020-10-01 0 days 2,000 sqft
2020-11-01 0 days 1,899 sqft
2020-12-01 0 days 1,898 sqft
2021-01-01 0 days 1,854 sqft
2021-02-01 0 days 1,993 sqft
2021-03-01 0 days 2,020 sqft
2021-04-01 0 days 1,956 sqft
2021-05-01 0 days 1,794 sqft
2021-06-01 0 days 1,873 sqft
2021-07-01 0 days 1,856 sqft
2021-08-01 0 days 1,838 sqft
2021-09-01 0 days 1,896 sqft
2021-10-01 0 days 1,897 sqft
2021-11-01 0 days 2,033 sqft
2021-12-01 0 days 2,062 sqft
2022-01-01 0 days 2,080 sqft
2022-02-01 0 days 2,074 sqft
2022-03-01 0 days 2,109 sqft
2022-04-01 0 days 2,200 sqft
2022-05-01 0 days 2,212 sqft
2022-06-01 0 days 2,206 sqft
2022-07-01 0 days 2,133 sqft
2022-08-01 0 days 2,187 sqft
2022-09-01 0 days 2,144 sqft
2022-10-01 0 days 2,084 sqft
2022-11-01 0 days 2,043 sqft
2022-12-01 0 days 2,020 sqft
2023-01-01 0 days 1,985 sqft
2023-02-01 0 days 2,034 sqft
2023-03-01 0 days 1,977 sqft
2023-04-01 0 days 2,046 sqft
2023-05-01 0 days 2,028 sqft
2023-06-01 0 days 2,027 sqft
2023-07-01 0 days 2,000 sqft
2023-08-01 0 days 2,061 sqft
2023-09-01 0 days 2,002 sqft
2023-10-01 0 days 1,885 sqft
2023-11-01 0 days 1,928 sqft
2023-12-01 0 days 1,890 sqft
2024-01-01 0 days 1,890 sqft
2024-02-01 0 days 1,949 sqft
2024-03-01 0 days 1,874 sqft
2024-04-01 0 days 1,898 sqft
Cleveland's median listing age (time on market) for 2024-04-01 was 0 days.

Cleveland's median square footage for active listings during the 2024-04-01 period was 1,898 sqft. One year prior, the average listing was 2,046 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.