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%.

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.