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
0.23%
for the week of 2025-06-20, compared to the national average (all VA variants) of
0% for the same period.
Cleveland's average VA mortgage closing costs are $5,989.
The average rate for the prior week (2025-06-13) was
6.98% and
one month ago for the week of 2025-05-16, the
average rate was 6.74%.
The average rate one year ago was 6.54%.
For refis of the same type during the week of 2025-06-20, the average rate
was 0.16%.
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%).
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.