Virginia Beach Schools Federal Credit Union Mortgage Rates, Fees & Info

Virginia Beach, VA

LEI: 549300GTR45POT1IF097

Tax ID: 54-6045005

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Virginia Beach Schools Federal Credit Union is a smaller credit union specializing in Home Improvement loans. Virginia Beach Schools Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Virginia Beach.

    Virginia Beach Schools Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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    Originations

    18

    Origination Dollar Volume (All Markets)

    $1,120,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 18 $1,120,000 $62,222 $0 5.67%
    Virginia Beach Schools Federal Credit Union's top markets include and Virginia Beach among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 18 $1,120,000 $62,222 $0 5.67%

    For 2020, Virginia Beach Schools Federal Credit Union's most frequently originated type of loan was Conventional, with 18 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 15 $865,000 $57,667 $0 5.88%
    Other 1 $75,000 $75,000 $0 6.95%
    Refi 1 $85,000 $85,000 $0 3.38%
    Cash Out Refi 1 $95,000 $95,000 $0 3.59%

    For 2020, Virginia Beach Schools Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 15 originations. The 2nd most popular reason was Other, with 1 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 7 $545,000 $77,857 $0 4.61%
    15 Year 7 $415,000 $59,286 $0 7.70%
    Other 3 $125,000 $41,667 $0 4.22%
    5 Year 1 $35,000 $35,000 $0 3.33%

    For 2020, Virginia Beach Schools Federal Credit Union's most frequently cited loan duration was 10 Year, with 7 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 8 $600,000 $75,000
    7-8% 4 $230,000 $57,500
    6-7% 3 $165,000 $55,000
    Over 8% 2 $100,000 $50,000
    5-6% 1 $25,000 $25,000

    During 2020, Virginia Beach Schools Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 8 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 16 $910,000 $56,875 $0 5.70%
    $100k-200k 2 $210,000 $105,000 $0 5.44%

    2020 saw Virginia Beach Schools Federal Credit Union place emphasis on $100,000 or less loans with 16 originations, totaling $910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 8 $540,000 $67,500 $0 6.10%
    $50k or less 4 $270,000 $67,500 $0 4.10%
    $150k-250k 2 $100,000 $50,000 $0 7.97%
    $50k-75k 2 $90,000 $45,000 $0 3.31%
    $250k+ 1 $75,000 $75,000 $0 6.95%
    $75k-100k 1 $45,000 $45,000 $0 7.45%

    Virginia Beach Schools Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k or less, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 6 $280,000 $46,667 $0 5.96%
    <20% 4 $300,000 $75,000 $0 4.30%
    39% 1 $105,000 $105,000 $0 3.43%
    40% 1 $95,000 $95,000 $0 3.59%
    43% 1 $45,000 $45,000 $0 3.42%
    44% 1 $105,000 $105,000 $0 7.45%
    48% 1 $45,000 $45,000 $0 7.45%
    49% 1 $45,000 $45,000 $0 6.95%
    50-60% 1 $45,000 $45,000 $0 7.95%
    30-36% 1 $55,000 $55,000 $0 8.95%

    Virginia Beach Schools Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? <20%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 16 $990,000 $61,875 $0 5.68%
    Black 1 $95,000 $95,000 $0 3.34%
    Not provided 1 $35,000 $35,000 $0 7.95%

    Approval Rates

    Total approvals of all applications
    91.67%

    Virginia Beach Schools Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.78%

    Virginia Beach Schools Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 18 $1,120,000 $62,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 18 $1,120,000 $62,222

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $565,000 $80,714 $0 4.01%
    40-60% 1 $105,000 $105,000 $0 3.43%
    Under 20% 10 $450,000 $45,000 $0 7.07%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY FHA mortgage Struggling to pay mortgage 1 100.0%