Virginia Beach FHA Loan Rates, Closing Costs & Stats

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Virginia Beach's 204 lenders originated 6,290 FHA loans during 2022. The total origination value was $1,669,530,000, with an average FHA loan value of $265,426.

Virginia Beach FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Virginia Beach averaged 6.37% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

Virginia Beach's average FHA mortgage closing costs are $7,733.

The average rate for the prior week (2023-11-24) was 6.48% and one month ago for the week of 2023-10-27, the average rate was 6.89%.

The average rate one year ago was 5.81%.

For refis of the same type during the week of 2023-12-01, the average rate was 5.42%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Virginia Beach FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Virginia Beach level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 626 4.98% $9,981
OVM FINANCIAL, INC. 549 4.65% $9,500
QUICKEN LOANS, LLC 423 4.37% $9,990
MOVEMENT MORTGAGE, LLC 309 4.87% $9,432
UNITED WHOLESALE MORTGAGE, LLC 264 4.89% $9,965
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 262 5.97% $10,835
CALIBER HOME LOANS, INC. 229 4.84% $9,791
TIDEWATER MORTGAGE SERVICES, INC. 182 5.00% $9,415
SOUTHERN TRUST MORTGAGE, LLC 179 5.00% $10,567
LOANDEPOT.COM, LLC 152 4.75% $10,607
CBM Mortgage, Inc. 141 5.12% $8,786
NVR Mortgage Finance, Inc. 103 4.18% $14,694
CARDINAL FINANCIAL 100 4.99% $11,325
PENNYMAC LOAN SERVICES, LLC 92 4.06% $9,324
Mr. Cooper ( Nationstar Mortgage ) 88 4.54% $11,027
FREEDOM MORTGAGE CORPORATION 86 4.75% $10,008
Tidewater Home Funding, LLC 66 4.89% $8,136
Alcova Mortgage LLC 65 5.18% $7,330
Carrington Mortgage Services, LLC 62 5.10% $11,173
BROKER SOLUTIONS, INC. 62 5.00% $10,210
Towne Mortgage, LLC 57 4.86% $9,656
LAKEVIEW LOAN SERVICING, LLC 54 4.02% $7,154
Prosperity Home Mortgage, LLC 50 4.57% $8,989
Advance Financial Group, LLC 47 4.84% $10,278
Atlantic Coast Mortgage, LLC 47 5.30% $10,128
AMERISAVE MORTGAGE CORPORATION 46 4.50% $11,856
EMM LOANS LLC 45 5.08% $10,558
C & F Mortgage Corporation 43 5.18% $10,630
HOMESPIRE MORTGAGE CORPORATION 42 5.21% $9,211
Towne Bank 42 4.81% $9,863
NewTowne Mortgage, LLC 38 5.06% $9,993
The Federal Savings Bank 38 4.94% $10,265
Blue Ridge Bank 36 4.72% $8,208
CAPITAL CENTER, L.L.C. 36 4.90% $6,286
NEWREZ LLC 35 5.01% $9,424
Ameris Bank 35 4.88% $8,868
PRIMELENDING, A PLAINSCAPITAL COMPANY 34 5.15% $9,932
MCLEAN MORTGAGE CORPORATION 33 4.90% $8,773
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 5.34% $8,794
Nations Lending Corporation 31 4.81% $10,441
Paramount Residential Mortgage Group, Inc. 31 5.11% $11,363
George Mason Mortgage, LLC 31 4.26% $10,131
EMBRACE HOME LOANS, INC. 29 5.49% $9,153
CMG MORTGAGE, INC. 29 5.35% $10,106
CROSSCOUNTRY MORTGAGE, LLC 27 5.41% $12,646
Mortgage Research Center, LLC 26 4.78% $7,216
Lakeview Community Capital, LLC 25 4.14% $6,462
HOMESIDE FINANCIAL, LLC 24 5.22% $10,729
RELIANCE FIRST CAPITAL, LLC 23 4.53% $9,484
Plains Commerce Bank 22 4.83% $12,026
Equity Prime Mortgage LLC 22 5.26% $12,552
JOHNSON MORTGAGE COMPANY, L.L.C. 21 3.99% $8,586
LOANPAL, LLC 20 4.29% $11,207
PLANET HOME LENDING, LLC 19 4.81% $9,386
Fulton Bank 18 4.74% $9,372
HOMEBRIDGE FINANCIAL SERVICES, INC. 17 5.38% $10,068
HOME POINT FINANCIAL CORPORATION 16 3.84% $9,687
FIDELITY DIRECT MORTGAGE, LLC 16 4.84% $10,557
MUTUAL OF OMAHA MORTGAGE, INC. 15 4.86% $11,075
GUARANTEED RATE, INC. 15 4.97% $9,733
SWBC MORTGAGE CORPORATION 14 5.43% $7,080
MILEND, INC. 14 5.01% $12,634
Flagstar Bank, FSB 13 4.64% $10,240
NFM, INC. 13 4.63% $11,594
Truist 13 4.29% $8,483
Loan Simple, Inc. 13 4.59% $10,508
NATIONS DIRECT MORTGAGE, LLC 12 4.23% $11,500
ISERVE RESIDENTIAL LENDING, LLC 12 5.46% $10,028
First Federal Bank 12 4.67% $10,704
VILLAGE CAPITAL MORTGAGE 11 3.84% $5,475
SUN WEST MORTGAGE COMPANY, INC. 11 4.57% $10,259
M&T Bank 10 3.75% $7,835
Wells Fargo Bank 10 4.68% $7,116
EVERETT FINANCIAL, INC. 10 4.55% $6,557
DRAGAS MORTGAGE COMPANY 10 5.36% $10,360
GoPrime Mortgage, Inc. 10 5.04% $9,880
AMERICAN PACIFIC MORTGAGE CORPORATION 10 5.90% $10,822
AMERICAN FINANCIAL RESOURCES, INC. 9 4.26% $10,110
AMERIFIRST FINANCIAL CORPORATION 8 5.58% $9,483
Evolve Bank & Trust 8 5.09% $11,963
Wyndham Capital Mortgage, Inc. 8 4.53% $7,836
TOWNE MORTGAGE COMPANY 8 4.63% $9,981
Bank of America 8 4.08% $4,713
UNITED MORTGAGE CORP 7 4.75% $9,740
AMERICAN FINANCING CORPORATION 7 4.43% $11,214
U.S. Bank 7 4.64% $11,309
Dollar Bank, Federal Savings Bank 7 4.88% $8,011
Hometown Equity Mortgage, LLC 6 4.98% $10,587
GMFS LLC 6 4.83% $12,592
DATA MORTGAGE, INC. 6 5.58% $11,587
VILLAGE BANK MORTGAGE CORPORATION 6 4.88% $7,770
SUCCESS MORTGAGE PARTNERS, INC. 6 4.83% $9,553
FIRST HOME MORTGAGE CORPORATION 6 5.00% $13,394
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 6 5.60% $10,612
CityWorth Mortgage LLC 5 5.28% $11,751
BAYSHORE MORTGAGE FUNDING, LLC 5 5.03% $9,392
ALLIED MORTGAGE GROUP, INC. 5 3.95% $9,403
ZILLOW HOME LOANS, LLC 5 4.55% $8,638
Sierra Pacific Mortgage Company, Inc. 5 5.83% $9,480
GSF Mortgage Corporation 5 5.55% $10,929
PNC Bank 4 4.06% $10,540
CHURCHILL MORTGAGE CORPORATION 4 4.56% $8,312
Citizens Bank 4 4.34% $11,047
DHI MORTGAGE COMPANY, LTD. 4 4.25% $14,454
HAMILTON HOME LOANS, INC. 4 4.81% $10,238
Integrity Home Mortgage Corp 4 5.50% $11,884
JPMorgan Chase Bank 4 4.63% $7,547
LEADERONE FINANCIAL CORPORATION 4 4.22% $11,663
NATIONS RELIABLE LENDING, LLC 4 4.41% $10,290
NETWORK CAPITAL FUNDING CORPORATION 4 5.09% $10,809
Strong Home Mortgage, LLC 3 4.88% $9,535
RANLIFE, INC. 3 4.04% $7,021
MLD MORTGAGE INC. 3 5.38% $9,527
PENTAGON FEDERAL CREDIT UNION 3 6.00% $9,430
First Option Mortgage, LLC 3 3.92% $9,761
MID AMERICA MORTGAGE, INC. 3 4.71% $8,091
North American Savings Bank, F.S.B. 3 5.04% $6,847
Mortgage Network, Inc. 3 4.92% $7,267
OCMBC, INC. 3 4.88% $10,136
LANGLEY 3 4.83% $8,820
LOANLEADERS OF AMERICA, INC. 3 5.17% $13,865
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.42% $19,886
Barrington Bank & Trust Company, N.A. 3 3.63% $8,836
MID-ISLAND MORTGAGE CORP. 3 4.46% $11,902
MIDLAND MORTGAGE CORPORATION 3 5.08% $10,916
BETTER MORTGAGE CORPORATION 3 3.71% $9,519
NATION ONE MORTGAGE CORPORATION 3 5.25% $15,555
LIBERTY HOME MORTGAGE CORPORATION 3 5.83% $16,090
CONTOUR MORTGAGE CORPORATION 3 4.04% $10,531
Texana Bank 3 4.50% $8,646
NATIONWIDE MORTGAGE BANKERS, INC. 3 4.42% $12,321
CREDIT UNION MORTGAGE ASSOCIATION, INC. 3 3.67% $8,112
US MORTGAGE CORPORATION 2 4.75% $8,719
MICHIGAN MUTUAL, INC. 2 3.81% $5,763
MORIA DEVELOPMENT, INC. 2 5.44% $13,115
INTERCOASTAL MORTGAGE COMPANY 2 5.00% $7,595
Hometown Lenders, Inc. 2 4.00% $13,219
GUILD MORTGAGE COMPANY 2 4.63% $11,995
NEW DAY FINANCIAL, LLC 2 4.56% $14,263
GENEVA FINANCIAL, LLC 2 6.19% $14,021
Northpointe Bank 2 5.25% $10,861
OCEANSIDE MORTGAGE COMPANY 2 3.44% $1,837
First Heritage Mortgage, LLC 2 4.94% $8,961
First Guaranty Mortgage Corporation 2 4.31% $8,253
FIRST COMMUNITY MORTGAGE, INC. 2 4.00% $9,022
Residential Mortgage Solutions, Inc. 2 6.19% $9,927
Shamrock Home Loans, Inc. 2 3.50% $7,401
EAGLE HOME MORTGAGE, LLC 2 4.94% $19,542
SOUTHPOINT FINANCIAL SERVICES, INC. 2 4.69% $10,172
DRAPER AND KRAMER MORTGAGE CORP. 2 4.38% $9,479
TOP FLITE FINANCIAL, INC. 2 4.88% $18,064
Bank of England 2 4.88% $10,175
Atlantic Union Bank 2 5.25% $10,789
Armed Forces Bank 2 4.63% $9,859
ARC HOME LLC 2 4.25% $8,415
Virginia Credit Union, Inc. 2 5.69% $6,604
Waterstone Mortgage Corporation 2 4.81% $13,839
Magnolia Bank 2 5.19% $11,774
FirstBank 1 3.88% $6,238
FINANCE OF AMERICA MORTGAGE LLC 1 5.13% $10,301
Acre Mortgage and Financial Inc 1 6.25% $13,497
RAPID MORTGAGE COMPANY 1 3.25% $10,536
FAY SERVICING, LLC 1 2.88% $5,149
ANGEL OAK HOME LOANS LLC 1 5.13% $9,176
ROSS MORTGAGE CORPORATION 1 4.25% $17,564
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.25% $12,189
Encompass Lending Group, LP 1 3.13% $13,301
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.13% $8,993
Vellum Mortgage, Inc. 1 3.75% $7,157
SOVEREIGN LENDING GROUP INCORPORATED 1 4.25% $9,768
STOCKTON MORTGAGE CORPORATION 1 4.13% $12,963
NBKC BANK 1 4.75% $9,986
Kwik Mortgage Corporation 1 3.88% $22,065
DIRECT MORTGAGE LOANS, LLC 1 5.63% $12,442
NBH Bank 1 3.13% $9,859
AmeriHome Mortgage Company, LLC 1 6.63% $10,321
GUARANTEED RATE AFFINITY, LLC 1 5.25% $22,461
THE MORTGAGE FIRM, INC. 1 5.63% $7,681
The Union Bank Company 1 4.63% $12,685
Colten Mortgage, LLC 1 3.75% $8,924
C&F Select LLC 1 6.13% $11,341
West Town Bank & Trust 1 3.75% $7,283
Century Mortgage Company DBA Century Lending Company 1 4.50% $7,694
MY MORTGAGE, INC. 1 5.50% $7,451
BAY EQUITY LLC 1 6.25% $11,352
INTERLINC MORTGAGE SERVICES, LLC 1 7.50% $5,290
UNION HOME MORTGAGE CORP. 1 3.63% $6,992
FIRST STATE MORTGAGE SERVICES, LLC 1 5.50% $6,068
Willamette Valley Bank 1 5.13% $16,900
NORWICH COMMERCIAL GROUP, INC. 1 5.25% $9,358
FIRST SAVINGS MORTGAGE CORPORATION 1 3.38% $5,979
GEO-CORP, INC. 1 4.75% $12,916
First National Bank of Omaha 1 4.88% $6,745
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.99% $9,134
Peoples Bank 1 5.63% $14,885
PHH Mortgage Corporation 1 5.13% $16,313
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.25% $15,859
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $16,935
PLAZA HOME MORTGAGE, INC. 1 5.13% $7,357
ACADEMY MORTGAGE CORPORATION 1 5.88% $6,211
POLARIS HOME FUNDING CORP. 1 5.00% $8,971
PREMIA MORTGAGE, LLC 1 5.00% $9,477
Presidential Bank, FSB 1 3.88% $10,139
UNIVERSAL MORTGAGE & FINANCE, INC. 1 5.63% $13,766

The top Virginia Beach FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 626 FHA loans originated. Their average total fees are $9,981, which is $480 higher than the next largest lender, OVM FINANCIAL, INC..

The lowest fee Virginia Beach FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($5,475), CAPITAL CENTER, L.L.C. ($6,286), Lakeview Community Capital, LLC ($6,462), EVERETT FINANCIAL, INC. ($6,557) and SWBC MORTGAGE CORPORATION ($7,080).

The lowest rate Virginia Beach FHA lenders (with over 10 loans originated) are M&T Bank (3.75%), VILLAGE CAPITAL MORTGAGE (3.84%), HOME POINT FINANCIAL CORPORATION (3.84%), JOHNSON MORTGAGE COMPANY, L.L.C. (3.99%) and LAKEVIEW LOAN SERVICING, LLC (4.02%).

Virginia Beach FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CAMDEN 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CURRITUCK 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC GATES 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC GLOUCESTER 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC ISLE OF WIGHT 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC JAMES CITY 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC MATHEWS 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC SOUTHAMPTON 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC YORK 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CHESAPEAKE CITY 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC FRANKLIN CITY 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC HAMPTON CITY 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC NEWPORT NEWS CI 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC NORFOLK CITY 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC POQUOSON CITY 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC PORTSMOUTH CITY 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC SUFFOLK CITY 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC VIRGINIA BEACH 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC WILLIAMSBURG CI 2022 $488,750 $625,700 $756,300 $939,900
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CAMDEN 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CURRITUCK 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC GATES 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC GLOUCESTER 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC ISLE OF WIGHT 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC JAMES CITY 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC MATHEWS 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC SOUTHAMPTON 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC YORK 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CHESAPEAKE CITY 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC FRANKLIN CITY 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC HAMPTON CITY 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC NEWPORT NEWS CI 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC NORFOLK CITY 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC POQUOSON CITY 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC PORTSMOUTH CITY 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC SUFFOLK CITY 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC VIRGINIA BEACH 2023 $507,150 $649,250 $784,800 $975,300
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC WILLIAMSBURG CI 2023 $507,150 $649,250 $784,800 $975,300

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).