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
5.93%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Virginia Beach's average FHA mortgage closing costs are $7,733.
The average rate for the prior week (2023-05-19) was
6.21% and
one month ago for the week of 2023-04-21, the
average rate was 5.75%.
The average rate one year ago was 5.07%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.78%.
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.
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Virginia Beach (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $259,950 (4.0%) | $339,423 (4.2%) | 0.96 | 9,291 |
2018-02-01 | $259,949 (4.0%) | $337,867 (3.7%) | 0.95 | 9,440 |
2018-03-01 | $268,000 (4.3%) | $341,559 (3.1%) | 0.94 | 9,748 |
2018-04-01 | $270,995 (3.1%) | $347,779 (2.9%) | 0.92 | 10,135 |
2018-05-01 | $275,000 (3.0%) | $353,588 (3.0%) | 0.92 | 10,365 |
2018-06-01 | $279,900 (4.5%) | $354,397 (2.8%) | 0.93 | 10,711 |
2018-07-01 | $277,950 (4.9%) | $351,904 (3.1%) | 0.93 | 10,856 |
2018-08-01 | $275,450 (4.7%) | $350,279 (3.3%) | 0.92 | 10,854 |
2018-09-01 | $275,000 (5.8%) | $349,568 (3.2%) | 0.92 | 10,621 |
2018-10-01 | $271,000 (2.3%) | $347,087 (1.3%) | 0.92 | 10,557 |
2018-11-01 | $269,900 (3.8%) | $346,350 (1.7%) | 0.91 | 10,198 |
2018-12-01 | $270,000 (3.9%) | $347,446 (2.3%) | 0.93 | 9,696 |
2019-01-01 | $274,450 (5.6%) | $346,479 (2.1%) | 0.95 | 9,190 |
2019-02-01 | $275,000 (5.8%) | $343,782 (1.8%) | 0.93 | 8,659 |
2019-03-01 | $284,900 (6.3%) | $348,705 (2.1%) | 0.95 | 8,575 |
2019-04-01 | $292,000 (7.8%) | $369,622 (6.3%) | 0.93 | 9,244 |
2019-05-01 | $295,000 (7.3%) | $370,607 (4.8%) | 0.92 | 9,878 |
2019-06-01 | $295,000 (5.4%) | $371,927 (5.0%) | 0.92 | 9,989 |
2019-07-01 | $295,000 (6.1%) | $373,554 (6.2%) | 0.92 | 9,821 |
2019-08-01 | $298,597 (8.4%) | $378,400 (8.0%) | 0.94 | 9,623 |
2019-09-01 | $299,900 (9.1%) | $386,236 (10.5%) | 0.95 | 8,356 |
2019-10-01 | $289,906 (7.0%) | $373,446 (7.6%) | 0.94 | 8,811 |
2019-11-01 | $290,000 (7.5%) | $374,798 (8.2%) | 0.95 | 8,323 |
2019-12-01 | $299,000 (10.7%) | $379,811 (9.3%) | 1.00 | 7,285 |
2020-01-01 | $295,450 (7.7%) | $378,488 (9.2%) | 0.99 | 6,791 |
2020-02-01 | $299,000 (8.7%) | $381,693 (11.0%) | 0.98 | 6,855 |
2020-03-01 | $299,945 (5.3%) | $382,600 (9.7%) | 0.94 | 6,993 |
2020-04-01 | $302,450 (3.6%) | $384,999 (4.2%) | 0.95 | 6,975 |
2020-05-01 | $311,270 (5.5%) | $394,147 (6.4%) | 0.95 | 6,720 |
2020-06-01 | $319,950 (8.5%) | $405,908 (9.1%) | 0.94 | 6,173 |
2020-07-01 | $323,612 (9.7%) | $406,848 (8.9%) | 0.94 | 5,868 |
2020-08-01 | $324,900 (8.8%) | $412,834 (9.1%) | 0.93 | 5,315 |
2020-09-01 | $319,950 (6.7%) | $409,537 (6.0%) | 0.92 | 5,071 |
2020-10-01 | $309,900 (6.9%) | $407,696 (9.2%) | 0.89 | 4,794 |
2020-11-01 | $304,023 (4.8%) | $407,979 (8.9%) | 0.89 | 4,642 |
2020-12-01 | $299,700 (0.2%) | $401,364 (5.7%) | 0.89 | 4,198 |
2021-01-01 | $299,900 (1.5%) | $399,836 (5.6%) | 0.90 | 3,750 |
2021-02-01 | $299,900 (0.3%) | $403,120 (5.6%) | 0.87 | 3,491 |
2021-03-01 | $299,995 (0.0%) | $404,401 (5.7%) | 0.85 | 3,321 |
2021-04-01 | $305,000 (0.8%) | $402,930 (4.7%) | 0.83 | 3,501 |
2021-05-01 | $305,000 (-2.0%) | $410,598 (4.2%) | 0.81 | 3,567 |
2021-06-01 | $305,000 (-4.7%) | $409,613 (0.9%) | 0.80 | 3,861 |
2021-07-01 | $305,000 (-5.8%) | $407,657 (0.2%) | 0.80 | 4,133 |
2021-08-01 | $299,900 (-7.7%) | $407,024 (-1.4%) | 0.80 | 4,332 |
2021-09-01 | $300,000 (-6.2%) | $413,111 (0.9%) | 0.80 | 4,250 |
2021-10-01 | $300,000 (-3.2%) | $414,541 (1.7%) | 0.80 | 4,008 |
2021-11-01 | $300,000 (-1.3%) | $411,121 (0.8%) | 0.80 | 3,653 |
2021-12-01 | $302,450 (0.9%) | $411,159 (2.4%) | 0.82 | 3,103 |
2022-01-01 | $312,000 (4.0%) | $420,750 (5.2%) | 0.84 | 2,539 |
2022-02-01 | $319,450 (6.5%) | $421,085 (4.5%) | 0.83 | 2,268 |
2022-03-01 | $327,000 (9.0%) | $431,234 (6.6%) | 0.82 | 2,230 |
2022-04-01 | $339,500 (11.3%) | $445,051 (10.5%) | 0.81 | 2,373 |
2022-05-01 | $350,000 (14.8%) | $454,006 (10.6%) | 0.80 | 2,848 |
2022-06-01 | $350,000 (14.8%) | $459,494 (12.2%) | 0.78 | 3,239 |
2022-07-01 | $350,000 (14.8%) | $467,117 (14.6%) | 0.79 | 3,645 |
2022-08-01 | $349,900 (16.7%) | $465,418 (14.4%) | 0.81 | 3,737 |
2022-09-01 | $349,400 (16.5%) | $462,350 (11.9%) | 0.82 | 3,643 |
2022-10-01 | $359,800 (19.9%) | $470,168 (13.4%) | 0.85 | 3,557 |
2022-11-01 | $359,450 (19.8%) | $464,948 (13.1%) | 0.86 | 3,663 |
2022-12-01 | $360,000 (19.0%) | $463,533 (12.7%) | 0.89 | 3,364 |
2023-01-01 | $367,438 (17.8%) | $466,356 (10.8%) | 0.91 | 3,011 |
2023-02-01 | $371,522 (16.3%) | $469,600 (11.5%) | 0.90 | 2,843 |
2023-03-01 | $373,463 (14.2%) | $474,847 (10.1%) | 0.88 | 2,749 |
2023-04-01 | $384,000 (13.1%) | $489,195 (9.9%) | 0.89 | 2,776 |
Virginia Beach's median listing price comes in at 89% of the national average.
Virginia Beach's average listing price for 2023-04-01 was $489,195, a difference of $44,144 (9.9%) versus the prior year and $14,348 versus the prior month.
For the 2023-04-01 period, Virginia Beach had 2,776 MLS listings, a difference of 27 listings (1%) versus the prior month and 403 listings (17%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Virginia Beach (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 82 days | 1,948 sqft |
2018-02-01 | 73 days | 1,940 sqft |
2018-03-01 | 54 days | 1,968 sqft |
2018-04-01 | 51 days | 1,994 sqft |
2018-05-01 | 49 days | 2,000 sqft |
2018-06-01 | 51 days | 2,000 sqft |
2018-07-01 | 56 days | 2,000 sqft |
2018-08-01 | 59 days | 1,999 sqft |
2018-09-01 | 64 days | 2,000 sqft |
2018-10-01 | 65 days | 1,980 sqft |
2018-11-01 | 66 days | 1,979 sqft |
2018-12-01 | 73 days | 1,975 sqft |
2019-01-01 | 75 days | 1,972 sqft |
2019-02-01 | 69 days | 1,984 sqft |
2019-03-01 | 51 days | 2,000 sqft |
2019-04-01 | 48 days | 2,034 sqft |
2019-05-01 | 45 days | 2,035 sqft |
2019-06-01 | 50 days | 2,038 sqft |
2019-07-01 | 56 days | 2,021 sqft |
2019-08-01 | 65 days | 2,031 sqft |
2019-09-01 | 71 days | 2,048 sqft |
2019-10-01 | 60 days | 2,000 sqft |
2019-11-01 | 65 days | 2,002 sqft |
2019-12-01 | 71 days | 2,023 sqft |
2020-01-01 | 74 days | 2,002 sqft |
2020-02-01 | 57 days | 2,001 sqft |
2020-03-01 | 47 days | 2,028 sqft |
2020-04-01 | 52 days | 2,035 sqft |
2020-05-01 | 58 days | 2,054 sqft |
2020-06-01 | 53 days | 2,073 sqft |
2020-07-01 | 46 days | 2,053 sqft |
2020-08-01 | 41 days | 2,050 sqft |
2020-09-01 | 41 days | 2,011 sqft |
2020-10-01 | 41 days | 1,974 sqft |
2020-11-01 | 41 days | 1,936 sqft |
2020-12-01 | 47 days | 1,900 sqft |
2021-01-01 | 50 days | 1,877 sqft |
2021-02-01 | 38 days | 1,841 sqft |
2021-03-01 | 31 days | 1,858 sqft |
2021-04-01 | 28 days | 1,871 sqft |
2021-05-01 | 24 days | 1,867 sqft |
2021-06-01 | 26 days | 1,857 sqft |
2021-07-01 | 27 days | 1,825 sqft |
2021-08-01 | 29 days | 1,800 sqft |
2021-09-01 | 32 days | 1,800 sqft |
2021-10-01 | 33 days | 1,800 sqft |
2021-11-01 | 35 days | 1,768 sqft |
2021-12-01 | 39 days | 1,778 sqft |
2022-01-01 | 43 days | 1,800 sqft |
2022-02-01 | 28 days | 1,800 sqft |
2022-03-01 | 23 days | 1,822 sqft |
2022-04-01 | 21 days | 1,855 sqft |
2022-05-01 | 22 days | 1,887 sqft |
2022-06-01 | 24 days | 1,900 sqft |
2022-07-01 | 27 days | 1,904 sqft |
2022-08-01 | 34 days | 1,918 sqft |
2022-09-01 | 37 days | 1,909 sqft |
2022-10-01 | 38 days | 1,944 sqft |
2022-11-01 | 40 days | 1,945 sqft |
2022-12-01 | 50 days | 1,944 sqft |
2023-01-01 | 54 days | 1,950 sqft |
2023-02-01 | 40 days | 1,952 sqft |
2023-03-01 | 39 days | 1,967 sqft |
2023-04-01 | 30 days | 2,000 sqft |
Virginia Beach's median square footage for active listings during the 2023-04-01 period was 2,000 sqft. One year prior, the average listing was 1,855 sqft.