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 192 lenders originated 4,855 FHA loans during 2023. The total origination value was $1,340,005,000, with an average FHA loan value of $276,005.
Virginia Beach FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Virginia Beach
averaged
6.22%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Virginia Beach's average FHA mortgage closing costs are $8,170.
The average rate for the prior week (2024-10-18) was
6.11% and
one month ago for the week of 2024-09-20, the
average rate was 5.53%.
The average rate one year ago was 7.37%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.05%.
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
475 FHA loans originated. Their average total fees are
$11,638, which is $423
lower than the next largest lender,
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC.
The lowest fee Virginia Beach FHA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($7,272), Virginia Credit Union, Inc. ($8,078), Truist ($8,469), HOMESPIRE MORTGAGE CORPORATION ($8,609) and CAPITAL CENTER, L.L.C. ($8,715).
The lowest rate Virginia Beach FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.14%), JOHNSON MORTGAGE COMPANY, L.L.C. (5.67%), PLANET HOME LENDING, LLC (5.71%), NVR Mortgage Finance, Inc. (5.73%) and LOANPAL, LLC (5.83%).
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 |