Virginia Beach FHA Loan Rates, Closing Costs & Stats

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC

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    • 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%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 475 6.72% $11,638
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 435 6.71% $12,061
    UNITED WHOLESALE MORTGAGE, LLC 352 6.28% $11,888
    QUICKEN LOANS, LLC 340 6.16% $11,551
    MOVEMENT MORTGAGE, LLC 261 6.56% $10,691
    SOUTHERN TRUST MORTGAGE, LLC 199 6.67% $11,301
    NVR Mortgage Finance, Inc. 139 5.73% $13,536
    CBM Mortgage, Inc. 116 6.58% $11,044
    TIDEWATER MORTGAGE SERVICES, INC. 115 6.79% $10,879
    LOANDEPOT.COM, LLC 81 6.28% $11,565
    Atlantic Coast Mortgage, LLC 74 6.32% $11,597
    BROKER SOLUTIONS, INC. 73 6.80% $11,840
    NEWREZ LLC 65 6.46% $11,601
    PENNYMAC LOAN SERVICES, LLC 63 6.16% $13,311
    Prosperity Home Mortgage, LLC 60 6.52% $10,181
    CARDINAL FINANCIAL 58 6.43% $12,942
    HOMESPIRE MORTGAGE CORPORATION 58 6.91% $8,609
    Mr. Cooper ( Nationstar Mortgage ) 53 5.98% $14,301
    FREEDOM MORTGAGE CORPORATION 53 6.79% $13,502
    CALIBER HOME LOANS, INC. 48 5.92% $11,466
    CROSSCOUNTRY MORTGAGE, LLC 48 6.73% $12,894
    Towne Bank 45 6.51% $11,856
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 45 6.54% $10,514
    AMERICAN FINANCIAL NETWORK, INC. 43 6.81% $12,933
    Mortgage Research Center, LLC 38 6.63% $7,272
    Alcova Mortgage LLC 37 7.02% $8,759
    Tidewater Home Funding, LLC 36 6.28% $9,179
    Advance Financial Group, LLC 35 6.67% $12,430
    Towne Mortgage, LLC 34 6.69% $12,070
    The Federal Savings Bank 31 6.44% $11,836
    CMG MORTGAGE, INC. 31 6.46% $10,797
    C & F Mortgage Corporation 29 6.70% $11,269
    Carrington Mortgage Services, LLC 29 6.32% $14,510
    PRIMELENDING, A PLAINSCAPITAL COMPANY 29 6.82% $12,100
    EMM LOANS LLC 28 6.37% $10,938
    AMERISAVE MORTGAGE CORPORATION 27 5.99% $14,089
    Blue Ridge Bank 26 6.45% $9,189
    DHI MORTGAGE COMPANY, LTD. 25 5.14% $14,264
    FIDELITY DIRECT MORTGAGE, LLC 23 6.97% $9,280
    Ameris Bank 23 6.52% $9,821
    MUTUAL OF OMAHA MORTGAGE, INC. 21 6.57% $15,390
    EMBRACE HOME LOANS, INC. 16 6.48% $10,892
    Fulton Bank 16 6.34% $10,699
    HOMEBRIDGE FINANCIAL SERVICES, INC. 15 6.33% $11,369
    MID AMERICA MORTGAGE, INC. 15 7.46% $9,999
    Virginia Credit Union, Inc. 14 6.33% $8,078
    CAPITAL CENTER, L.L.C. 14 6.50% $8,715
    LOANPAL, LLC 14 5.83% $11,555
    JOHNSON MORTGAGE COMPANY, L.L.C. 14 5.67% $11,618
    MILEND, INC. 14 6.37% $14,777
    Wells Fargo Bank 14 6.46% $8,803
    Equity Prime Mortgage LLC 13 6.82% $11,256
    SWBC MORTGAGE CORPORATION 13 6.69% $9,882
    Plains Commerce Bank 13 6.47% $14,699
    Truist 12 6.47% $8,469
    RELIANCE FIRST CAPITAL, LLC 12 6.95% $11,723
    GENEVA FINANCIAL, LLC 12 6.83% $14,458
    LAKEVIEW LOAN SERVICING, LLC 12 5.89% $12,586
    HOMESIDE FINANCIAL, LLC 11 6.44% $12,315
    CITY FIRST MORTGAGE SERVICES, L.L.C. 11 7.25% $13,172
    FIRST COMMUNITY MORTGAGE, INC. 11 7.17% $11,156
    Paramount Residential Mortgage Group, Inc. 11 6.66% $12,819
    ISERVE RESIDENTIAL LENDING, LLC 10 6.61% $11,981
    PLANET HOME LENDING, LLC 10 5.71% $9,119
    Sierra Pacific Mortgage Company, Inc. 10 6.49% $13,953
    Flagstar Bank, FSB 10 6.32% $11,844
    SUN WEST MORTGAGE COMPANY, INC. 10 6.33% $11,607
    Evolve Bank & Trust 10 6.73% $10,914
    DRAGAS MORTGAGE COMPANY 9 6.15% $9,524
    PLAZA HOME MORTGAGE, INC. 9 6.51% $15,988
    AMERICAN FINANCIAL RESOURCES, INC. 8 6.14% $13,940
    Presidential Bank, FSB 8 6.89% $10,578
    CHURCHILL MORTGAGE CORPORATION 7 6.34% $11,500
    Loan Simple, Inc. 7 7.04% $10,531
    GUILD MORTGAGE COMPANY 7 6.80% $12,331
    Lakeview Community Capital, LLC 7 5.88% $11,366
    T2 FINANCIAL LLC 6 7.10% $11,919
    EAGLE HOME MORTGAGE, LLC 6 5.96% $17,759
    Keystone Funding, Inc. 6 6.02% $12,024
    TOWNE MORTGAGE COMPANY 6 6.75% $14,059
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 6 6.83% $14,069
    OCMBC, INC. 6 7.21% $11,292
    FIRST HOME MORTGAGE CORPORATION 6 6.48% $11,660
    PENTAGON FEDERAL CREDIT UNION 6 5.54% $9,131
    GUARANTEED RATE, INC. 6 6.77% $12,084
    ZILLOW HOME LOANS, LLC 5 6.65% $8,130
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.35% $7,805
    First Federal Bank 5 6.18% $10,958
    M&T Bank 5 7.08% $12,407
    NewTowne Mortgage, LLC 5 6.03% $11,842
    NFM, INC. 5 6.93% $10,853
    SeaTrust Mortgage Company 5 6.57% $11,328
    TOP FLITE FINANCIAL, INC. 5 6.90% $13,889
    VILLAGE CAPITAL MORTGAGE 5 6.38% $13,842
    MCLEAN MORTGAGE CORPORATION 4 6.34% $8,865
    Nations Lending Corporation 4 6.06% $12,769
    MICHIGAN MUTUAL, INC. 4 5.69% $10,334
    AMERICAN FINANCING CORPORATION 4 6.38% $12,143
    U.S. Bank 4 5.72% $15,112
    NATIONS DIRECT MORTGAGE, LLC 4 6.28% $11,268
    BAY EQUITY LLC 4 6.22% $9,719
    NATION ONE MORTGAGE CORPORATION 3 6.92% $11,284
    MIDLAND MORTGAGE CORPORATION 3 6.67% $9,170
    George Mason Mortgage, LLC 3 6.54% $8,935
    SOUTHPOINT FINANCIAL SERVICES, INC. 3 6.46% $10,990
    GSF Mortgage Corporation 3 5.79% $12,354
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 3 7.25% $10,791
    PHH Mortgage Corporation 3 5.75% $13,094
    Bank of America 3 6.54% $6,892
    VAN DYK MORTGAGE CORPORATION 3 7.08% $7,191
    Northpointe Bank 3 5.54% $11,631
    LANGLEY 3 6.54% $7,742
    JPMorgan Chase Bank 3 5.96% $9,526
    Barrington Bank & Trust Company, N.A. 2 6.25% $15,075
    Ixonia Bank 2 6.19% $11,263
    DATA MORTGAGE, INC. 2 6.81% $9,760
    TOTAL MORTGAGE SERVICES, LLC 2 6.94% $11,014
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.63% $13,982
    MORIA DEVELOPMENT, INC. 2 7.06% $9,417
    NBKC BANK 2 5.88% $10,005
    NETWORK CAPITAL FUNDING CORPORATION 2 6.00% $9,669
    UNION HOME MORTGAGE CORP. 2 7.69% $12,199
    RANLIFE, INC. 2 6.62% $9,552
    MORTGAGE ACCESS CORP. 2 6.19% $12,353
    UNIVERSAL MORTGAGE & FINANCE, INC. 2 6.94% $16,710
    SOUTHWEST STAGE FUNDING, LLC 2 6.19% $9,638
    US MORTGAGE CORPORATION 2 6.25% $18,214
    LIBERTY HOME MORTGAGE CORPORATION 2 7.06% $13,720
    C&F Select LLC 2 6.13% $7,732
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.00% $12,421
    The Central Trust Bank 2 5.88% $13,063
    Fifth Third Bank 2 6.00% $10,192
    Dollar Bank, Federal Savings Bank 2 6.75% $6,979
    SUMMIT FUNDING, INC. 2 6.75% $18,363
    MLD MORTGAGE INC. 2 6.25% $11,221
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.75% $9,156
    The Freedom Bank of Virginia 1 5.50% $6,503
    THE MORTGAGE FIRM, INC. 1 6.25% $12,072
    THE MORTGAGE LINK, INC. 1 6.00% $17,305
    THRIVE MORTGAGE, LLC 1 6.13% $9,050
    ALLIED MORTGAGE GROUP, INC. 1 5.38% $18,949
    Atlantic Union Bank 1 6.75% $8,425
    Arvest Bank 1 6.50% $7,317
    AmeriHome Mortgage Company, LLC 1 6.63% $7,908
    American Mortgage & Equity Consultants, Inc. 1 6.75% $9,753
    JET DIRECT FUNDING CORP 1 7.13% $11,345
    American Mortgage Bank, LLC 1 7.63% $8,593
    Vellum Mortgage, Inc. 1 7.00% $16,424
    LEADERONE FINANCIAL CORPORATION 1 6.75% $17,438
    LEGEND LENDING CORPORATION 1 6.50% $17,121
    LOANLEADERS OF AMERICA, INC. 1 6.75% $17,815
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.63% $7,082
    Magnolia Bank 1 6.25% $22,993
    Meridian Bank Corporation 1 7.25% $18,588
    JAMS-01, INC. 1 7.13% $17,022
    Mid-Continent Funding, Inc. 1 6.00% $21,201
    MID-ISLAND MORTGAGE CORP. 1 6.63% $12,086
    MLB RESIDENTIAL LENDING, LLC 1 5.63% $20,538
    INTERCOASTAL MORTGAGE COMPANY 1 7.13% $9,263
    INTELLILOAN, INC. 1 6.38% $7,005
    Integrity Home Mortgage Corp 1 7.13% $12,553
    VERITAS FUNDING, LLC 1 6.50% $15,860
    MY MORTGAGE, INC. 1 7.50% $11,677
    NATIONS RELIABLE LENDING, LLC 1 6.75% $12,048
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $16,721
    GoPrime Mortgage, Inc. 1 6.63% $6,451
    VILLAGE BANK MORTGAGE CORPORATION 1 7.50% $9,725
    1ST SIGNATURE LENDING, LLC 1 5.75% $9,530
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.25% $10,133
    OCEANSIDE MORTGAGE COMPANY 1 7.50% $4,685
    OPEN MORTGAGE, LLC 1 6.50% $21,776
    GEO-CORP, INC. 1 6.25% $8,958
    First Option Mortgage, LLC 1 6.63% $7,578
    First Heritage Mortgage, LLC 1 6.63% $13,914
    Encompass Lending Group, LP 1 7.00% $14,009
    PNC Bank 1 6.50% $12,189
    PREMIA MORTGAGE, LLC 1 5.75% $9,261
    DAS Acquisition Company, LLC 1 6.75% $18,292
    CORNERSTONE HOME LENDING, INC. 1 6.25% $8,448
    CONTOUR MORTGAGE CORPORATION 1 6.25% $10,357
    CityWorth Mortgage LLC 1 6.75% $16,460
    Residential Mortgage Solutions, Inc. 1 5.75% $19,118
    ROSS MORTGAGE CORPORATION 1 6.63% $14,111
    ROYAL UNITED MORTGAGE LLC 1 6.75% $13,762
    RUOFF MORTGAGE COMPANY, INC. 1 6.50% $8,534
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.13% $13,531
    Shamrock Home Loans, Inc. 1 5.63% $9,383
    Citizens Bank 1 6.63% $17,642
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $11,802
    Summit Mortgage Corporation 1 6.25% $12,029
    Century Mortgage Company DBA Century Lending Company 1 5.63% $15,449
    BETTER MORTGAGE CORPORATION 1 6.63% $8,223

    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

    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).