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 211 lenders originated 11,551 FHA loans during 2021. The total origination value was $2,985,275,000, with an average FHA loan value of $258,443.

Virginia Beach FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Virginia Beach averaged -0.35% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

Virginia Beach's average FHA mortgage closing costs are $7,297.

The average rate for the prior week (2022-11-18) was 6.38% and one month ago for the week of 2022-10-21, the average rate was 6.58%.

The average rate one year ago was 3.46%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.67%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
OVM FINANCIAL, INC. 1,183 3.11% $8,188
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1,042 3.13% $8,144
QUICKEN LOANS, LLC 877 2.72% $6,730
MOVEMENT MORTGAGE, LLC 488 3.10% $7,170
CALIBER HOME LOANS, INC. 488 2.87% $7,660
TIDEWATER MORTGAGE SERVICES, INC. 393 3.09% $7,809
PENNYMAC LOAN SERVICES, LLC 334 2.95% $5,406
FREEDOM MORTGAGE CORPORATION 330 2.83% $5,273
Mr. Cooper ( Nationstar Mortgage ) 290 3.20% $4,426
SOUTHERN TRUST MORTGAGE, LLC 245 3.14% $7,990
LAKEVIEW LOAN SERVICING, LLC 236 2.93% $5,017
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 191 3.24% $8,930
Tidewater Home Funding, LLC 186 2.97% $6,190
UNITED WHOLESALE MORTGAGE, LLC 150 2.69% $7,957
Towne Bank 134 2.82% $9,091
NVR Mortgage Finance, Inc. 130 2.93% $11,206
Prosperity Home Mortgage, LLC 122 3.20% $7,535
Alcova Mortgage LLC 110 3.22% $6,632
LOANDEPOT.COM, LLC 104 3.25% $8,530
Lakeview Community Capital, LLC 104 2.96% $4,656
Blue Ridge Bank 103 2.88% $7,393
Towne Mortgage, LLC 103 2.83% $8,022
CBM Mortgage, Inc. 100 3.02% $7,015
George Mason Mortgage, LLC 99 3.08% $8,330
HOMESPIRE MORTGAGE CORPORATION 98 3.21% $7,511
Carrington Mortgage Services, LLC 86 3.29% $7,413
Mortgage Research Center, LLC 85 2.88% $6,567
HOMEBRIDGE FINANCIAL SERVICES, INC. 84 2.74% $5,911
AMERICAN FINANCIAL NETWORK, INC. 80 3.24% $13,064
C & F Mortgage Corporation 79 3.08% $7,838
NEWREZ LLC 77 2.94% $5,194
BROKER SOLUTIONS, INC. 74 3.24% $9,212
The Federal Savings Bank 73 2.96% $7,682
Advance Financial Group, LLC 71 2.89% $8,271
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 69 3.23% $8,110
SUN WEST MORTGAGE COMPANY, INC. 66 3.18% $7,665
NewTowne Mortgage, LLC 61 2.83% $8,332
Paramount Residential Mortgage Group, Inc. 56 3.54% $9,671
EMBRACE HOME LOANS, INC. 56 3.22% $7,791
MCLEAN MORTGAGE CORPORATION 54 3.00% $7,007
Nations Lending Corporation 54 3.31% $8,379
AMERISAVE MORTGAGE CORPORATION 54 3.06% $8,323
Ameris Bank 53 2.87% $7,147
Evolve Bank & Trust 50 3.85% $10,958
JOHNSON MORTGAGE COMPANY, L.L.C. 47 2.76% $6,993
PRIMELENDING, A PLAINSCAPITAL COMPANY 45 3.30% $7,863
CAPITAL CENTER, L.L.C. 43 2.81% $4,084
Fulton Bank 40 2.98% $7,239
PLANET HOME LENDING, LLC 37 3.25% $7,975
AmeriHome Mortgage Company, LLC 37 2.91% $5,142
HOME POINT FINANCIAL CORPORATION 35 2.60% $6,913
CROSSCOUNTRY MORTGAGE, LLC 32 3.16% $8,928
ISERVE RESIDENTIAL LENDING, LLC 30 3.31% $9,184
Atlantic Coast Mortgage, LLC 30 3.24% $8,612
VILLAGE CAPITAL MORTGAGE 30 2.96% $4,108
EMM LOANS LLC 27 3.04% $8,066
First Guaranty Mortgage Corporation 27 2.82% $6,380
ALLIED MORTGAGE GROUP, INC. 25 3.16% $7,540
LENDUS, LLC 24 3.38% $9,935
Bank of America 22 2.71% $4,786
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 22 3.29% $9,523
Ixonia Bank 21 3.33% $7,674
LOANPAL, LLC 21 2.59% $10,099
GoPrime Mortgage, Inc. 19 3.09% $8,665
Truist 18 2.99% $6,530
Sierra Pacific Mortgage Company, Inc. 17 3.08% $8,034
HOMESIDE FINANCIAL, LLC 16 3.24% $9,060
RELIANCE FIRST CAPITAL, LLC 15 3.07% $8,297
MID AMERICA MORTGAGE, INC. 13 2.99% $2,794
Hometown Equity Mortgage, LLC 13 3.48% $8,873
LANGLEY 12 2.97% $6,647
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 11 3.23% $11,738
Commerce Home Mortgage, Inc. 11 3.00% $8,486
Equity Prime Mortgage LLC 11 3.22% $8,703
OCEANSIDE MORTGAGE COMPANY 11 2.98% $2,934
Barrington Bank & Trust Company, N.A. 11 3.10% $8,418
NFM, INC. 11 3.34% $8,876
Loan Simple, Inc. 11 3.33% $8,444
ENVOY MORTGAGE, LTD 10 2.99% $7,260
NATIONS DIRECT MORTGAGE, LLC 10 3.09% $9,579
FIRST HOME MORTGAGE CORPORATION 10 3.19% $9,002
LEADERONE FINANCIAL CORPORATION 10 3.31% $7,692
BAYSHORE MORTGAGE FUNDING, LLC 9 3.10% $12,151
AMERICAN FINANCIAL RESOURCES, INC. 9 3.07% $10,252
SWBC MORTGAGE CORPORATION 9 3.58% $4,935
MUTUAL OF OMAHA MORTGAGE, INC. 9 3.07% $7,593
Wells Fargo Bank 9 3.24% $7,160
DRAGAS MORTGAGE COMPANY 7 2.93% $10,238
Dollar Bank, Federal Savings Bank 7 2.75% $7,150
RANLIFE, INC. 7 3.18% $7,032
Plains Commerce Bank 7 2.59% $7,970
GUILD MORTGAGE COMPANY 7 3.16% $6,781
KELLER MORTGAGE, LLC 7 2.93% $6,314
M&T Bank 7 3.02% $6,572
HAMILTON HOME LOANS, INC. 6 3.27% $9,008
GUARANTEED RATE, INC. 6 2.85% $7,402
MLD MORTGAGE INC. 6 3.52% $7,052
NATIONS RELIABLE LENDING, LLC 6 3.44% $10,657
MILEND, INC. 6 2.98% $9,822
SOVEREIGN LENDING GROUP INCORPORATED 6 2.73% $8,113
CMG MORTGAGE, INC. 6 2.92% $9,888
First Option Mortgage, LLC 6 3.33% $9,941
First Heritage Mortgage, LLC 6 3.23% $7,925
First Federal Bank 6 3.21% $5,992
JPMorgan Chase Bank 5 3.05% $1,462
UNIVERSAL MORTGAGE & FINANCE, INC. 5 3.50% $8,039
Presidential Bank, FSB 5 3.05% $8,923
MORIA DEVELOPMENT, INC. 5 3.73% $9,324
LIBERTY HOME MORTGAGE CORPORATION 5 2.75% $10,463
Integrity Home Mortgage Corp 4 3.03% $7,769
SUCCESS MORTGAGE PARTNERS, INC. 4 3.19% $9,356
Virginia Credit Union, Inc. 4 2.88% $6,700
TOWNE MORTGAGE COMPANY 4 3.38% $8,828
CHURCHILL MORTGAGE CORPORATION 4 2.53% $7,598
Hometown Lenders, Inc. 4 3.65% $13,340
Citizens Bank 4 2.63% $6,533
FIDELITY DIRECT MORTGAGE, LLC 4 3.25% $10,883
ROUNDPOINT MORTGAGE SERVICING CORPORATION 4 3.66% $4,180
ZILLOW HOME LOANS, LLC 3 3.21% $6,100
ABSOLUTE HOME MORTGAGE CORPORATION 3 2.75% $6,748
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 2.79% $10,879
Assurance Financial Group, L.L.C. 3 2.75% $8,151
Austin Capital Bank SSB 3 3.71% $11,263
Bank of England 3 3.75% $11,372
DRAPER AND KRAMER MORTGAGE CORP. 3 3.17% $8,270
First Home Bank 3 2.92% $13,859
Flagstar Bank, FSB 3 2.67% $7,682
GENEVA FINANCIAL, LLC 3 3.42% $8,548
LOANLEADERS OF AMERICA, INC. 3 2.96% $7,554
Mortgage Network, Inc. 3 3.00% $7,203
NATION ONE MORTGAGE CORPORATION 3 3.17% $8,125
NETWORK CAPITAL FUNDING CORPORATION 3 3.13% $10,102
PLAZA HOME MORTGAGE, INC. 3 3.63% $7,258
RESIDENTIAL BANCORP. 3 3.25% $7,680
Residential Mortgage Solutions, Inc. 3 2.58% $8,026
STEARNS LENDING, LLC 3 3.04% $8,427
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.33% $10,391
VILLAGE BANK MORTGAGE CORPORATION 3 2.96% $5,893
Atlantic Union Bank 2 3.31% $6,225
CORNERSTONE HOME LENDING, INC. 2 3.25% $7,981
GUARANTY HOME MORTGAGE CORPORATION 2 2.50% $11,195
FAY SERVICING, LLC 2 3.31% $5,583
Strong Home Mortgage, LLC 2 3.13% $3,899
Prime Choice Funding Inc. 2 2.25% $8,464
CLEARPATH LENDING 2 3.00% $4,519
AMERICAN FINANCING CORPORATION 2 2.63% $6,390
U.S. Bank 2 2.50% $6,969
US MORTGAGE CORPORATION 2 2.94% $10,021
FINANCE OF AMERICA MORTGAGE LLC 2 2.38% $11,830
INTELLILOAN, INC. 2 2.88% $3,958
RESIDENTIAL HOME FUNDING CORP. 2 3.00% $9,312
INTERCOASTAL MORTGAGE COMPANY 2 2.94% $9,313
VAN DYK MORTGAGE CORPORATION 2 3.25% $6,027
EVERETT FINANCIAL, INC. 2 3.31% $6,691
BNC National Bank 2 3.25% $6,997
Low VA Rates, LLC 2 2.88% $4,319
SOUTHPOINT FINANCIAL SERVICES, INC. 2 3.00% $11,233
GEO-CORP, INC. 1 2.88% $8,036
FREEDOM FIRST 1 2.75% $6,891
First Savings Bank 1 2.50% $6,736
First Internet Bank of Indiana 1 2.75% $5,310
FIRST COMMUNITY MORTGAGE, INC. 1 2.63% $8,464
ACADEMY MORTGAGE CORPORATION 1 2.75% $5,740
RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.50% $11,074
Waterstone Mortgage Corporation 1 2.88% $16,724
ROYAL UNITED MORTGAGE LLC 1 2.38% $11,207
SECURITYNATIONAL MORTGAGE COMPANY 1 4.25% $10,298
Shamrock Home Loans, Inc. 1 3.75% $6,476
FAMILY FIRST FUNDING LLC 1 3.38% $7,756
SIRVA MORTGAGE, INC. 1 2.38% $4,766
1ST PREFERENCE MORTGAGE CORP. 1 2.50% $17,043
STOCKTON MORTGAGE CORPORATION 1 2.63% $5,391
NBH Bank 1 3.00% $5,641
CityWorth Mortgage LLC 1 3.00% $9,803
C&F Select LLC 1 2.75% $7,553
THRIVE MORTGAGE, LLC 1 3.25% $9,602
CELEBRITY HOME LOANS, LLC 1 3.25% $7,984
Capital Bank 1 3.38% $7,770
BETTER MORTGAGE CORPORATION 1 2.50% $11,771
Amerifirst Financial, Inc. 1 3.50% $10,146
UNION HOME MORTGAGE CORP. 1 2.88% $9,863
United Fidelity Funding Corp. 1 2.88% $8,302
UNITED MORTGAGE CORP. 1 3.13% $10,095
UNITED SECURITY FINANCIAL CORP 1 3.88% $9,364
AMERICAN HERITAGE FCU 1 3.00% $6,223
Wyndham Capital Mortgage, Inc. 1 3.25% $5,892
MIDLAND MORTGAGE CORPORATION 1 3.00% $5,952
Mid-Continent Funding, Inc. 1 3.38% $8,686
MICHIGAN MUTUAL, INC. 1 2.38% $9,172
Meridian Bank Corporation 1 3.25% $4,893
MASON MCDUFFIE MORTGAGE CORPORATION 1 2.50% $10,231
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $13,007
Colten Mortgage, LLC 1 2.88% $8,145
1ST FINANCIAL, INC. 1 4.13% $6,475
NEW DAY FINANCIAL, LLC 1 2.88% $10,935
LENOX FINANCIAL MORTGAGE CORPORATION 1 2.75% $7,543
JAMES B. NUTTER & COMPANY 1 2.63% $4,163
InterContinental Capital Group, Inc 1 2.75% $6,824
NORWICH COMMERCIAL GROUP, INC. 1 3.25% $9,741
NP, Inc. 1 2.88% $20,742
HOMESTAR FINANCIAL CORPORATION 1 3.75% $11,306
PANORAMA MORTGAGE GROUP, LLC 1 4.55% $7,305
Paramount Bank 1 2.38% $9,571
GUARANTEED RATE AFFINITY, LLC 1 2.75% $5,854
PHH Mortgage Corporation 1 3.13% $3,175
GSF Mortgage Corporation 1 3.25% $9,422
Goldwater Bank, N.A. 1 3.00% $8,333
Alpha Mortgage Corporation 1 3.75% $6,255
PNC Bank 1 2.88% $4,603
POLARIS HOME FUNDING CORP. 1 3.50% $9,260
PREMIA MORTGAGE, LLC 1 2.38% $7,798

The top Virginia Beach FHA lender as defined by loan originations is OVM FINANCIAL, INC., with 1,183 FHA loans originated. Their average total fees are $8,188, which is $44 higher than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Virginia Beach FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($2,794), OCEANSIDE MORTGAGE COMPANY ($2,934), CAPITAL CENTER, L.L.C. ($4,084), VILLAGE CAPITAL MORTGAGE ($4,108) and Mr. Cooper ( Nationstar Mortgage ) ($4,426).

The lowest rate Virginia Beach FHA lenders (with over 10 loans originated) are LOANPAL, LLC (2.59%), HOME POINT FINANCIAL CORPORATION (2.60%), UNITED WHOLESALE MORTGAGE, LLC (2.69%), Bank of America (2.71%) and QUICKEN LOANS, LLC (2.72%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Virginia Beach (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date 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%) 0.94 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%) $343,783 (1.8%) 0.93 8,659
2019-03-01 $281,424 (5.0%) $351,935 (3.0%) 0.92 9,010
2019-04-01 $291,995 (7.8%) $368,666 (6.0%) 0.93 9,373
2019-05-01 $295,000 (7.3%) $370,607 (4.8%) 0.92 9,878
2019-06-01 $295,000 (5.4%) $371,926 (5.0%) 0.92 9,990
2019-07-01 $295,000 (6.1%) $373,535 (6.2%) 0.92 9,822
2019-08-01 $293,536 (6.6%) $373,471 (6.6%) 0.93 9,510
2019-09-01 $291,491 (6.0%) $373,772 (6.9%) 0.93 9,120
2019-10-01 $289,900 (7.0%) $373,378 (7.6%) 0.94 8,813
2019-11-01 $290,000 (7.5%) $374,762 (8.2%) 0.95 8,325
2019-12-01 $299,000 (10.7%) $379,769 (9.3%) 1.00 7,287
2020-01-01 $295,450 (7.7%) $378,455 (9.2%) 0.99 6,792
2020-02-01 $299,000 (8.7%) $381,660 (11.0%) 0.98 6,857
2020-03-01 $299,945 (6.6%) $382,576 (8.7%) 0.94 6,994
2020-04-01 $302,450 (3.6%) $384,978 (4.4%) 0.95 6,977
2020-05-01 $310,580 (5.3%) $394,105 (6.3%) 0.94 6,722
2020-06-01 $319,950 (8.5%) $405,868 (9.1%) 0.94 6,175
2020-07-01 $323,450 (9.6%) $406,806 (8.9%) 0.94 5,870
2020-08-01 $324,900 (10.7%) $412,786 (10.5%) 0.93 5,317
2020-09-01 $319,950 (9.8%) $409,483 (9.6%) 0.92 5,073
2020-10-01 $309,900 (6.9%) $407,641 (9.2%) 0.89 4,796
2020-11-01 $303,945 (4.8%) $407,920 (8.9%) 0.89 4,644
2020-12-01 $299,700 (0.2%) $401,303 (5.7%) 0.89 4,200
2021-01-01 $299,900 (1.5%) $399,770 (5.6%) 0.90 3,752
2021-02-01 $299,700 (0.2%) $403,044 (5.6%) 0.87 3,494
2021-03-01 $299,995 (0.0%) $404,364 (5.7%) 0.85 3,323
2021-04-01 $305,000 (0.8%) $402,964 (4.7%) 0.83 3,502
2021-05-01 $305,000 (-1.8%) $410,633 (4.2%) 0.81 3,568
2021-06-01 $305,000 (-4.7%) $409,647 (0.9%) 0.80 3,862
2021-07-01 $305,000 (-5.7%) $407,685 (0.2%) 0.80 4,134
2021-08-01 $299,900 (-7.7%) $407,175 (-1.4%) 0.80 4,329
2021-09-01 $300,000 (-6.2%) $413,246 (0.9%) 0.80 4,247
2021-10-01 $300,000 (-3.2%) $414,542 (1.7%) 0.80 4,006
2021-11-01 $300,000 (-1.3%) $411,081 (0.8%) 0.80 3,655
2021-12-01 $302,450 (0.9%) $411,050 (2.4%) 0.82 3,106
2022-01-01 $310,000 (3.4%) $420,622 (5.2%) 0.84 2,534
2022-02-01 $319,450 (6.6%) $420,867 (4.4%) 0.83 2,273
2022-03-01 $327,000 (9.0%) $431,003 (6.6%) 0.82 2,234
2022-04-01 $339,000 (11.2%) $444,679 (10.4%) 0.81 2,379
2022-05-01 $349,995 (14.8%) $453,689 (10.5%) 0.80 2,854
2022-06-01 $350,000 (14.8%) $459,226 (12.1%) 0.78 3,243
2022-07-01 $350,000 (14.8%) $466,857 (14.5%) 0.79 3,651
2022-08-01 $349,900 (16.7%) $464,912 (14.2%) 0.81 3,745
2022-09-01 $348,950 (16.3%) $461,823 (11.8%) 0.82 3,652
2022-10-01 $359,500 (19.8%) $469,918 (13.4%) 0.85 3,564
Virginia Beach's median listing price for 2022-10-01 was $359,500, a difference of $59,500 (19.8%) versus the prior year and $10,550 versus the prior month.

Virginia Beach's median listing price comes in at 85% of the national average.

Virginia Beach's average listing price for 2022-10-01 was $469,918, a difference of $55,376 (13.4%) versus the prior year and $8,095 versus the prior month.

For the 2022-10-01 period, Virginia Beach had 3,564 MLS listings, a difference of -88 listings (-2%) versus the prior month and -442 listings (-11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Virginia Beach (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 82 days 1,947 sqft
2018-02-01 73 days 1,940 sqft
2018-03-01 54 days 1,968 sqft
2018-04-01 51 days 1,993 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 1,978 sqft
2018-12-01 73 days 1,974 sqft
2019-01-01 75 days 1,971 sqft
2019-02-01 69 days 1,982 sqft
2019-03-01 55 days 2,004 sqft
2019-04-01 46 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 58 days 2,006 sqft
2019-09-01 59 days 2,003 sqft
2019-10-01 60 days 2,000 sqft
2019-11-01 65 days 2,001 sqft
2019-12-01 71 days 2,023 sqft
2020-01-01 74 days 2,001 sqft
2020-02-01 57 days 2,001 sqft
2020-03-01 47 days 2,027 sqft
2020-04-01 52 days 2,034 sqft
2020-05-01 58 days 2,053 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 1,935 sqft
2020-12-01 47 days 1,899 sqft
2021-01-01 51 days 1,877 sqft
2021-02-01 38 days 1,841 sqft
2021-03-01 31 days 1,857 sqft
2021-04-01 29 days 1,870 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 1,779 sqft
2022-01-01 44 days 1,800 sqft
2022-02-01 28 days 1,800 sqft
2022-03-01 23 days 1,821 sqft
2022-04-01 22 days 1,854 sqft
2022-05-01 22 days 1,886 sqft
2022-06-01 24 days 1,900 sqft
2022-07-01 27 days 1,904 sqft
2022-08-01 34 days 1,916 sqft
2022-09-01 37 days 1,907 sqft
2022-10-01 38 days 1,941 sqft
Virginia Beach's median listing age (time on market) for 2022-10-01 was 38 days. This is 15% longer than the same period one year ago.

Virginia Beach's median square footage for active listings during the 2022-10-01 period was 1,941 sqft. One year prior, the average listing was 1,800 sqft.

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).