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
-0.03%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Virginia Beach's average FHA mortgage closing costs are $8,170.
The average rate for the prior week (2024-11-22) was
6.16% and
one month ago for the week of 2024-10-25, the
average rate was 5.94%.
The average rate one year ago was 6.73%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.3%.
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 |
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%) | $339,419 (4.2%) | 0.96 | 9,291 |
2018-02-01 | $259,949 (4.0%) | $337,864 (3.7%) | 0.94 | 9,440 |
2018-03-01 | $268,000 (4.3%) | $341,532 (3.0%) | 0.94 | 9,748 |
2018-04-01 | $270,973 (3.1%) | $347,750 (2.9%) | 0.92 | 10,134 |
2018-05-01 | $275,000 (3.0%) | $353,561 (3.0%) | 0.92 | 10,364 |
2018-06-01 | $279,900 (4.5%) | $354,376 (2.8%) | 0.93 | 10,711 |
2018-07-01 | $277,950 (4.9%) | $351,885 (3.1%) | 0.93 | 10,856 |
2018-08-01 | $275,450 (4.7%) | $350,261 (3.3%) | 0.92 | 10,855 |
2018-09-01 | $275,000 (5.8%) | $349,565 (3.2%) | 0.92 | 10,622 |
2018-10-01 | $271,125 (2.4%) | $347,084 (1.2%) | 0.92 | 10,558 |
2018-11-01 | $269,913 (3.8%) | $346,347 (1.7%) | 0.92 | 10,200 |
2018-12-01 | $270,000 (3.9%) | $347,443 (2.3%) | 0.93 | 9,698 |
2019-01-01 | $274,495 (5.6%) | $346,475 (2.1%) | 0.95 | 9,192 |
2019-02-01 | $275,000 (5.8%) | $343,782 (1.8%) | 0.93 | 8,662 |
2019-03-01 | $281,424 (5.0%) | $351,931 (3.0%) | 0.92 | 9,013 |
2019-04-01 | $291,995 (7.8%) | $368,650 (6.0%) | 0.93 | 9,376 |
2019-05-01 | $295,000 (7.3%) | $370,594 (4.8%) | 0.92 | 9,881 |
2019-06-01 | $295,000 (5.4%) | $371,915 (5.0%) | 0.92 | 9,990 |
2019-07-01 | $295,000 (6.1%) | $373,546 (6.2%) | 0.92 | 9,822 |
2019-08-01 | $293,539 (6.6%) | $373,489 (6.6%) | 0.93 | 9,509 |
2019-09-01 | $291,498 (6.0%) | $373,799 (6.9%) | 0.93 | 9,119 |
2019-10-01 | $289,906 (6.9%) | $373,411 (7.6%) | 0.94 | 8,811 |
2019-11-01 | $290,000 (7.4%) | $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 (7.6%) | $378,488 (9.2%) | 0.99 | 6,791 |
2020-02-01 | $299,000 (8.7%) | $381,675 (11.0%) | 0.98 | 6,855 |
2020-03-01 | $299,945 (6.6%) | $382,600 (8.7%) | 0.94 | 6,993 |
2020-04-01 | $302,450 (3.6%) | $384,999 (4.4%) | 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 (10.7%) | $412,834 (10.5%) | 0.93 | 5,315 |
2020-09-01 | $319,950 (9.8%) | $409,537 (9.6%) | 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%) | $401,424 (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%) | $403,108 (5.6%) | 0.87 | 3,491 |
2021-03-01 | $299,995 (0.0%) | $404,401 (5.7%) | 0.85 | 3,320 |
2021-04-01 | $305,000 (0.8%) | $402,911 (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%) | $409,582 (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%) | $407,012 (-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%) | $414,569 (1.7%) | 0.80 | 4,008 |
2021-11-01 | $300,000 (-1.3%) | $411,152 (0.8%) | 0.80 | 3,652 |
2021-12-01 | $302,450 (0.9%) | $411,186 (2.4%) | 0.82 | 3,102 |
2022-01-01 | $312,250 (4.1%) | $420,688 (5.2%) | 0.84 | 2,541 |
2022-02-01 | $319,450 (6.5%) | $421,048 (4.5%) | 0.83 | 2,271 |
2022-03-01 | $327,000 (9.0%) | $431,180 (6.6%) | 0.82 | 2,232 |
2022-04-01 | $339,500 (11.3%) | $444,919 (10.4%) | 0.81 | 2,377 |
2022-05-01 | $349,998 (14.8%) | $453,803 (10.5%) | 0.80 | 2,852 |
2022-06-01 | $350,000 (14.8%) | $459,304 (12.1%) | 0.78 | 3,241 |
2022-07-01 | $350,000 (14.8%) | $466,969 (14.6%) | 0.79 | 3,648 |
2022-08-01 | $349,900 (16.7%) | $465,105 (14.3%) | 0.81 | 3,741 |
2022-09-01 | $348,950 (16.3%) | $462,051 (11.9%) | 0.82 | 3,647 |
2022-10-01 | $359,900 (20.0%) | $470,183 (13.4%) | 0.85 | 3,560 |
2022-11-01 | $359,450 (19.8%) | $464,858 (13.1%) | 0.86 | 3,666 |
2022-12-01 | $360,000 (19.0%) | $463,615 (12.8%) | 0.89 | 3,366 |
2023-01-01 | $366,918 (17.5%) | $466,278 (10.8%) | 0.91 | 3,012 |
2023-02-01 | $371,587 (16.3%) | $469,525 (11.5%) | 0.90 | 2,843 |
2023-03-01 | $373,450 (14.2%) | $474,770 (10.1%) | 0.88 | 2,749 |
2023-04-01 | $384,000 (13.1%) | $489,174 (10.0%) | 0.89 | 2,776 |
2023-05-01 | $386,950 (10.6%) | $499,832 (10.1%) | 0.88 | 2,778 |
2023-06-01 | $395,000 (12.9%) | $517,611 (12.7%) | 0.89 | 2,929 |
2023-07-01 | $394,900 (12.8%) | $512,143 (9.7%) | 0.90 | 3,056 |
2023-08-01 | $383,600 (9.6%) | $499,842 (7.5%) | 0.88 | 3,694 |
2023-09-01 | $379,500 (8.8%) | $495,508 (7.2%) | 0.88 | 3,556 |
2023-10-01 | $374,450 (4.0%) | $477,415 (1.5%) | 0.88 | 3,487 |
2023-11-01 | $377,000 (4.9%) | $479,796 (3.2%) | 0.90 | 3,623 |
2023-12-01 | $375,000 (4.2%) | $478,951 (3.3%) | 0.91 | 3,492 |
2024-01-01 | $375,000 (2.2%) | $482,465 (3.5%) | 0.92 | 3,141 |
2024-02-01 | $384,504 (3.5%) | $491,606 (4.7%) | 0.93 | 3,106 |
2024-03-01 | $391,410 (4.8%) | $512,736 (8.0%) | 0.92 | 3,142 |
2024-04-01 | $390,000 (1.6%) | $511,327 (4.5%) | 0.91 | 3,242 |
2024-05-01 | $395,000 (2.1%) | $529,038 (5.8%) | 0.89 | 3,547 |
2024-06-01 | $395,000 (0.0%) | $526,213 (1.7%) | 0.89 | 3,746 |
2024-07-01 | $395,000 (0.0%) | $520,283 (1.6%) | 0.90 | 4,072 |
2024-08-01 | $392,800 (2.4%) | $515,170 (3.1%) | 0.91 | 4,438 |
2024-09-01 | $390,000 (2.8%) | $508,856 (2.7%) | 0.92 | 4,494 |
2024-10-01 | $393,115 (5.0%) | $514,557 (7.8%) | 0.93 | 4,533 |
Virginia Beach's median listing price comes in at 93% of the national average.
Virginia Beach's average listing price for 2024-10-01 was $514,557, a difference of $37,142 (7.8%) versus the prior year and $5,701 versus the prior month.
For the 2024-10-01 period, Virginia Beach had 4,533 MLS listings, a difference of 39 listings (1%) versus the prior month and 1,046 listings (30%) 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 | 78 days | 1,948 sqft |
2018-02-01 | 67 days | 1,940 sqft |
2018-03-01 | 51 days | 1,968 sqft |
2018-04-01 | 47 days | 1,994 sqft |
2018-05-01 | 46 days | 2,000 sqft |
2018-06-01 | 47 days | 2,000 sqft |
2018-07-01 | 52 days | 2,000 sqft |
2018-08-01 | 57 days | 1,999 sqft |
2018-09-01 | 59 days | 2,000 sqft |
2018-10-01 | 61 days | 1,980 sqft |
2018-11-01 | 62 days | 1,979 sqft |
2018-12-01 | 70 days | 1,975 sqft |
2019-01-01 | 72 days | 1,972 sqft |
2019-02-01 | 63 days | 1,984 sqft |
2019-03-01 | 48 days | 2,004 sqft |
2019-04-01 | 43 days | 2,033 sqft |
2019-05-01 | 43 days | 2,035 sqft |
2019-06-01 | 45 days | 2,038 sqft |
2019-07-01 | 52 days | 2,021 sqft |
2019-08-01 | 54 days | 2,005 sqft |
2019-09-01 | 56 days | 2,002 sqft |
2019-10-01 | 57 days | 2,000 sqft |
2019-11-01 | 59 days | 2,001 sqft |
2019-12-01 | 66 days | 2,023 sqft |
2020-01-01 | 70 days | 2,001 sqft |
2020-02-01 | 50 days | 2,001 sqft |
2020-03-01 | 44 days | 2,028 sqft |
2020-04-01 | 48 days | 2,035 sqft |
2020-05-01 | 53 days | 2,053 sqft |
2020-06-01 | 48 days | 2,073 sqft |
2020-07-01 | 42 days | 2,053 sqft |
2020-08-01 | 38 days | 2,050 sqft |
2020-09-01 | 38 days | 2,012 sqft |
2020-10-01 | 39 days | 1,974 sqft |
2020-11-01 | 39 days | 1,936 sqft |
2020-12-01 | 45 days | 1,899 sqft |
2021-01-01 | 46 days | 1,876 sqft |
2021-02-01 | 35 days | 1,843 sqft |
2021-03-01 | 29 days | 1,860 sqft |
2021-04-01 | 26 days | 1,871 sqft |
2021-05-01 | 23 days | 1,867 sqft |
2021-06-01 | 25 days | 1,856 sqft |
2021-07-01 | 26 days | 1,824 sqft |
2021-08-01 | 28 days | 1,800 sqft |
2021-09-01 | 31 days | 1,800 sqft |
2021-10-01 | 31 days | 1,800 sqft |
2021-11-01 | 32 days | 1,769 sqft |
2021-12-01 | 37 days | 1,779 sqft |
2022-01-01 | 40 days | 1,800 sqft |
2022-02-01 | 26 days | 1,800 sqft |
2022-03-01 | 22 days | 1,821 sqft |
2022-04-01 | 19 days | 1,855 sqft |
2022-05-01 | 21 days | 1,887 sqft |
2022-06-01 | 23 days | 1,900 sqft |
2022-07-01 | 26 days | 1,904 sqft |
2022-08-01 | 33 days | 1,916 sqft |
2022-09-01 | 37 days | 1,908 sqft |
2022-10-01 | 37 days | 1,944 sqft |
2022-11-01 | 39 days | 1,945 sqft |
2022-12-01 | 49 days | 1,943 sqft |
2023-01-01 | 52 days | 1,949 sqft |
2023-02-01 | 38 days | 1,952 sqft |
2023-03-01 | 38 days | 1,965 sqft |
2023-04-01 | 30 days | 2,000 sqft |
2023-05-01 | 29 days | 2,008 sqft |
2023-06-01 | 29 days | 2,027 sqft |
2023-07-01 | 33 days | 2,005 sqft |
2023-08-01 | 31 days | 1,961 sqft |
2023-09-01 | 36 days | 1,971 sqft |
2023-10-01 | 39 days | 1,927 sqft |
2023-11-01 | 38 days | 1,941 sqft |
2023-12-01 | 45 days | 1,938 sqft |
2024-01-01 | 50 days | 1,921 sqft |
2024-02-01 | 36 days | 1,934 sqft |
2024-03-01 | 34 days | 1,953 sqft |
2024-04-01 | 32 days | 1,931 sqft |
2024-05-01 | 30 days | 1,939 sqft |
2024-06-01 | 31 days | 1,912 sqft |
2024-07-01 | 35 days | 1,907 sqft |
2024-08-01 | 36 days | 1,905 sqft |
2024-09-01 | 41 days | 1,899 sqft |
2024-10-01 | 43 days | 1,891 sqft |
Virginia Beach's median square footage for active listings during the 2024-10-01 period was 1,891 sqft. One year prior, the average listing was 1,927 sqft.