Virginia Beach USDA Loan Rates, Closing Costs & Stats

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Virginia Beach's 27 lenders originated 83 USDA loans during 2022. The total origination value was $18,005,000, with an average USDA loan value of $216,928.

    Virginia Beach USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Virginia Beach averaged 6.66% for the week of 2023-12-01, compared to the national average (all USDA variants) of 6.997% for the same period.

    Virginia Beach's average USDA mortgage closing costs are $5,649.

    The average rate for the prior week (2023-11-24) was 6.57% and one month ago for the week of 2023-10-27, the average rate was 7.22%.

    The average rate one year ago was 5.94%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.61%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Virginia Beach USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Virginia Beach level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 20 4.36% $6,860
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 16 4.93% $8,666
    Blue Ridge Bank 5 4.87% $7,562
    Alcova Mortgage LLC 4 4.78% $5,716
    CALIBER HOME LOANS, INC. 4 4.56% $6,568
    Tidewater Home Funding, LLC 3 3.67% $4,924
    Southern Bank and Trust Company 2 4.56% $2,761
    SOUTHERN TRUST MORTGAGE, LLC 2 4.25% $6,135
    CBM Mortgage, Inc. 2 3.75% $5,007
    TIDEWATER MORTGAGE SERVICES, INC. 2 3.69% $5,960
    Towne Bank 2 6.38% $6,984
    HOMESPIRE MORTGAGE CORPORATION 2 4.88% $5,424
    OVM FINANCIAL, INC. 2 4.56% $10,898
    CARDINAL FINANCIAL 2 4.38% $8,533
    PLANET HOME LENDING, LLC 1 3.75% $9,194
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $8,014
    The Federal Savings Bank 1 7.25% $4,861
    Truist 1 3.25% $5,380
    UNITED WHOLESALE MORTGAGE, LLC 1 6.60% $5,860
    C & F Mortgage Corporation 1 4.63% $7,572
    CMG MORTGAGE, INC. 1 3.63% $6,470
    George Mason Mortgage, LLC 1 2.88% $7,106
    LEADERONE FINANCIAL CORPORATION 1 4.63% $5,985
    Mortgage Research Center, LLC 1 5.63% $2,204
    Ameris Bank 1 3.63% $6,831
    NVR Mortgage Finance, Inc. 1 3.50% $15,971
    PENNYMAC LOAN SERVICES, LLC 1 3.00% $5,422

    The top Virginia Beach USDA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 20 USDA loans originated. Their average total fees are $6,860, which is $1,806 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

    The lowest fee Virginia Beach USDA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($6,860), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($8,666), .

    The lowest rate Virginia Beach USDA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC (4.36%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (4.93%), .