Virginia Beach USDA Loans

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC

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 50 lenders originated 228 USDA loans during 2021. The total origination value was $52,030,000, with an average USDA loan value of $228,202.

Virginia Beach USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Virginia Beach averaged 5.03% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.07% and one month ago for the week of 2022-04-08, the average rate was 5.03%.

The average rate one year ago was 3.24%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.71%.

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 and rates for USDA 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. Total Fees
MOVEMENT MORTGAGE, LLC 42 2.88% $6,403
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 21 3.12% $6,857
Tidewater Home Funding, LLC 17 2.92% $3,748
Blue Ridge Bank 16 2.45% $5,085
Towne Bank 10 2.56% $5,681
Alcova Mortgage LLC 10 2.99% $3,537
Towne Mortgage, LLC 9 2.74% $5,561
NVR Mortgage Finance, Inc. 8 2.81% $8,785
TIDEWATER MORTGAGE SERVICES, INC. 6 2.58% $5,894
SOUTHERN TRUST MORTGAGE, LLC 5 3.03% $6,234
Paramount Residential Mortgage Group, Inc. 4 3.13% $9,093
HOMESPIRE MORTGAGE CORPORATION 4 2.38% $5,301
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 4 3.63% $6,769
Colten Mortgage, LLC 4 2.91% $4,143
OVM FINANCIAL, INC. 4 3.34% $6,445
UNITED WHOLESALE MORTGAGE, LLC 3 2.71% $10,581
CBM Mortgage, Inc. 2 3.19% $6,002
Atlantic Coast Mortgage, LLC 2 3.13% $4,833
Plains Commerce Bank 2 2.69% $5,865
AMERICAN FINANCIAL NETWORK, INC. 2 2.75% $10,959
George Mason Mortgage, LLC 2 2.81% $5,475
GoPrime Mortgage, Inc. 2 2.25% $6,876
CALIBER HOME LOANS, INC. 2 2.50% $6,477
JOHNSON MORTGAGE COMPANY, L.L.C. 2 2.88% $7,101
Wells Fargo Bank 2 3.44% $6,710
LAKEVIEW LOAN SERVICING, LLC 2 3.13% $3,276
Mortgage Research Center, LLC 2 2.69% $5,784
MCLEAN MORTGAGE CORPORATION 1 2.75% $6,450
Bank of England 1 2.50% $8,583
BAYSHORE MORTGAGE FUNDING, LLC 1 3.75% $5,530
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.63% $10,719
Carrington Mortgage Services, LLC 1 4.63% $12,135
C & F Mortgage Corporation 1 3.00% $5,271
CORNERSTONE HOME LENDING, INC. 1 3.25% $7,501
EMBRACE HOME LOANS, INC. 1 3.50% $5,196
HOME POINT FINANCIAL CORPORATION 1 2.38% $7,674
Ixonia Bank 1 2.88% $6,623
LOANDEPOT.COM, LLC 1 2.88% $5,254
Advance Financial Group, LLC 1 2.25% $6,263
MLD MORTGAGE INC. 1 3.25% $5,203
NewTowne Mortgage, LLC 1 2.75% $6,405
PENNYMAC LOAN SERVICES, LLC 1 2.88% $6,136
PNC Bank 1 3.00% $4,703
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.25% $6,029
Prosperity Home Mortgage, LLC 1 3.13% $6,427
Sierra Pacific Mortgage Company, Inc. 1 3.00% $7,449
TJC Mortgage, Inc. 1 2.63% $4,200
Towne First Mortgage, LLC 1 2.25% $4,183
Truist Bank 1 3.25% $6,524
UNION HOME MORTGAGE CORP. 1 2.63% $5,255

The top Virginia Beach USDA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 42 USDA loans originated. Their average total fees are $6,403, which is $455 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 Alcova Mortgage LLC ($3,537), Tidewater Home Funding, LLC ($3,748), Blue Ridge Bank ($5,085), Towne Bank ($5,681) and MOVEMENT MORTGAGE, LLC ($6,403).

The lowest rate Virginia Beach USDA lenders (with over 10 loans originated) are Blue Ridge Bank (2.45%), Towne Bank (2.56%), MOVEMENT MORTGAGE, LLC (2.88%), Tidewater Home Funding, LLC (2.92%) and Alcova Mortgage LLC (2.99%).