Virginia Beach USDA Loan Rates, Closing Costs & Stats

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 22 lenders originated 44 USDA loans during 2023. The total origination value was $10,780,000, with an average USDA loan value of $245,000.

Virginia Beach USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Virginia Beach averaged 6.6% for the week of 2024-05-17, compared to the national average (all USDA variants) of 6.75% for the same period.

Virginia Beach's average USDA mortgage closing costs are $5,815.

The average rate for the prior week (2024-05-10) was 6.54% and one month ago for the week of 2024-04-12, the average rate was 6.37%.

The average rate one year ago was 6.05%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.73%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
MOVEMENT MORTGAGE, LLC 9 6.51% $9,673
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 5.96% $9,020
Blue Ridge Bank 3 6.58% $7,027
Tidewater Home Funding, LLC 2 5.88% $2,858
Atlantic Coast Mortgage, LLC 2 7.06% $6,225
Towne Bank 2 6.44% $7,946
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.75% $9,762
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.69% $9,098
NVR Mortgage Finance, Inc. 2 6.00% $8,533
Southern Bank and Trust Company 1 5.38% $11,823
SOUTHERN TRUST MORTGAGE, LLC 1 6.50% $8,042
TIDEWATER MORTGAGE SERVICES, INC. 1 6.75% $15,694
Alcova Mortgage LLC 1 7.00% $1,358
Towne Mortgage, LLC 1 6.00% $9,730
BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $10,956
BROKER SOLUTIONS, INC. 1 5.99% $19,486
C & F Mortgage Corporation 1 6.50% $8,559
CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $12,896
DHI MORTGAGE COMPANY, LTD. 1 4.63% $13,029
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.13% $8,647
George Mason Mortgage, LLC 1 5.99% $10,193
Prosperity Home Mortgage, LLC 1 6.13% $7,642

The top Virginia Beach USDA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 9 USDA loans originated. Their average total fees are $9,673, which is $653 higher than the next largest lender, AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC.

The lowest fee Virginia Beach USDA lenders (with over 10 loans originated) are .

The lowest rate Virginia Beach USDA lenders (with over 10 loans originated) are .


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%) $339,419 (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
Virginia Beach's median listing price for 2024-04-01 was $390,000, a difference of $6,000 (1.6%) versus the prior year and $-1,410 versus the prior month.

Virginia Beach's median listing price comes in at 91% of the national average.

Virginia Beach's average listing price for 2024-04-01 was $511,327, a difference of $22,153 (4.5%) versus the prior year and $-1,409 versus the prior month.

For the 2024-04-01 period, Virginia Beach had 3,242 MLS listings, a difference of 100 listings (3%) versus the prior month and 466 listings (17%) 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 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
Virginia Beach's median listing age (time on market) for 2024-04-01 was 32 days. This is 5% longer than the same period one year ago.

Virginia Beach's median square footage for active listings during the 2024-04-01 period was 1,931 sqft. One year prior, the average listing was 2,000 sqft.