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 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 -0.54% for the week of 2023-06-02, compared to the national average (all USDA variants) of 0% for the same period.

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

The average rate for the prior week (2023-05-26) was 6% and one month ago for the week of 2023-04-28, the average rate was 5.98%.

The average rate one year ago was 4.85%.

For refis of the same type during the week of 2023-06-02, the average rate was -1.38%.

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%), .


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%) $343,782 (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%) $368,665 (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%) $371,927 (5.0%) 0.92 9,989
2019-07-01 $295,000 (6.1%) $373,554 (6.2%) 0.92 9,821
2019-08-01 $293,539 (6.6%) $373,495 (6.6%) 0.93 9,509
2019-09-01 $291,498 (6.0%) $373,802 (6.9%) 0.93 9,118
2019-10-01 $289,906 (7.0%) $373,411 (7.6%) 0.94 8,811
2019-11-01 $290,000 (7.5%) $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 (7.7%) $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 3,321
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%) $409,613 (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%) $414,541 (1.7%) 0.80 4,008
2021-11-01 $300,000 (-1.3%) $411,121 (0.8%) 0.80 3,653
2021-12-01 $302,450 (0.9%) $411,151 (2.4%) 0.82 3,103
2022-01-01 $312,000 (4.0%) $420,750 (5.2%) 0.84 2,539
2022-02-01 $319,450 (6.5%) $421,086 (4.5%) 0.83 2,269
2022-03-01 $327,000 (9.0%) $431,234 (6.6%) 0.82 2,230
2022-04-01 $339,500 (11.3%) $445,051 (10.5%) 0.81 2,373
2022-05-01 $350,000 (14.8%) $453,981 (10.6%) 0.80 2,848
2022-06-01 $350,000 (14.8%) $459,434 (12.2%) 0.78 3,239
2022-07-01 $350,000 (14.8%) $467,081 (14.6%) 0.79 3,645
2022-08-01 $349,900 (16.7%) $465,431 (14.4%) 0.81 3,737
2022-09-01 $349,400 (16.5%) $462,335 (11.9%) 0.82 3,643
2022-10-01 $359,900 (20.0%) $470,194 (13.4%) 0.85 3,558
2022-11-01 $359,450 (19.8%) $464,932 (13.1%) 0.86 3,664
2022-12-01 $360,000 (19.0%) $463,698 (12.8%) 0.89 3,365
2023-01-01 $368,410 (18.1%) $466,333 (10.8%) 0.91 3,012
2023-02-01 $371,673 (16.4%) $469,534 (11.5%) 0.90 2,844
2023-03-01 $373,463 (14.2%) $474,778 (10.1%) 0.88 2,750
2023-04-01 $384,000 (13.1%) $489,177 (9.9%) 0.89 2,776
2023-05-01 $386,973 (10.6%) $499,850 (10.1%) 0.88 2,778
Virginia Beach's median listing price for 2023-05-01 was $386,973, a difference of $36,973 (10.6%) versus the prior year and $2,973 versus the prior month.

Virginia Beach's median listing price comes in at 88% of the national average.

Virginia Beach's average listing price for 2023-05-01 was $499,850, a difference of $45,869 (10.1%) versus the prior year and $10,673 versus the prior month.

For the 2023-05-01 period, Virginia Beach had 2,778 MLS listings, a difference of 2 listings (0%) versus the prior month and -70 listings (-2%) 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 1,993 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 1,971 sqft
2019-02-01 63 days 1,983 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 2,006 sqft
2019-09-01 56 days 2,003 sqft
2019-10-01 57 days 2,000 sqft
2019-11-01 59 days 2,002 sqft
2019-12-01 66 days 2,023 sqft
2020-01-01 70 days 2,002 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 2,052 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 1,900 sqft
2021-01-01 46 days 1,877 sqft
2021-02-01 35 days 1,842 sqft
2021-03-01 29 days 1,858 sqft
2021-04-01 26 days 1,870 sqft
2021-05-01 23 days 1,867 sqft
2021-06-01 25 days 1,855 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 1,768 sqft
2021-12-01 37 days 1,778 sqft
2022-01-01 40 days 1,800 sqft
2022-02-01 26 days 1,800 sqft
2022-03-01 22 days 1,822 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 1,918 sqft
2022-09-01 37 days 1,909 sqft
2022-10-01 37 days 1,944 sqft
2022-11-01 39 days 1,945 sqft
2022-12-01 49 days 1,944 sqft
2023-01-01 53 days 1,950 sqft
2023-02-01 38 days 1,952 sqft
2023-03-01 38 days 1,966 sqft
2023-04-01 30 days 2,000 sqft
2023-05-01 29 days 2,010 sqft
Virginia Beach's median listing age (time on market) for 2023-05-01 was 29 days. This is 36% longer than the same period one year ago.

Virginia Beach's median square footage for active listings during the 2023-05-01 period was 2,010 sqft. One year prior, the average listing was 1,887 sqft.