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%.
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.
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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $259,950 (4.0%) | $339,423 (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 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. 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 | 1,993 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 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.