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 -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.