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 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 6.28% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

    Virginia Beach's average USDA mortgage closing costs are $5,498.

    The average rate for the prior week (2022-11-25) was 6.31% and one month ago for the week of 2022-10-28, the average rate was 6.89%.

    The average rate one year ago was 3.18%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.05%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 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%).

    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%) $343,783 (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%) $368,666 (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%) $371,926 (5.0%) 0.92 9,990
    2019-07-01 $295,000 (6.1%) $373,535 (6.2%) 0.92 9,822
    2019-08-01 $293,536 (6.6%) $373,471 (6.6%) 0.93 9,510
    2019-09-01 $291,491 (6.0%) $373,772 (6.9%) 0.93 9,120
    2019-10-01 $289,900 (7.0%) $373,378 (7.6%) 0.94 8,813
    2019-11-01 $290,000 (7.5%) $374,762 (8.2%) 0.95 8,325
    2019-12-01 $299,000 (10.7%) $379,769 (9.3%) 1.00 7,287
    2020-01-01 $295,450 (7.7%) $378,455 (9.2%) 0.99 6,792
    2020-02-01 $299,000 (8.7%) $381,660 (11.0%) 0.98 6,857
    2020-03-01 $299,945 (6.6%) $382,576 (8.7%) 0.94 6,994
    2020-04-01 $302,450 (3.6%) $384,978 (4.4%) 0.95 6,977
    2020-05-01 $310,580 (5.3%) $394,105 (6.3%) 0.94 6,722
    2020-06-01 $319,950 (8.5%) $405,868 (9.1%) 0.94 6,175
    2020-07-01 $323,450 (9.6%) $406,806 (8.9%) 0.94 5,870
    2020-08-01 $324,900 (10.7%) $412,786 (10.5%) 0.93 5,317
    2020-09-01 $319,950 (9.8%) $409,483 (9.6%) 0.92 5,073
    2020-10-01 $309,900 (6.9%) $407,641 (9.2%) 0.89 4,796
    2020-11-01 $303,945 (4.8%) $407,920 (8.9%) 0.89 4,644
    2020-12-01 $299,700 (0.2%) $401,303 (5.7%) 0.89 4,200
    2021-01-01 $299,900 (1.5%) $399,770 (5.6%) 0.90 3,752
    2021-02-01 $299,700 (0.2%) $403,044 (5.6%) 0.87 3,494
    2021-03-01 $299,995 (0.0%) $404,364 (5.7%) 0.85 3,323
    2021-04-01 $305,000 (0.8%) $402,964 (4.7%) 0.83 3,502
    2021-05-01 $305,000 (-1.8%) $410,633 (4.2%) 0.81 3,568
    2021-06-01 $305,000 (-4.7%) $409,647 (0.9%) 0.80 3,862
    2021-07-01 $305,000 (-5.7%) $407,685 (0.2%) 0.80 4,134
    2021-08-01 $299,900 (-7.7%) $407,175 (-1.4%) 0.80 4,329
    2021-09-01 $300,000 (-6.2%) $413,246 (0.9%) 0.80 4,247
    2021-10-01 $300,000 (-3.2%) $414,542 (1.7%) 0.80 4,006
    2021-11-01 $300,000 (-1.3%) $411,081 (0.8%) 0.80 3,655
    2021-12-01 $302,450 (0.9%) $411,050 (2.4%) 0.82 3,106
    2022-01-01 $310,000 (3.4%) $420,622 (5.2%) 0.84 2,534
    2022-02-01 $319,450 (6.6%) $420,867 (4.4%) 0.83 2,273
    2022-03-01 $327,000 (9.0%) $431,003 (6.6%) 0.82 2,234
    2022-04-01 $339,000 (11.2%) $444,679 (10.4%) 0.81 2,379
    2022-05-01 $349,995 (14.8%) $453,689 (10.5%) 0.80 2,854
    2022-06-01 $350,000 (14.8%) $459,226 (12.1%) 0.78 3,243
    2022-07-01 $350,000 (14.8%) $466,857 (14.5%) 0.79 3,651
    2022-08-01 $349,900 (16.7%) $464,912 (14.2%) 0.81 3,745
    2022-09-01 $348,950 (16.3%) $461,823 (11.8%) 0.82 3,652
    2022-10-01 $359,500 (19.8%) $469,918 (13.4%) 0.85 3,564
    2022-11-01 $359,400 (19.8%) $464,684 (13.0%) 0.86 3,669
    Virginia Beach's median listing price for 2022-11-01 was $359,400, a difference of $59,400 (19.8%) versus the prior year and $-100 versus the prior month.

    Virginia Beach's median listing price comes in at 86% of the national average.

    Virginia Beach's average listing price for 2022-11-01 was $464,684, a difference of $53,603 (13.0%) versus the prior year and $-5,234 versus the prior month.

    For the 2022-11-01 period, Virginia Beach had 3,669 MLS listings, a difference of 105 listings (3%) versus the prior month and 14 listings (0%) 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 82 days 1,947 sqft
    2018-02-01 73 days 1,940 sqft
    2018-03-01 54 days 1,968 sqft
    2018-04-01 51 days 1,993 sqft
    2018-05-01 49 days 2,000 sqft
    2018-06-01 51 days 2,000 sqft
    2018-07-01 56 days 2,000 sqft
    2018-08-01 59 days 1,999 sqft
    2018-09-01 64 days 2,000 sqft
    2018-10-01 65 days 1,980 sqft
    2018-11-01 66 days 1,978 sqft
    2018-12-01 73 days 1,974 sqft
    2019-01-01 75 days 1,971 sqft
    2019-02-01 69 days 1,982 sqft
    2019-03-01 55 days 2,004 sqft
    2019-04-01 46 days 2,034 sqft
    2019-05-01 45 days 2,035 sqft
    2019-06-01 50 days 2,038 sqft
    2019-07-01 56 days 2,021 sqft
    2019-08-01 58 days 2,006 sqft
    2019-09-01 59 days 2,003 sqft
    2019-10-01 60 days 2,000 sqft
    2019-11-01 65 days 2,001 sqft
    2019-12-01 71 days 2,023 sqft
    2020-01-01 74 days 2,001 sqft
    2020-02-01 57 days 2,001 sqft
    2020-03-01 47 days 2,027 sqft
    2020-04-01 52 days 2,034 sqft
    2020-05-01 58 days 2,053 sqft
    2020-06-01 53 days 2,073 sqft
    2020-07-01 46 days 2,053 sqft
    2020-08-01 41 days 2,050 sqft
    2020-09-01 41 days 2,011 sqft
    2020-10-01 41 days 1,974 sqft
    2020-11-01 41 days 1,935 sqft
    2020-12-01 47 days 1,899 sqft
    2021-01-01 51 days 1,877 sqft
    2021-02-01 38 days 1,841 sqft
    2021-03-01 31 days 1,857 sqft
    2021-04-01 29 days 1,870 sqft
    2021-05-01 24 days 1,867 sqft
    2021-06-01 26 days 1,857 sqft
    2021-07-01 27 days 1,825 sqft
    2021-08-01 29 days 1,800 sqft
    2021-09-01 32 days 1,800 sqft
    2021-10-01 33 days 1,800 sqft
    2021-11-01 35 days 1,768 sqft
    2021-12-01 39 days 1,779 sqft
    2022-01-01 44 days 1,800 sqft
    2022-02-01 28 days 1,800 sqft
    2022-03-01 23 days 1,821 sqft
    2022-04-01 22 days 1,854 sqft
    2022-05-01 22 days 1,886 sqft
    2022-06-01 24 days 1,900 sqft
    2022-07-01 27 days 1,904 sqft
    2022-08-01 34 days 1,916 sqft
    2022-09-01 37 days 1,907 sqft
    2022-10-01 38 days 1,941 sqft
    2022-11-01 40 days 1,944 sqft
    Virginia Beach's median listing age (time on market) for 2022-11-01 was 40 days. This is 14% longer than the same period one year ago.

    Virginia Beach's median square footage for active listings during the 2022-11-01 period was 1,944 sqft. One year prior, the average listing was 1,768 sqft.