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 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.