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 22 lenders originated 44 USDA loans during 2023. The total origination value was $10,780,000, with an average USDA loan value of $245,000.

    Virginia Beach USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Virginia Beach averaged 5.95% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Virginia Beach's average USDA mortgage closing costs are $5,815.

    The average rate for the prior week (2024-12-06) was 6.09% and one month ago for the week of 2024-11-08, the average rate was 6.21%.

    The average rate one year ago was 6.57%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.98%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 9 6.51% $9,673
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 5.96% $9,020
    Blue Ridge Bank 3 6.58% $7,027
    Tidewater Home Funding, LLC 2 5.88% $2,858
    Atlantic Coast Mortgage, LLC 2 7.06% $6,225
    Towne Bank 2 6.44% $7,946
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.75% $9,762
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.69% $9,098
    NVR Mortgage Finance, Inc. 2 6.00% $8,533
    Southern Bank and Trust Company 1 5.38% $11,823
    SOUTHERN TRUST MORTGAGE, LLC 1 6.50% $8,042
    TIDEWATER MORTGAGE SERVICES, INC. 1 6.75% $15,694
    Alcova Mortgage LLC 1 7.00% $1,358
    Towne Mortgage, LLC 1 6.00% $9,730
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $10,956
    BROKER SOLUTIONS, INC. 1 5.99% $19,486
    C & F Mortgage Corporation 1 6.50% $8,559
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $12,896
    DHI MORTGAGE COMPANY, LTD. 1 4.63% $13,029
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.13% $8,647
    George Mason Mortgage, LLC 1 5.99% $10,193
    Prosperity Home Mortgage, LLC 1 6.13% $7,642

    The top Virginia Beach USDA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 9 USDA loans originated. Their average total fees are $9,673, which is $653 higher than the next largest lender, AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC.

    The lowest fee Virginia Beach USDA lenders (with over 10 loans originated) are .

    The lowest rate Virginia Beach USDA lenders (with over 10 loans originated) are .

    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%) $339,419 (4.2%) 0.96 9,291
    2018-02-01 $259,949 (4.0%) $337,864 (3.7%) 0.94 9,440
    2018-03-01 $268,000 (4.3%) $341,532 (3.0%) 0.94 9,748
    2018-04-01 $270,973 (3.1%) $347,750 (2.9%) 0.92 10,134
    2018-05-01 $275,000 (3.0%) $353,561 (3.0%) 0.92 10,364
    2018-06-01 $279,900 (4.5%) $354,376 (2.8%) 0.93 10,711
    2018-07-01 $277,950 (4.9%) $351,885 (3.1%) 0.93 10,856
    2018-08-01 $275,450 (4.7%) $350,261 (3.3%) 0.92 10,855
    2018-09-01 $275,000 (5.8%) $349,565 (3.2%) 0.92 10,622
    2018-10-01 $271,125 (2.4%) $347,084 (1.2%) 0.92 10,558
    2018-11-01 $269,913 (3.8%) $346,347 (1.7%) 0.92 10,200
    2018-12-01 $270,000 (3.9%) $347,443 (2.3%) 0.93 9,698
    2019-01-01 $274,495 (5.6%) $346,475 (2.1%) 0.95 9,192
    2019-02-01 $275,000 (5.8%) $343,782 (1.8%) 0.93 8,662
    2019-03-01 $281,424 (5.0%) $351,931 (3.0%) 0.92 9,013
    2019-04-01 $291,995 (7.8%) $368,650 (6.0%) 0.93 9,376
    2019-05-01 $295,000 (7.3%) $370,594 (4.8%) 0.92 9,881
    2019-06-01 $295,000 (5.4%) $371,915 (5.0%) 0.92 9,990
    2019-07-01 $295,000 (6.1%) $373,546 (6.2%) 0.92 9,822
    2019-08-01 $293,539 (6.6%) $373,489 (6.6%) 0.93 9,509
    2019-09-01 $291,498 (6.0%) $373,799 (6.9%) 0.93 9,119
    2019-10-01 $289,906 (6.9%) $373,411 (7.6%) 0.94 8,811
    2019-11-01 $290,000 (7.4%) $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 (7.6%) $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 3,320
    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%) $409,582 (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%) $414,569 (1.7%) 0.80 4,008
    2021-11-01 $300,000 (-1.3%) $411,152 (0.8%) 0.80 3,652
    2021-12-01 $302,450 (0.9%) $411,186 (2.4%) 0.82 3,102
    2022-01-01 $312,250 (4.1%) $420,688 (5.2%) 0.84 2,541
    2022-02-01 $319,450 (6.5%) $421,048 (4.5%) 0.83 2,271
    2022-03-01 $327,000 (9.0%) $431,180 (6.6%) 0.82 2,232
    2022-04-01 $339,500 (11.3%) $444,919 (10.4%) 0.81 2,377
    2022-05-01 $349,998 (14.8%) $453,803 (10.5%) 0.80 2,852
    2022-06-01 $350,000 (14.8%) $459,304 (12.1%) 0.78 3,241
    2022-07-01 $350,000 (14.8%) $466,969 (14.6%) 0.79 3,648
    2022-08-01 $349,900 (16.7%) $465,105 (14.3%) 0.81 3,741
    2022-09-01 $348,950 (16.3%) $462,051 (11.9%) 0.82 3,647
    2022-10-01 $359,900 (20.0%) $470,183 (13.4%) 0.85 3,560
    2022-11-01 $359,450 (19.8%) $464,858 (13.1%) 0.86 3,666
    2022-12-01 $360,000 (19.0%) $463,615 (12.8%) 0.89 3,366
    2023-01-01 $366,918 (17.5%) $466,278 (10.8%) 0.91 3,012
    2023-02-01 $371,587 (16.3%) $469,525 (11.5%) 0.90 2,843
    2023-03-01 $373,450 (14.2%) $474,770 (10.1%) 0.88 2,749
    2023-04-01 $384,000 (13.1%) $489,174 (10.0%) 0.89 2,776
    2023-05-01 $386,950 (10.6%) $499,832 (10.1%) 0.88 2,778
    2023-06-01 $395,000 (12.9%) $517,611 (12.7%) 0.89 2,929
    2023-07-01 $394,900 (12.8%) $512,143 (9.7%) 0.90 3,056
    2023-08-01 $383,600 (9.6%) $499,842 (7.5%) 0.88 3,694
    2023-09-01 $379,500 (8.8%) $495,508 (7.2%) 0.88 3,556
    2023-10-01 $374,450 (4.0%) $477,415 (1.5%) 0.88 3,487
    2023-11-01 $377,000 (4.9%) $479,796 (3.2%) 0.90 3,623
    2023-12-01 $375,000 (4.2%) $478,951 (3.3%) 0.91 3,492
    2024-01-01 $375,000 (2.2%) $482,465 (3.5%) 0.92 3,141
    2024-02-01 $384,504 (3.5%) $491,606 (4.7%) 0.93 3,106
    2024-03-01 $391,410 (4.8%) $512,736 (8.0%) 0.92 3,142
    2024-04-01 $390,000 (1.6%) $511,327 (4.5%) 0.91 3,242
    2024-05-01 $395,000 (2.1%) $529,038 (5.8%) 0.89 3,547
    2024-06-01 $395,000 (0.0%) $526,213 (1.7%) 0.89 3,746
    2024-07-01 $395,000 (0.0%) $520,283 (1.6%) 0.90 4,072
    2024-08-01 $392,800 (2.4%) $515,170 (3.1%) 0.91 4,438
    2024-09-01 $390,000 (2.8%) $508,856 (2.7%) 0.92 4,494
    2024-10-01 $393,115 (5.0%) $514,557 (7.8%) 0.93 4,533
    2024-11-01 $389,900 (3.4%) $510,917 (6.5%) 0.94 4,645
    Virginia Beach's median listing price for 2024-11-01 was $389,900, a difference of $12,900 (3.4%) versus the prior year and $-3,215 versus the prior month.

    Virginia Beach's median listing price comes in at 94% of the national average.

    Virginia Beach's average listing price for 2024-11-01 was $510,917, a difference of $31,121 (6.5%) versus the prior year and $-3,640 versus the prior month.

    For the 2024-11-01 period, Virginia Beach had 4,645 MLS listings, a difference of 112 listings (2%) versus the prior month and 1,022 listings (28%) 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 1,994 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 1,972 sqft
    2019-02-01 63 days 1,984 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 2,005 sqft
    2019-09-01 56 days 2,002 sqft
    2019-10-01 57 days 2,000 sqft
    2019-11-01 59 days 2,001 sqft
    2019-12-01 66 days 2,023 sqft
    2020-01-01 70 days 2,001 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 2,053 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 1,899 sqft
    2021-01-01 46 days 1,876 sqft
    2021-02-01 35 days 1,843 sqft
    2021-03-01 29 days 1,860 sqft
    2021-04-01 26 days 1,871 sqft
    2021-05-01 23 days 1,867 sqft
    2021-06-01 25 days 1,856 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 1,769 sqft
    2021-12-01 37 days 1,779 sqft
    2022-01-01 40 days 1,800 sqft
    2022-02-01 26 days 1,800 sqft
    2022-03-01 22 days 1,821 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 1,916 sqft
    2022-09-01 37 days 1,908 sqft
    2022-10-01 37 days 1,944 sqft
    2022-11-01 39 days 1,945 sqft
    2022-12-01 49 days 1,943 sqft
    2023-01-01 52 days 1,949 sqft
    2023-02-01 38 days 1,952 sqft
    2023-03-01 38 days 1,965 sqft
    2023-04-01 30 days 2,000 sqft
    2023-05-01 29 days 2,008 sqft
    2023-06-01 29 days 2,027 sqft
    2023-07-01 33 days 2,005 sqft
    2023-08-01 31 days 1,961 sqft
    2023-09-01 36 days 1,971 sqft
    2023-10-01 39 days 1,927 sqft
    2023-11-01 38 days 1,941 sqft
    2023-12-01 45 days 1,938 sqft
    2024-01-01 50 days 1,921 sqft
    2024-02-01 36 days 1,934 sqft
    2024-03-01 34 days 1,953 sqft
    2024-04-01 32 days 1,931 sqft
    2024-05-01 30 days 1,939 sqft
    2024-06-01 31 days 1,912 sqft
    2024-07-01 35 days 1,907 sqft
    2024-08-01 36 days 1,905 sqft
    2024-09-01 41 days 1,899 sqft
    2024-10-01 43 days 1,891 sqft
    2024-11-01 44 days 1,867 sqft
    Virginia Beach's median listing age (time on market) for 2024-11-01 was 44 days. This is 16% longer than the same period one year ago.

    Virginia Beach's median square footage for active listings during the 2024-11-01 period was 1,867 sqft. One year prior, the average listing was 1,941 sqft.