Virginia Beach USDA Loans

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 5.03% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

    The average rate for the prior week (2022-05-06) was 5.07% and one month ago for the week of 2022-04-08, the average rate was 5.03%.

    The average rate one year ago was 3.24%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.71%.

    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 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. Total Fees
    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 Bank 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%).