Virginia Beach USDA Loans
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
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%.
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.
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%).