Compare mortgage rates and fees for leading lenders in Virginia Beach, VA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Virginia Beach.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Virginia Beach. Plus, shopping lenders is free and there is no obligation.
August 9, 2020
The current average rate for a 30 year fixed rate mortgage in Virginia Beach is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Virginia Beach. Understand how much you need to earn to afford a home in Virginia Beach, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Virginia Beach fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Virginia Beach is right for you.
The median home value for Virginia Beach, VA is $308,272
Based on current mortgage rates and a 10% down payment, you need to make $55,481 per year to buy the median priced home in Virginia Beach
With this income, you could qualify for a $277,444 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Virginia Beach is $1,285
The median household income for Virginia Beach, VA is $74,352
Based on this income, you can afford a home valued at approximately $413,127
The home price you can afford to buy based on household income in Virginia Beach is 134% of the median home value which means housing prices are average. Virginia Beach ranks 105 out of 133 counties in Virginia and 2,737 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Virginia Beach, VA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Virginia Beach below.
Conforming loan limits for Virginia Beach, VA
FHA loan limits for Virginia Beach, VA
VA loan limits for Virginia Beach, VA
Learn what price home you can afford to buy in Virginia Beach