Virginia Beach-Chesapeake-Norfolk, VA-NC metro: mortgages and home buyers
2025 home-purchase and refinance statistics for the 18-county Virginia Beach-Chesapeake-Norfolk, VA-NC area (OMB code 47260), from official HMDA records.
In 2025, lenders reported 20,823 home-purchase mortgages for owner-occupied, single-family homes in the Virginia Beach-Chesapeake-Norfolk, VA-NC metro area. The median buyer borrowed $345,000 on a home valued at $375,000 and reported a household income of $108,000.
Buyers financed a median 96.5% of the home's value (roughly 3.5% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $5,670.
Lenders denied 6.3% of completed home-purchase applications.
Key facts
- VA loans were unusually common: 46.9% of purchase mortgages.
- 23.8% of buyers put at least 20% down (financed 80% or less), compared with 38.5% nationally.
- The most common age bracket among borrowers was 25–34 (33.9% of purchase loans).
- 60.5% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (37.9% of denials with a stated reason).
Counties in the metro area
| County | Purchase loans | Median loan | Buyer income | 30-yr rate | Loan costs | Conforming limit | FHA limit |
|---|---|---|---|---|---|---|---|
| Virginia Beach city, VA | 4,819 | $365,000 | $118,000 | 6.625% | $5,890 | $832,750 | $757,850 |
| Chesapeake city, VA | 3,257 | $385,000 | $118,000 | 6.625% | $5,720 | $832,750 | $757,850 |
| Norfolk city, VA | 2,529 | $315,000 | $96,000 | 6.625% | $5,690 | $832,750 | $757,850 |
| Suffolk city, VA | 1,610 | $375,000 | $114,000 | 6.625% | $5,880 | $832,750 | $757,850 |
| Hampton city, VA | 1,582 | $285,000 | $88,000 | 6.625% | $5,030 | $832,750 | $757,850 |
| Newport News city, VA | 1,633 | $295,000 | $89,000 | 6.625% | $5,070 | $832,750 | $757,850 |
| Portsmouth city, VA | 1,421 | $285,000 | $84,000 | 6.625% | $5,170 | $832,750 | $757,850 |
| James City County, VA | 990 | $395,000 | $137,000 | 6.625% | $5,520 | $832,750 | $757,850 |
| York County, VA | 773 | $405,000 | $134,000 | 6.625% | $5,380 | $832,750 | $757,850 |
| Isle of Wight County, VA | 597 | $375,000 | $125,000 | 6.625% | $6,010 | $832,750 | $757,850 |
| Currituck County, NC | 504 | $435,000 | $132,000 | 6.625% | $6,220 | $832,750 | $757,850 |
| Gloucester County, VA | 409 | $335,000 | $102,000 | 6.625% | $5,680 | $832,750 | $757,850 |
| Poquoson city, VA | 220 | $465,000 | $150,000 | 6.625% | $5,330 | $832,750 | $757,850 |
| Camden County, NC | 188 | $405,000 | $124,000 | 6.500% | $6,530 | $832,750 | $757,850 |
| Mathews County, VA | 87 | $305,000 | $98,000 | 6.812% | $4,640 | $832,750 | $757,850 |
| Williamsburg city, VA | 83 | $365,000 | $136,000 | 6.625% | $5,450 | $832,750 | $757,850 |
| Gates County, NC | 61 | $265,000 | $95,000 | — | $4,520 | $832,750 | $757,850 |
| Surry County, VA | 60 | $345,000 | $113,000 | — | — | $832,750 | $757,850 |
Who bought homes in Virginia Beach
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Virginia Beach
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Virginia Beach | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.375% | 6.250% |
| 30-year fixed rate · VA | 6.250% | 6.125% |
| 15-year fixed rate · conventional | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.19 pts | +0.13 pts |
| Total loan costs · conventional | $5,670 | $5,570 |
| Total loan costs · FHA | $11,460 | $11,310 |
| Total loan costs · VA | $8,770 | $6,490 |
| Origination charges (all loan types) | $1,840 | $1,860 |
| Borrowers paying discount points | 58.3% | 51.3% |
| Points paid, when paid (% of loan) | 0.76% | 0.87% |
| Borrowers receiving lender credits | 32.7% | 33.1% |
| Adjustable-rate mortgages | 3.5% | 7.4% |
| Jumbo loans (above conforming limit) | 2.4% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Virginia Beach: 1,430 of 22,724 completed home-purchase applications were denied (6.3%).
Denial rate
| Application | Virginia Beach | U.S. |
|---|---|---|
| Home purchase | 6.3% | 8.5% |
| Conventional | 5.6% | 7.1% |
| FHA | 10.9% | 12.5% |
| VA | 5.1% | 8.0% |
| USDA | 5.3% | 12.5% |
| Refinance | 14.1% | 17.9% |
| Cash-out refinance | 35.0% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Virginia Beach
Source: FFIEC/CFPB HMDA 2025 public LAR (derived MSA/MD); OMB July 2023 delineations via the U.S. Census Bureau. Methodology