Virginia Beach
VA
Virginia Beach offers a vibrant coastal lifestyle with stunning beaches and a lively boardwalk. Residents enjoy a mix of outdoor activities, from surfing to hiking in nearby parks. The area boasts a rich cultural scene with art galleries, music festivals, and diverse dining options. Families appreciate the top-rated schools and community events that foster a strong sense of belonging. With its beautiful waterfront properties and a welcoming atmosphere, Virginia Beach is an ideal place for those seeking both relaxation and adventure.
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Beautiful beaches
Outdoor activities
Cultural scene
Family-friendly
Waterfront properties
Overview
$716,402
Average Sales Price
$475,725
Median Sales Price
442,919
Population
1,615
Total Listings
Featured Listings
For Sale (1094)
For Sold (8133)
New3 Beds2 Baths1,850 SqFt5157 Anvers RD, Virginia Beach, VA 23462
Listed by 1st Class Real Estate Flagship
New4 Beds2.5 Baths2,238 SqFt2101 Kanturk CT, Virginia Beach, VA 23456
Listed by 1st Class Real Estate Flagship
Active2 Beds2.5 Baths1,250 SqFt3817 Lasalle DR Unit 105, Virginia Beach, VA 23453
Listed by 1st Class Real Estate Flagship
Active2 Beds2.5 Baths1,061 SqFt824 12th ST, Virginia Beach, VA 23451
Listed by 1st Class Real Estate Flagship
Active2 Beds2.5 Baths1,692 SqFt1609 Aldrich LN, Virginia Beach, VA 23454
Listed by 1st Class Real Estate Flagship
Active4 Beds2.5 Baths7,840 Sqft Lot1400 Dalsbury Ln LN, Virginia Beach, VA 23456
Listed by 1st Class Real Estate Flagship
Amenities & Attractions
Restaurants
Home Services
Health & Medical
Local Services
Shopping
Recreation
Arts & Entertainment
Food
Beauty
Nightlife
Event Planning & Services
Automotive
Religious Organizations
Financial Services
Professional Services
Travel
Pets
Public Services & Government
Education
Local Events & Flavor
-
Omega Bar
928 Diamond Springs Rd, Virginia Beach, VA 23455
Tapas Bars Phone: 757-515-8090
-
Domino’s Pizza
996 Independence Blvd, Virginia Beach, VA 23455
Sandwiches Phone: 757-363-1010
-
Waffles & Company
1710 Pacific Ave, Virginia Beach, VA 23451
Mexican Phone: 757-491-0363
-
Red Robin Gourmet Burgers
1088 Nimmo Parkway, Virginia Beach, VA 23454
Burgers Phone: 757-427-6900
-
La Bella Italia
2133 Upton Dr, Virginia Beach, VA 23454
Italian Phone: 757-301-3603
-
Beach Lumpia
3208 Holland Rd, Virginia Beach, VA 23453
American (New) Phone: 757-263-9160
-
Panera Bread
869 Lynnhaven Parkway Suite 116, Virginia Beach, VA 23452
Salad Phone: 757-368-0333
-
Dominick’s Pizza & Pasta
4239 Holland Rd, Virginia Beach, VA 23452
Phone: 757-467-0262
-
New Number 1 Chinese Restaurant
717 Independence Blvd, Virginia Beach, VA 23455
Chinese Phone: 757-490-9532
-
Froggie’s Cantina By The Bay
3656 Shore Dr, Virginia Beach, VA 23455
Steakhouses Phone: 757-216-3300
-
Zero’s Subs
Salem Crossing Shopping Ctr, Virginia Beach, VA 23451
Sandwiches Phone: 757-471-6864
-
Coastal Grill
1440 N Great Neck Rd, Virginia Beach, VA 23454
Seafood Phone: 757-496-3348
Educational Environment
Elementary Schools (71)Middle Schools (25)High Schools (20)
Name
Category
Grades
Library
Ratio
10/10
Three Oaks Elementary School
2201 Elson Green Ave, Virginia Beach, VA 23456
Public
PK - 5
No
16:1 STUDENTS/TEACHERS
10/10
North Landing Elementary School
2929 North Landing Rd, Virginia Beach, VA 23456
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
9/10
Red Mill Elementary School
1860 Sandbridge Rd, Virginia Beach, VA 23456
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
9/10
Salem Elementary School
3961 Salem Lakes Blvd, Virginia Beach, VA 23456
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
9/10
Creeds Elementary School
920 Princess Anne Rd, Virginia Beach, VA 23457
Public
PK - 5
No
18:1 STUDENTS/TEACHERS
9/10
Kingston Elementary School
3532 Kings Grant Rd, Virginia Beach, VA 23452
Public
PK - 5
No
19:1 STUDENTS/TEACHERS
9/10
Thoroughgood Elementary School
1444 Dunstan Ln, Virginia Beach, VA 23455
Public
PK - 5
No
22:1 STUDENTS/TEACHERS
9/10
Holland Elementary School
3340 Holland Rd, Virginia Beach, VA 23452
Public
PK - 5
No
18:1 STUDENTS/TEACHERS
9/10
Princess Anne Elementary School
2444 Seaboard Rd, Virginia Beach, VA 23456
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
9/10
Trantwood Elementary School
2344 Inlynnview Rd, Virginia Beach, VA 23454
Public
PK - 5
No
22:1 STUDENTS/TEACHERS
8/10
Ocean Lakes Elementary School
1616 Upton Dr, Virginia Beach, VA 23454
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
8/10
Strawbridge Elementary School
2553 Strawbridge Rd, Virginia Beach, VA 23456
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
8/10
Pembroke Elementary School
4622 Jericho Rd, Virginia Beach, VA 23462
Public
PK - 5
No
17:1 STUDENTS/TEACHERS
8/10
Corporate Landing Elementary School
1590 Corporate Landing Pkwy, Virginia Beach, VA 23454
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
8/10
Tallwood Elementary School
2025 Kempsville Rd, Virginia Beach, VA 23464
Public
PK - 5
No
19:1 STUDENTS/TEACHERS
8/10
Linkhorn Park Elementary School
977 First Colonial Rd, Virginia Beach, VA 23454
Public
PK - 5
No
22:1 STUDENTS/TEACHERS
8/10
Landstown Elementary School
2212 Recreation Dr, Virginia Beach, VA 23456
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
8/10
John B. Dey Elementary School
1900 N Great Neck Rd, Virginia Beach, VA 23454
Public
PK - 5
No
22:1 STUDENTS/TEACHERS
7/10
Alanton Elementary School
1441 Stephens Rd, Virginia Beach, VA 23454
Public
PK - 5
No
24:1 STUDENTS/TEACHERS
7/10
Rosemont Elementary School
1257 Rosemont Rd, Virginia Beach, VA 23453
Public
PK - 5
No
16:1 STUDENTS/TEACHERS
7/10
Malibu Elementary School
3632 Edinburgh Dr, Virginia Beach, VA 23452
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
7/10
Bayside Elementary School
5649 Bayside Rd, Virginia Beach, VA 23455
Public
PK - 5
No
19:1 STUDENTS/TEACHERS
7/10
Hermitage Elementary School
1701 Pleasure House Rd, Virginia Beach, VA 23455
Public
PK - 5
No
22:1 STUDENTS/TEACHERS
7/10
Indian Lakes Elementary School
1240 Homestead Dr, Virginia Beach, VA 23464
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
7/10
Glenwood Elementary School
2213 Round Hill Dr, Virginia Beach, VA 23464
Public
PK - 5
No
23:1 STUDENTS/TEACHERS
7/10
Christopher Farms Elementary School
2828 Pleasant Acres Dr, Virginia Beach, VA 23453
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
7/10
Centerville Elementary School
2201 Centerville Tpke, Virginia Beach, VA 23464
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
7/10
Kempsville Elementary School
570 Kempsville Rd, Virginia Beach, VA 23464
Public
PK - 5
No
18:1 STUDENTS/TEACHERS
7/10
Shelton Park Elementary School
1700 Shelton Rd, Virginia Beach, VA 23455
Public
PK - 5
No
19:1 STUDENTS/TEACHERS
7/10
Fairfield Elementary School
5428 Providence Rd, Virginia Beach, VA 23464
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
7/10
Arrowhead Elementary School
5549 Susquehanna Dr, Virginia Beach, VA 23462
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
6/10
Rosemont Forest Elementary School
1716 Grey Friars Chase, Virginia Beach, VA 23456
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
6/10
Windsor Oaks Elementary School
3800 Van Buren Dr, Virginia Beach, VA 23452
Public
PK - 5
No
18:1 STUDENTS/TEACHERS
6/10
King's Grant Elementary School
612 N Lynnhaven Rd, Virginia Beach, VA 23452
Public
PK - 5
No
22:1 STUDENTS/TEACHERS
6/10
College Park Elementary School
1110 Bennington Rd, Virginia Beach, VA 23464
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
6/10
Providence Elementary School
4968 Providence Rd, Virginia Beach, VA 23464
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
6/10
Windsor Woods Elementary School
233 Presidential Blvd, Virginia Beach, VA 23452
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
6/10
W. T. Cooke Elementary School
1501 Mediterranean Ave, Virginia Beach, VA 23451
Public
PK - 5
No
19:1 STUDENTS/TEACHERS
6/10
Brookwood Elementary School
601 S Lynnhaven Rd, Virginia Beach, VA 23452
Public
PK - 5
No
18:1 STUDENTS/TEACHERS
6/10
Pembroke Meadows Elementary School
820 Cathedral Dr, Virginia Beach, VA 23455
Public
PK - 5
No
21:1 STUDENTS/TEACHERS
6/10
New Castle Elementary School
4136 Dam Neck Rd, Virginia Beach, VA 23456
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
5/10
Birdneck Elementary School
957 S Birdneck Rd, Virginia Beach, VA 23451
Public
PK - 5
No
19:1 STUDENTS/TEACHERS
5/10
Parkway Elementary School
4180 Ohare Dr, Virginia Beach, VA 23453
Public
PK - 5
No
17:1 STUDENTS/TEACHERS
5/10
White Oaks Elementary School
960 Windsor Oaks Blvd, Virginia Beach, VA 23462
Public
PK - 5
No
24:1 STUDENTS/TEACHERS
5/10
Thalia Elementary School
421 Thalia Rd, Virginia Beach, VA 23452
Public
PK - 5
No
17:1 STUDENTS/TEACHERS
5/10
Point O'View Elementary School
5400 Parliament Dr, Virginia Beach, VA 23462
Public
PK - 5
No
20:1 STUDENTS/TEACHERS
5/10
Green Run Elementary School
1200 Green Garden Cir, Virginia Beach, VA 23453
Public
PK - 5
No
18:1 STUDENTS/TEACHERS
5/10
Woodstock Elementary School
6016 Providence Rd, Virginia Beach, VA 23464
Public
PK - 5
No
23:1 STUDENTS/TEACHERS
5/10
Luxford Elementary School
4808 Haygood Rd, Virginia Beach, VA 23455
Public
PK - 5
No
19:1 STUDENTS/TEACHERS
5/10
Kempsville Meadows Elementary School
736 Edwin Dr, Virginia Beach, VA 23462
Public
PK - 5
No
16:1 STUDENTS/TEACHERS
4/10
Seatack Elementary School
912 S Birdneck Rd, Virginia Beach, VA 23451
Public
PK - 5
No
14:1 STUDENTS/TEACHERS
4/10
Lynnhaven Elementary School
210 Dillon Dr, Virginia Beach, VA 23452
Public
PK - 5
No
18:1 STUDENTS/TEACHERS
4/10
Williams Elementary School
892 Newtown Rd, Virginia Beach, VA 23462
Public
4 - 5
No
20:1 STUDENTS/TEACHERS
0/10
Tabernacle Baptist Academy
717 Whitehurst Landing Rd, Virginia Beach, VA 23464
Private
PK - 12
Yes
9:1 STUDENTS/TEACHERS
0/10
Coastal Christian Academy
640 Kempsville Rd, Virginia Beach, VA 23464
Private
KG - 12
Yes
5:1 STUDENTS/TEACHERS
0/10
Great Neck Preschool and Kindergarden
2225 Rose Hall Dr, Virginia Beach, VA 23454
Private
PK - KG
Yes
6:1 STUDENTS/TEACHERS
0/10
Forever Young Montessori School and Day Care
4613 Pembroke Lake Cir, Virginia Beach, VA 23455
Private
PK - TKG
Yes
5:1 STUDENTS/TEACHERS
0/10
St Gregory the Great School
5343 Virginia Beach Blvd, Virginia Beach, VA 23462
Private
PK - 8
Yes
16:1 STUDENTS/TEACHERS
0/10
Star of the Sea School
309 15th St, Virginia Beach, VA 23451
Private
PK - 8
Yes
10:1 STUDENTS/TEACHERS
0/10
Virginia Beach Friends School
1537 Laskin Rd, Virginia Beach, VA 23451
Private
PK - 12
Yes
5:1 STUDENTS/TEACHERS
0/10
Cape Henry Collegiate School
1320 Mill Dam Rd, Virginia Beach, VA 23454
Private
PK - 12
Yes
10:1 STUDENTS/TEACHERS
0/10
Gateway Christian School
5473 Virginia Beach Blvd, Virginia Beach, VA 23462
Private
PK - 12
Yes
11:1 STUDENTS/TEACHERS
0/10
Hebrew Academy of Tidewater
5000 Corp Woods Dr Ste 180, Virginia Beach, VA 23462
Private
PK - 5
Yes
2:1 STUDENTS/TEACHERS
0/10
Baylake Pines School
4444 Shore Dr, Virginia Beach, VA 23455
Private
PK - 8
Yes
9:1 STUDENTS/TEACHERS
0/10
Chesapeake Bay Academy
821 Baker Rd, Virginia Beach, VA 23462
Private
KG - 12
Yes
4:1 STUDENTS/TEACHERS
0/10
Courthouse Montessori School
1305 Windmill Point Cres, Virginia Beach, VA 23453
Private
PK - 5
Yes
13:1 STUDENTS/TEACHERS
0/10
Rollingwood Academy
1752 Prodan Ln, Virginia Beach, VA 23453
Private
PK - KG
Yes
8:1 STUDENTS/TEACHERS
0/10
St John the Apostle Catholic School
1968B Sandbridge Rd, Virginia Beach, VA 23456
Private
PK - 8
Yes
12:1 STUDENTS/TEACHERS
0/10
Holy Family Day School
1279 N Great Neck Rd, Virginia Beach, VA 23454
Private
PK - KG
Yes
2:1 STUDENTS/TEACHERS
0/10
Plaza Baptist Christian Preschool
245 S Rosemont Rd, Virginia Beach, VA 23452
Private
PK - KG
Yes
9:1 STUDENTS/TEACHERS
0/10
Beach Montessori Tech
1101 Eaglewood Dr Ste C, Virginia Beach, VA 23454
Private
PK - 7
No
5:1 STUDENTS/TEACHERS
Name
Category
Grades
Library
Ratio
10/10
Kemps Landing Magnet
4722 Jericho Rd, Virginia Beach, VA 23462
Public
6 - 8
No
16:1 STUDENTS/TEACHERS
9/10
Great Neck Middle School
1848 N Great Neck Rd, Virginia Beach, VA 23454
Public
6 - 8
No
17:1 STUDENTS/TEACHERS
8/10
Corporate Landing Middle School
1597 Corporate Landing Pkwy, Virginia Beach, VA 23454
Public
6 - 8
No
14:1 STUDENTS/TEACHERS
8/10
Princess Anne Middle School
2509 Seaboard Rd, Virginia Beach, VA 23456
Public
6 - 8
No
19:1 STUDENTS/TEACHERS
8/10
Salem Middle School
2380 Lynnhaven Pkwy, Virginia Beach, VA 23464
Public
6 - 8
No
17:1 STUDENTS/TEACHERS
7/10
Independence Middle School
1370 Dunstan Ln, Virginia Beach, VA 23455
Public
6 - 8
No
18:1 STUDENTS/TEACHERS
7/10
Virginia Beach Middle School
600 25th St, Virginia Beach, VA 23451
Public
6 - 8
No
17:1 STUDENTS/TEACHERS
7/10
Landstown Middle School
2204 Recreation Dr, Virginia Beach, VA 23456
Public
6 - 8
No
18:1 STUDENTS/TEACHERS
6/10
Brandon Middle School
1700 Pope St, Virginia Beach, VA 23464
Public
6 - 8
No
16:1 STUDENTS/TEACHERS
6/10
Larkspur Middle School
4696 Princess Anne Rd, Virginia Beach, VA 23462
Public
6 - 8
No
18:1 STUDENTS/TEACHERS
6/10
Kempsville Middle School
860 Churchill Dr, Virginia Beach, VA 23464
Public
6 - 8
No
17:1 STUDENTS/TEACHERS
6/10
Plaza Middle School
3080 S Lynnhaven Rd, Virginia Beach, VA 23452
Public
6 - 8
No
15:1 STUDENTS/TEACHERS
6/10
Bayside Middle School
965 Newtown Rd, Virginia Beach, VA 23462
Public
6 - 8
No
18:1 STUDENTS/TEACHERS
6/10
Lynnhaven Middle School
1250 Bayne Dr, Virginia Beach, VA 23454
Public
6 - 8
No
17:1 STUDENTS/TEACHERS
0/10
Tabernacle Baptist Academy
717 Whitehurst Landing Rd, Virginia Beach, VA 23464
Private
PK - 12
Yes
9:1 STUDENTS/TEACHERS
0/10
Coastal Christian Academy
640 Kempsville Rd, Virginia Beach, VA 23464
Private
KG - 12
Yes
5:1 STUDENTS/TEACHERS
0/10
St Gregory the Great School
5343 Virginia Beach Blvd, Virginia Beach, VA 23462
Private
PK - 8
Yes
16:1 STUDENTS/TEACHERS
0/10
Star of the Sea School
309 15th St, Virginia Beach, VA 23451
Private
PK - 8
Yes
10:1 STUDENTS/TEACHERS
0/10
Virginia Beach Friends School
1537 Laskin Rd, Virginia Beach, VA 23451
Private
PK - 12
Yes
5:1 STUDENTS/TEACHERS
0/10
Cape Henry Collegiate School
1320 Mill Dam Rd, Virginia Beach, VA 23454
Private
PK - 12
Yes
10:1 STUDENTS/TEACHERS
0/10
Gateway Christian School
5473 Virginia Beach Blvd, Virginia Beach, VA 23462
Private
PK - 12
Yes
11:1 STUDENTS/TEACHERS
0/10
Baylake Pines School
4444 Shore Dr, Virginia Beach, VA 23455
Private
PK - 8
Yes
9:1 STUDENTS/TEACHERS
0/10
Chesapeake Bay Academy
821 Baker Rd, Virginia Beach, VA 23462
Private
KG - 12
Yes
4:1 STUDENTS/TEACHERS
0/10
St John the Apostle Catholic School
1968B Sandbridge Rd, Virginia Beach, VA 23456
Private
PK - 8
Yes
12:1 STUDENTS/TEACHERS
0/10
Beach Montessori Tech
1101 Eaglewood Dr Ste C, Virginia Beach, VA 23454
Private
PK - 7
No
5:1 STUDENTS/TEACHERS
Name
Category
Grades
Library
Ratio
8/10
Green Run Collegiate
1700 Dahlia Dr, Virginia Beach, VA 23453
Public
9 - 12
No
14:1 STUDENTS/TEACHERS
7/10
Tallwood High School
1668 Kempsville Rd, Virginia Beach, VA 23464
Public
9 - 12
No
18:1 STUDENTS/TEACHERS
7/10
Salem High School
1993 Sundevil Dr, Virginia Beach, VA 23464
Public
9 - 12
No
18:1 STUDENTS/TEACHERS
7/10
Princess Anne High School
4400 Virginia Beach Blvd, Virginia Beach, VA 23462
Public
9 - 12
No
18:1 STUDENTS/TEACHERS
7/10
Ocean Lakes High School
885 Schumann Dr, Virginia Beach, VA 23454
Public
9 - 12
No
15:1 STUDENTS/TEACHERS
7/10
Frank W. Cox High School
2425 Shorehaven Dr, Virginia Beach, VA 23454
Public
9 - 12
No
16:1 STUDENTS/TEACHERS
7/10
Floyd Kellam High School
2323 Holland Rd, Virginia Beach, VA 23453
Public
9 - 12
No
20:1 STUDENTS/TEACHERS
6/10
Landstown High School
2001 Concert Dr, Virginia Beach, VA 23456
Public
9 - 12
No
19:1 STUDENTS/TEACHERS
5/10
First Colonial High School
1272 Mill Dam Rd, Virginia Beach, VA 23454
Public
9 - 12
No
19:1 STUDENTS/TEACHERS
4/10
Kempsville High School
5194 Chief Trl, Virginia Beach, VA 23464
Public
9 - 12
No
19:1 STUDENTS/TEACHERS
4/10
Bayside High School
4960 Haygood Rd, Virginia Beach, VA 23455
Public
9 - 12
No
17:1 STUDENTS/TEACHERS
4/10
Green Run High School
1700 Dahlia Dr, Virginia Beach, VA 23453
Public
9 - 12
No
18:1 STUDENTS/TEACHERS
0/10
Tabernacle Baptist Academy
717 Whitehurst Landing Rd, Virginia Beach, VA 23464
Private
PK - 12
Yes
9:1 STUDENTS/TEACHERS
0/10
Coastal Christian Academy
640 Kempsville Rd, Virginia Beach, VA 23464
Private
KG - 12
Yes
5:1 STUDENTS/TEACHERS
0/10
Bishop Sullivan Catholic High School
4552 Princess Anne Rd, Virginia Beach, VA 23462
Private
9 - 12
Yes
11:1 STUDENTS/TEACHERS
0/10
Virginia Beach Friends School
1537 Laskin Rd, Virginia Beach, VA 23451
Private
PK - 12
Yes
5:1 STUDENTS/TEACHERS
0/10
Cape Henry Collegiate School
1320 Mill Dam Rd, Virginia Beach, VA 23454
Private
PK - 12
Yes
10:1 STUDENTS/TEACHERS
0/10
Gateway Christian School
5473 Virginia Beach Blvd, Virginia Beach, VA 23462
Private
PK - 12
Yes
11:1 STUDENTS/TEACHERS
0/10
Chesapeake Bay Academy
821 Baker Rd, Virginia Beach, VA 23462
Private
KG - 12
Yes
4:1 STUDENTS/TEACHERS
0/10
Back Bay Christian Academy
1212 Princess Anne Rd, Virginia Beach, VA 23457
Private
9 - 10
Yes
7:1 STUDENTS/TEACHERS
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Have questions about Virginia Beach?
Ask me about homes, pricing trends, school options, commute, or the best streets to focus on. I'm happy to share local insights and help you narrow down the right fit.
Demographics
Data provided by Attom Data
Population
Employment
Population
442.9K
442.9K in 2020
Density
1.4K
per square mile
Households
166.7K
35 With Children
Gender
49% / 51%
Men Vs Women
Occupancy
65% / 35%
Owned Vs Rented
Age Median: Years
Education Level
FAQs
To help you make informed decisions, we've compiled answers to some of the most commonly asked questions.
How much do I need for a down payment on a home?
The amount you need for a down payment depends on the type of loan and your financial situation. While 20% is a common benchmark, many buyers put down less—some conventional loans allow as little as 3%, and FHA loans require just 3.5%.
What's included in my monthly mortgage payment?
Your monthly mortgage payment typically includes principal, interest, property taxes, and homeowners insurance (often abbreviated as PITI). Depending on your loan, it may also include private mortgage insurance (PMI), homeowners association (HOA) fees, or other costs.
What is a 2-1 buydown, and how does it work?
A 2-1 buydown is a type of mortgage financing that temporarily lowers your interest rate for the first two years of the loan. In the first year, your rate is reduced by 2%, and in the second year, it's reduced by 1%. After that, your rate adjusts to the original agreed-upon rate for the remainder of the loan.
Who pays for the 2-1 buydown—the buyer, the seller, or the lender?
The cost of a 2-1 buydown can be paid by the buyer, seller, or lender, depending on the agreement. Often, sellers offer to pay for the buydown as an incentive to attract buyers, especially in a slower market. Buyers can also choose to pay for it themselves if they want lower initial payments.
What are closing costs, and how much should I expect to pay?
Closing costs are fees associated with finalizing your home purchase, including loan origination fees, title insurance, appraisal fees, and more. They typically range from 2% to 5% of the home's purchase price. Some costs may be negotiable, and in certain cases, sellers may agree to cover part of them.
How does my credit score affect my mortgage rate?
Your credit score plays a significant role in determining your mortgage rate. A higher score typically qualifies you for lower interest rates, which can save you thousands of dollars over the life of your loan. If your score is lower, you may still qualify for a loan, but at a higher rate.
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