Friday, December 9, 2022

‘American Dream’ alive and well in Virginia Beach

VIRGINIA BEACH — Achieving the “American Dream” of homeownership is alive and well here, at least according to SmartAsset, an online financial technology company, which ranks the city fifth in the state for homebuyers who are most likely to be approved for a mortgage.

SmartAsset’s study looked at ratios of mortgage applications to approvals, then ranked cities and counties across Virginia and across the nation.

Arlington, Charlottesville, Williamsburg, and Loudoun were the top four in the state for areas where hopeful homebuyers were successful in securing a mortgage. Nationally, Virginia Beach was number 68.

Virginia Beach ranked fifth out of 133 counties and independent cities in Virginia for its loan funding rate, said Ross Urken, senior editor for SmartAsset.

“That is, potential homeowners in Virginia Beach were – at a higher rate than almost any other place in Virginia – seeking out mortgages that banks were able to fund,” Urken said. “This could indicate that local homebuyers were considering homes within their means or maintaining strong credit, among other factors that would help encourage a bank to fund their loans.”

Virginia Beach was the only Coastal Virginia city in the top 20 of the state ranking. Norfolk was No. 80.

SmartAsset, an online financial technology company, ranked Virginia Beach fifth in state in successful mortgage applications (Southside Daily photo/Courtesy of SmartAsset)
SmartAsset, an online financial technology company, ranked Virginia Beach fifth in state in successful mortgage applications (Southside Daily photo/Courtesy of SmartAsset)

SmartAsset’s ranking of “Best Mortgage Markets” in Virginia had Virginia Beach at No. 6; the city was No. 130 for “Borrowing Costs;” No. 108 in “Property Tax” costs; and No. 130 for “Mortgage Payment.”

SmartAsset aims to provide online personal financial advice, featuring free tools, personalized to help users make sound financial decisions relating to homebuying, taxes, retirement, and more, according to the company.

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