The two crew members ejected but it is not yet known if there are any civilian casualties.
A Navy spokesman told local news station WAVY that the plane went down just before 12:30 and two crew members ejected safely.
TV News footage showed smoke rising from numerous homes and the flaming wreckage lying on the ground.
Reports said the plane may have hit an apartment block, with photos showing black smoke rising from behind houses.
Interstate 264 has been temporarily closed in both directions.
The plane is reported to have been based at the naval air station at Oceana, Virginia.
Local news station WTKR reports that a significant amount of damage has been done to an apartment building located near the centre of town.
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