Scranton FHA Loans

SCRANTON--WILKES-BARRE, PA

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Scranton's 139 lenders originated 2,480 FHA loans during 2021. The total origination value was $367,080,000, with an average FHA loan value of $148,016.

Scranton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Scranton averaged 5.55% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.58% and one month ago for the week of 2022-04-08, the average rate was 5.15%.

The average rate one year ago was 3.06%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.23%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Scranton FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Scranton level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 327 2.87% $6,040
ARK-LA-TEX FINANCIAL SERVICES, LLC. 153 3.48% $5,683
RESIDENTIAL MORTGAGE SERVICES, INC. 139 3.13% $6,885
BROKER SOLUTIONS, INC. 117 3.13% $7,299
SWBC MORTGAGE CORPORATION 95 3.38% $4,660
Hometown Lenders, Inc. 80 3.10% $7,096
FREEDOM MORTGAGE CORPORATION 78 3.05% $4,713
PENNYMAC LOAN SERVICES, LLC 72 3.01% $4,377
STEARNS LENDING, LLC 69 2.94% $6,978
CALIBER HOME LOANS, INC. 67 2.74% $6,059
UNITED MORTGAGE CORP. 64 3.32% $8,283
Alcova Mortgage LLC 62 3.12% $4,709
HOMESPIRE MORTGAGE CORPORATION 59 2.99% $6,966
Century Mortgage Company DBA Century Lending Company 40 2.93% $7,938
UNITED WHOLESALE MORTGAGE, LLC 36 2.72% $7,371
LAKEVIEW LOAN SERVICING, LLC 34 3.12% $4,987
CROSSCOUNTRY MORTGAGE, LLC 34 3.29% $7,187
Manufacturers and Traders Trust Company 32 2.81% $6,109
NEWREZ LLC 31 2.95% $6,231
Mr. Cooper ( Nationstar Mortgage ) 30 3.41% $2,482
First Guaranty Mortgage Corporation 29 2.91% $6,812
GUILD MORTGAGE COMPANY 29 3.31% $7,016
Carrington Mortgage Services, LLC 22 4.01% $8,356
VILLAGE CAPITAL & INVESTMENT LLC 21 2.99% $2,210
Citizens Bank 17 2.76% $6,000
AMERISAVE MORTGAGE CORPORATION 16 3.25% $7,938
Atlantic Home Loans, Inc. 16 3.17% $6,959
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 15 3.12% $8,007
FINANCE OF AMERICA MORTGAGE LLC 15 3.14% $7,390
AMERICAN FINANCIAL NETWORK, INC. 14 3.10% $12,825
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 3.19% $7,587
LOANDEPOT.COM, LLC 10 3.37% $7,377
AmeriHome Mortgage Company, LLC 10 3.11% $5,115
FIRST HERITAGE FINANCIAL, LLC 10 2.98% $5,221
Summit Mortgage Corporation 9 3.01% $6,661
Bank of England 9 3.29% $8,135
MOVEMENT MORTGAGE, LLC 8 3.14% $6,765
HOME POINT FINANCIAL CORPORATION 8 2.98% $5,886
PNC Bank 7 3.09% $6,081
NFM, INC. 6 3.21% $6,427
The Honesdale National Bank 6 3.29% $7,630
GUARANTEED RATE, INC. 6 3.21% $6,103
Nations Lending Corporation 6 2.94% $9,172
ALLIED MORTGAGE GROUP, INC. 6 2.75% $11,250
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.68% $7,628
Equity Prime Mortgage LLC 5 3.08% $8,649
Servion, Inc. 5 2.98% $7,112
Mortgage America, Inc. 5 2.88% $7,007
MICHIGAN MUTUAL, INC. 5 3.03% $9,041
Paramount Residential Mortgage Group, Inc. 5 3.30% $7,405
First National Bank of Pennsylvania 4 2.69% $6,015
OCEANSIDE MORTGAGE COMPANY 4 2.81% $2,315
HOMESIDE FINANCIAL, LLC 4 3.41% $5,800
Mortgage Research Center, LLC 4 3.09% $3,535
Bank of America 4 2.91% $4,238
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 3.38% $6,467
PANORAMA MORTGAGE GROUP, LLC 3 3.42% $8,085
Univest Bank and Trust Co. 3 2.75% $6,959
ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 3.21% $5,276
GREENTREE MORTGAGE COMPANY, L.P. 3 2.54% $6,100
CMG MORTGAGE, INC. 3 3.54% $7,292
MUTUAL OF OMAHA MORTGAGE, INC. 3 3.13% $7,619
Truist Bank 3 3.04% $4,868
FIRST ALLIANCE HOME MORTGAGE, LLC 3 2.96% $7,803
FAMILY FIRST FUNDING LLC 2 3.00% $8,599
AMERICAN FINANCIAL RESOURCES, INC. 2 3.69% $10,135
AMERICAN FINANCING CORPORATION 2 2.88% $9,961
Barrington Bank & Trust Company, N.A. 2 3.50% $4,952
CELEBRITY HOME LOANS, LLC 2 3.69% $11,436
EMM LOANS LLC 2 2.69% $9,072
First Home Bank 2 3.00% $5,948
Flagstar Bank, FSB 2 2.48% $6,468
InterContinental Capital Group, Inc 2 3.00% $6,916
Lakeview Community Capital, LLC 2 3.25% $4,214
LIBERTY HOME MORTGAGE CORPORATION 2 3.44% $7,690
MEMBER FIRST MORTGAGE, LLC 2 3.31% $6,261
MID AMERICA MORTGAGE, INC. 2 4.06% $3,529
Mortgage Unlimited, L.L.C. 2 2.69% $7,835
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.25% $6,920
NBT Bank 2 3.25% $7,096
Paramount Bank 2 3.44% $6,923
PLANET HOME LENDING, LLC 2 2.69% $3,435
PLAZA HOME MORTGAGE, INC. 2 3.69% $7,277
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.04% $5,713
Quaint Oak Mortgage, LLC 2 2.85% $6,049
RELIANCE FIRST CAPITAL, LLC 2 2.94% $10,136
ROYAL UNITED MORTGAGE LLC 2 3.69% $7,575
RUOFF MORTGAGE COMPANY, INC. 2 3.38% $5,328
SUCCESS MORTGAGE PARTNERS, INC. 2 3.25% $7,006
TD Bank 2 2.75% $6,318
TOP FLITE FINANCIAL, INC. 2 3.50% $12,343
TOTAL MORTGAGE SERVICES, LLC 2 4.13% $7,502
Wells Fargo Bank 2 2.75% $3,623
HUDSON VALLEY CREDIT UNION 1 3.25% $7,070
GUARANTEED RATE AFFINITY, LLC 1 2.38% $5,885
Philadelphia Mortgage Advisors, Inc. 1 3.13% $7,215
Acre Mortgage and Financial Inc 1 4.25% $6,899
Platinum Home Mortgage Corporation 1 3.75% $8,614
ZILLOW HOME LOANS, LLC 1 2.75% $8,907
FM Home Loans, LLC 1 2.75% $9,682
PREMIA MORTGAGE, LLC 1 2.75% $10,191
First Savings Bank 1 3.63% $11,276
Triumph Bank 1 2.88% $7,721
Princeton Mortgage Corporation 1 3.25% $6,546
Prosperity Home Mortgage, LLC 1 3.63% $6,680
BETTER MORTGAGE CORPORATION 1 2.75% $9,916
Firstrust Savings Bank 1 2.75% $7,259
ARC HOME LLC 1 2.99% $5,401
First Mortgage Solutions, LLC 1 2.50% $8,338
FIRST HOME MORTGAGE CORPORATION 1 3.38% $5,702
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 3.00% $6,665
AmRes Corporation 1 3.25% $7,208
Sandy Spring Bank 1 3.25% $6,282
Santander Bank, N.A. 1 2.75% $5,526
FAY SERVICING, LLC 1 3.50% $3,911
Sierra Pacific Mortgage Company, Inc. 1 2.75% $7,106
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.75% $7,184
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $7,023
1st Constitution Bank 1 3.13% $7,061
Advisors Mortgage Group, L.L.C. 1 2.75% $4,959
ENVOY MORTGAGE, LTD 1 4.38% $10,671
SUN WEST MORTGAGE COMPANY, INC. 1 4.13% $7,901
Customers Bank 1 2.63% $6,852
U.S. Bank 1 2.63% $5,635
MORTGAGE ACCESS CORP. 1 2.75% $8,669
MLB RESIDENTIAL LENDING, LLC 1 3.75% $8,076
NATION ONE MORTGAGE CORPORATION 1 3.25% $5,788
NATIONS DIRECT MORTGAGE, LLC 1 4.00% $4,823
MID-ISLAND MORTGAGE CORP. 1 2.88% $6,782
The Ephrata National Bank 1 3.00% $11,439
CLEARPATH LENDING 1 2.75% $5,564
MEMBERS 1ST FEDERAL CREDIT UNION 1 2.63% $7,130
LOANPAL, LLC 1 2.50% $10,031
Northpointe Bank 1 3.00% $6,567
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 3.25% $6,987
OCMBC, INC. 1 2.75% $9,854
ON Q FINANCIAL, INC. 1 2.75% $5,774
JAMES B. NUTTER & COMPANY 1 3.00% $3,379
TIDEWATER MORTGAGE SERVICES, INC. 1 3.25% $11,858

The top Scranton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 327 FHA loans originated. Their average total fees are $6,040, which is $357 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

The lowest fee Scranton FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,210), Mr. Cooper ( Nationstar Mortgage ) ($2,482), PENNYMAC LOAN SERVICES, LLC ($4,377), SWBC MORTGAGE CORPORATION ($4,660) and Alcova Mortgage LLC ($4,709).

The lowest rate Scranton FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.72%), CALIBER HOME LOANS, INC. (2.74%), Citizens Bank (2.76%), Manufacturers and Traders Trust Company (2.81%) and QUICKEN LOANS, LLC (2.87%).

Scranton FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SCRANTON--WILKES-BARRE, PA LACKAWANNA 2022 $420,680 $538,650 $651,050 $809,150
SCRANTON--WILKES-BARRE, PA LUZERNE 2022 $420,680 $538,650 $651,050 $809,150
SCRANTON--WILKES-BARRE, PA WYOMING 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Scranton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $139,000 (7.0%) $184,052 (3.7%) 0.51 2,122
2018-02-01 $139,450 (7.4%) $187,834 (5.3%) 0.50 2,026
2018-03-01 $145,000 (5.8%) $194,464 (5.5%) 0.50 1,988
2018-04-01 $149,450 (6.0%) $197,414 (3.7%) 0.50 2,073
2018-05-01 $152,500 (3.5%) $203,909 (5.7%) 0.51 2,230
2018-06-01 $159,900 (7.1%) $208,272 (7.4%) 0.53 2,390
2018-07-01 $160,950 (7.4%) $209,884 (9.3%) 0.54 2,491
2018-08-01 $160,700 (9.1%) $209,116 (9.6%) 0.54 2,510
2018-09-01 $159,000 (7.8%) $204,416 (7.5%) 0.53 2,544
2018-10-01 $155,400 (6.4%) $201,896 (6.2%) 0.52 2,494
2018-11-01 $149,950 (3.8%) $199,043 (4.9%) 0.50 2,357
2018-12-01 $149,900 (7.2%) $193,347 (3.9%) 0.51 2,182
2019-01-01 $149,900 (7.8%) $194,323 (5.6%) 0.52 1,970
2019-02-01 $149,900 (7.5%) $196,552 (4.6%) 0.50 1,857
2019-03-01 $153,800 (6.1%) $199,374 (2.5%) 0.50 1,840
2019-04-01 $159,450 (6.7%) $203,582 (3.1%) 0.50 1,889
2019-05-01 $164,900 (8.1%) $213,516 (4.7%) 0.51 1,958
2019-06-01 $165,000 (3.2%) $217,657 (4.5%) 0.51 2,118
2019-07-01 $165,000 (2.5%) $216,447 (3.1%) 0.51 2,238
2019-08-01 $163,529 (1.8%) $214,435 (2.5%) 0.51 2,196
2019-09-01 $162,950 (2.5%) $212,918 (4.2%) 0.52 2,137
2019-10-01 $159,900 (2.9%) $211,949 (5.0%) 0.51 2,191
2019-11-01 $160,000 (6.7%) $213,666 (7.4%) 0.52 2,024
2019-12-01 $159,900 (6.7%) $209,577 (8.4%) 0.53 1,853
2020-01-01 $158,450 (5.7%) $203,757 (4.9%) 0.53 1,679
2020-02-01 $159,000 (6.1%) $204,456 (4.0%) 0.51 1,634
2020-03-01 $162,450 (5.6%) $203,500 (2.1%) 0.51 1,565
2020-04-01 $165,000 (3.5%) $212,274 (4.3%) 0.51 1,460
2020-05-01 $169,900 (3.0%) $218,889 (2.5%) 0.51 1,415
2020-06-01 $176,950 (7.2%) $228,175 (4.8%) 0.52 1,326
2020-07-01 $187,000 (13.3%) $251,868 (16.4%) 0.54 1,173
2020-08-01 $190,900 (16.7%) $260,448 (21.5%) 0.55 1,090
2020-09-01 $194,450 (19.3%) $272,934 (28.2%) 0.56 1,022
2020-10-01 $199,000 (24.5%) $276,773 (30.6%) 0.57 1,012
2020-11-01 $185,000 (15.6%) $269,804 (26.3%) 0.53 981
2020-12-01 $185,000 (15.7%) $267,792 (27.8%) 0.54 907
2021-01-01 $169,900 (7.2%) $259,801 (27.5%) 0.50 778
2021-02-01 $183,450 (15.4%) $273,747 (33.9%) 0.53 626
2021-03-01 $189,900 (16.9%) $292,792 (43.9%) 0.53 546
2021-04-01 $195,000 (18.2%) $298,287 (40.5%) 0.52 549
2021-05-01 $204,900 (20.6%) $306,969 (40.2%) 0.54 608
2021-06-01 $199,900 (13.0%) $300,039 (31.5%) 0.52 739
2021-07-01 $204,900 (9.6%) $287,979 (14.3%) 0.53 844
2021-08-01 $199,450 (4.5%) $274,511 (5.4%) 0.52 870
2021-09-01 $192,450 (-1.0%) $266,317 (-2.4%) 0.51 871
2021-10-01 $180,000 (-9.6%) $262,175 (-5.3%) 0.47 859
2021-11-01 $175,000 (-5.4%) $257,500 (-4.6%) 0.46 801
2021-12-01 $176,850 (-4.4%) $259,136 (-3.2%) 0.47 718
2022-01-01 $175,000 (3.0%) $259,281 (-0.2%) 0.47 611
2022-02-01 $181,200 (-1.2%) $280,578 (2.5%) 0.46 446
2022-03-01 $192,450 (1.3%) $296,024 (1.1%) 0.48 435
2022-04-01 $215,000 (10.3%) $310,149 (4.0%) 0.51 463
Scranton's median listing price for 2022-04-01 was $215,000, a difference of $20,000 (10.3%) versus the prior year and $22,550 versus the prior month.

Scranton's median listing price comes in at 51% of the national average.

Scranton's average listing price for 2022-04-01 was $310,149, a difference of $11,862 (4.0%) versus the prior year and $14,125 versus the prior month.

For the 2022-04-01 period, Scranton had 463 MLS listings, a difference of 28 listings (6%) versus the prior month and -86 listings (-16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Scranton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 110 days 1,751 sqft
2018-02-01 116 days 1,746 sqft
2018-03-01 114 days 1,765 sqft
2018-04-01 86 days 1,791 sqft
2018-05-01 73 days 1,835 sqft
2018-06-01 69 days 1,874 sqft
2018-07-01 71 days 1,866 sqft
2018-08-01 78 days 1,849 sqft
2018-09-01 87 days 1,849 sqft
2018-10-01 92 days 1,813 sqft
2018-11-01 94 days 1,800 sqft
2018-12-01 105 days 1,790 sqft
2019-01-01 113 days 1,778 sqft
2019-02-01 119 days 1,775 sqft
2019-03-01 110 days 1,800 sqft
2019-04-01 81 days 1,845 sqft
2019-05-01 70 days 1,866 sqft
2019-06-01 66 days 1,870 sqft
2019-07-01 71 days 1,844 sqft
2019-08-01 78 days 1,844 sqft
2019-09-01 85 days 1,855 sqft
2019-10-01 85 days 1,876 sqft
2019-11-01 88 days 1,872 sqft
2019-12-01 100 days 1,873 sqft
2020-01-01 108 days 1,820 sqft
2020-02-01 109 days 1,824 sqft
2020-03-01 92 days 1,814 sqft
2020-04-01 99 days 1,813 sqft
2020-05-01 109 days 1,820 sqft
2020-06-01 101 days 1,852 sqft
2020-07-01 67 days 1,895 sqft
2020-08-01 58 days 1,894 sqft
2020-09-01 54 days 1,886 sqft
2020-10-01 49 days 1,899 sqft
2020-11-01 53 days 1,839 sqft
2020-12-01 65 days 1,825 sqft
2021-01-01 79 days 1,760 sqft
2021-02-01 82 days 1,800 sqft
2021-03-01 60 days 1,819 sqft
2021-04-01 39 days 1,808 sqft
2021-05-01 37 days 1,852 sqft
2021-06-01 33 days 1,847 sqft
2021-07-01 35 days 1,817 sqft
2021-08-01 37 days 1,834 sqft
2021-09-01 42 days 1,820 sqft
2021-10-01 45 days 1,792 sqft
2021-11-01 48 days 1,753 sqft
2021-12-01 59 days 1,745 sqft
2022-01-01 64 days 1,764 sqft
2022-02-01 65 days 1,769 sqft
2022-03-01 42 days 1,788 sqft
2022-04-01 29 days 1,800 sqft
Scranton's median listing age (time on market) for 2022-04-01 was 29 days. This is -26% shorter than the same period one year ago.

Scranton's median square footage for active listings during the 2022-04-01 period was 1,800 sqft. One year prior, the average listing was 1,808 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).