Scranton FHA Loan Rates, Closing Costs & Stats
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 113 lenders originated 1,353 FHA
loans during 2023. The total origination value was $241,945,000, with an average FHA loan value of
$178,821.
Scranton FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Scranton
averaged
6.58%
for the week of 2024-11-08, compared to the national average (all FHA variants) of
6.425% for the same period.
Scranton's average FHA mortgage closing costs are $6,793.
The average rate for the prior week (2024-11-01) was
6.76% and
one month ago for the week of 2024-10-04, the
average rate was 6.18%.
The average rate one year ago was 7.42%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.89%.
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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Scranton level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
QUICKEN LOANS, LLC
|
231
|
6.37%
|
$9,081
|
Century Mortgage Company DBA Century Lending Company
|
106
|
6.50%
|
$9,701
|
GUILD MORTGAGE COMPANY
|
99
|
6.51%
|
$9,613
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
62
|
6.93%
|
$8,940
|
CROSSCOUNTRY MORTGAGE, LLC
|
59
|
6.92%
|
$10,638
|
UNITED WHOLESALE MORTGAGE, LLC
|
57
|
6.61%
|
$9,729
|
Ixonia Bank
|
31
|
6.91%
|
$9,976
|
SWBC MORTGAGE CORPORATION
|
31
|
6.83%
|
$5,084
|
FREEDOM MORTGAGE CORPORATION
|
27
|
6.80%
|
$11,341
|
Alcova Mortgage LLC
|
26
|
6.84%
|
$6,897
|
PENNYMAC LOAN SERVICES, LLC
|
26
|
6.18%
|
$9,056
|
AMERISAVE MORTGAGE CORPORATION
|
25
|
6.10%
|
$12,525
|
NEWREZ LLC
|
23
|
6.61%
|
$8,281
|
CARDINAL FINANCIAL
|
22
|
6.46%
|
$9,783
|
M&T Bank
|
21
|
6.27%
|
$8,874
|
Citizens Bank
|
20
|
6.51%
|
$9,461
|
LOANDEPOT.COM, LLC
|
19
|
6.54%
|
$9,880
|
BROKER SOLUTIONS, INC.
|
16
|
6.57%
|
$10,046
|
Mr. Cooper ( Nationstar Mortgage )
|
16
|
6.28%
|
$11,292
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
14
|
6.89%
|
$12,350
|
Flagstar Bank, FSB
|
12
|
6.72%
|
$9,691
|
ABSOLUTE HOME MORTGAGE CORPORATION
|
12
|
6.63%
|
$8,662
|
AMERICAN FINANCIAL NETWORK, INC.
|
12
|
6.98%
|
$11,901
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
11
|
6.95%
|
$11,645
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
10
|
6.76%
|
$7,455
|
MOVEMENT MORTGAGE, LLC
|
10
|
6.59%
|
$9,882
|
ALLIED MORTGAGE GROUP, INC.
|
7
|
6.61%
|
$12,563
|
Mortgage Research Center, LLC
|
7
|
7.10%
|
$5,792
|
PNC Bank
|
7
|
6.93%
|
$7,382
|
Carrington Mortgage Services, LLC
|
7
|
6.32%
|
$11,931
|
CMG MORTGAGE, INC.
|
7
|
7.02%
|
$10,579
|
ZILLOW HOME LOANS, LLC
|
6
|
6.35%
|
$10,087
|
FIRST MORTGAGE COMPANY, INC.
|
6
|
6.44%
|
$11,725
|
Plains Commerce Bank
|
6
|
6.31%
|
$8,931
|
MEMBER FIRST MORTGAGE, LLC
|
6
|
6.96%
|
$9,208
|
LAKEVIEW LOAN SERVICING, LLC
|
5
|
6.45%
|
$10,296
|
East Coast Capital Corp.
|
5
|
6.73%
|
$11,785
|
NATION ONE MORTGAGE CORPORATION
|
5
|
6.70%
|
$15,233
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
4
|
6.81%
|
$8,014
|
NFM, INC.
|
4
|
6.72%
|
$11,098
|
PENTAGON FEDERAL CREDIT UNION
|
4
|
5.31%
|
$9,569
|
GUARANTEED RATE, INC.
|
4
|
6.66%
|
$9,492
|
THRIVE MORTGAGE, LLC
|
4
|
6.88%
|
$8,890
|
HOMESPIRE MORTGAGE CORPORATION
|
4
|
6.69%
|
$5,039
|
PLANET HOME LENDING, LLC
|
3
|
6.75%
|
$8,992
|
AMERICAN FINANCIAL RESOURCES, INC.
|
3
|
6.38%
|
$10,599
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
3
|
6.67%
|
$9,225
|
CALIBER HOME LOANS, INC.
|
3
|
5.75%
|
$17,244
|
CLIFFCO, INC.
|
3
|
7.08%
|
$12,586
|
Customers Bank
|
3
|
6.63%
|
$7,808
|
EMM LOANS LLC
|
3
|
6.54%
|
$14,630
|
Equity Prime Mortgage LLC
|
3
|
6.04%
|
$8,432
|
EVERETT FINANCIAL, INC.
|
3
|
5.88%
|
$13,833
|
FIRST HERITAGE FINANCIAL, LLC
|
3
|
6.17%
|
$6,988
|
GENEVA FINANCIAL, LLC
|
3
|
7.04%
|
$9,077
|
Hometown Equity Mortgage, LLC
|
3
|
7.00%
|
$17,520
|
JPMorgan Chase Bank
|
3
|
7.17%
|
$6,907
|
NBT Bank
|
3
|
6.54%
|
$7,883
|
Northpointe Bank
|
3
|
6.83%
|
$9,498
|
PLAZA HOME MORTGAGE, INC.
|
3
|
6.17%
|
$16,993
|
RADIUS FINANCIAL GROUP INC.
|
3
|
7.25%
|
$13,160
|
RELIANCE FIRST CAPITAL, LLC
|
3
|
6.58%
|
$12,477
|
TOWNE MORTGAGE COMPANY
|
3
|
7.00%
|
$8,964
|
UNION HOME MORTGAGE CORP.
|
3
|
6.54%
|
$11,724
|
Wells Fargo Bank
|
3
|
5.92%
|
$5,054
|
AMERICAN FINANCING CORPORATION
|
2
|
6.25%
|
$11,520
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
2
|
7.19%
|
$10,024
|
Prosperity Home Mortgage, LLC
|
2
|
6.37%
|
$7,935
|
GSF Mortgage Corporation
|
2
|
5.88%
|
$8,635
|
VILLAGE CAPITAL MORTGAGE
|
2
|
6.13%
|
$4,762
|
TOP FLITE FINANCIAL, INC.
|
2
|
7.13%
|
$13,854
|
Truist
|
2
|
6.25%
|
$8,646
|
Nations Lending Corporation
|
2
|
5.56%
|
$7,976
|
MICHIGAN MUTUAL, INC.
|
2
|
6.31%
|
$13,424
|
ROYAL UNITED MORTGAGE LLC
|
2
|
7.19%
|
$9,159
|
Paramount Residential Mortgage Group, Inc.
|
2
|
6.50%
|
$10,276
|
SUCCESS MORTGAGE PARTNERS, INC.
|
2
|
6.81%
|
$8,688
|
Summit Mortgage Corporation
|
2
|
7.19%
|
$12,173
|
Firstrust Savings Bank
|
2
|
6.88%
|
$7,042
|
Acre Mortgage and Financial Inc
|
1
|
7.00%
|
$14,276
|
Bank of England
|
1
|
6.25%
|
$7,879
|
Bank of America
|
1
|
5.00%
|
$2,481
|
Quaint Oak Mortgage, LLC
|
1
|
7.25%
|
$7,787
|
AmeriHome Mortgage Company, LLC
|
1
|
7.13%
|
$9,402
|
Advisors Mortgage Group, L.L.C.
|
1
|
6.12%
|
$8,800
|
Univest Bank and Trust Co.
|
1
|
7.00%
|
$7,361
|
Servion, Inc.
|
1
|
7.50%
|
$12,176
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
6.00%
|
$23,452
|
TD Bank
|
1
|
5.63%
|
$8,449
|
The Federal Savings Bank
|
1
|
6.50%
|
$11,027
|
The Honesdale National Bank
|
1
|
6.50%
|
$7,208
|
AFFORDABLE MORTGAGE ADVISORS, LLC.
|
1
|
5.63%
|
$8,490
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
7.13%
|
$12,047
|
Meridian Bank Corporation
|
1
|
6.63%
|
$8,385
|
MID AMERICA MORTGAGE, INC.
|
1
|
7.63%
|
$18,546
|
MLD MORTGAGE INC.
|
1
|
6.25%
|
$8,374
|
Mortgage America, Inc.
|
1
|
7.25%
|
$6,696
|
Lakeview Community Capital, LLC
|
1
|
7.25%
|
$6,881
|
INTERSTATE HOME LOAN CENTER, INC.
|
1
|
6.25%
|
$9,468
|
Keystone Funding, Inc.
|
1
|
6.13%
|
$9,115
|
HOMESIDE FINANCIAL, LLC
|
1
|
6.50%
|
$11,074
|
Flanagan State Bank
|
1
|
6.50%
|
$11,130
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
7.25%
|
$8,944
|
NBKC BANK
|
1
|
6.63%
|
$6,414
|
NETWORK CAPITAL FUNDING CORPORATION
|
1
|
6.75%
|
$8,981
|
FIRST ALLIANCE HOME MORTGAGE, LLC
|
1
|
6.50%
|
$8,520
|
EQUITY RESOURCES, INC.
|
1
|
6.38%
|
$11,658
|
NJ LENDERS CORP.
|
1
|
6.75%
|
$6,372
|
OCMBC, INC.
|
1
|
6.00%
|
$17,914
|
EMBRACE HOME LOANS, INC.
|
1
|
6.25%
|
$8,060
|
Colonial Savings, F.A.
|
1
|
6.25%
|
$7,134
|
CALCON MUTUAL MORTGAGE LLC
|
1
|
6.25%
|
$15,665
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
6.63%
|
$7,244
|
The top Scranton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
231 FHA loans originated. Their average total fees are
$9,081, which is $620
lower than the next largest lender,
Century Mortgage Company DBA Century Lending Company.
The lowest fee Scranton FHA lenders (with over 10 loans originated) are
SWBC MORTGAGE CORPORATION ($5,084), Alcova Mortgage LLC ($6,897), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,455), NEWREZ LLC ($8,281) and ABSOLUTE HOME MORTGAGE CORPORATION ($8,662).
The lowest rate Scranton FHA lenders (with over 10 loans originated) are
AMERISAVE MORTGAGE CORPORATION (6.10%), PENNYMAC LOAN SERVICES, LLC (6.18%), M&T Bank (6.27%), Mr. Cooper ( Nationstar Mortgage ) (6.28%) and QUICKEN LOANS, LLC (6.37%).
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 |
SCRANTON--WILKES-BARRE, PA |
LACKAWANNA |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
SCRANTON--WILKES-BARRE, PA |
LUZERNE |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
SCRANTON--WILKES-BARRE, PA |
WYOMING |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
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).