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 129 lenders originated 1,647 FHA loans during 2022. The total origination value was $272,835,000, with an average FHA loan value of $165,656.

Scranton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Scranton averaged 6.45% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Scranton's average FHA mortgage closing costs are $6,388.

The average rate for the prior week (2023-05-19) was 6.22% and one month ago for the week of 2023-04-21, the average rate was 6.06%.

The average rate one year ago was 4.98%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.39%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 252 4.63% $8,073
Century Mortgage Company DBA Century Lending Company 162 4.73% $9,250
GUILD MORTGAGE COMPANY 133 5.11% $9,032
Hometown Lenders, Inc. 88 5.11% $8,769
ARK-LA-TEX FINANCIAL SERVICES, LLC. 64 5.09% $6,891
UNITED MORTGAGE CORP. 53 5.49% $10,366
Alcova Mortgage LLC 51 4.97% $6,047
SWBC MORTGAGE CORPORATION 47 5.36% $5,104
CROSSCOUNTRY MORTGAGE, LLC 45 5.34% $9,601
UNITED WHOLESALE MORTGAGE, LLC 43 4.99% $9,106
PENNYMAC LOAN SERVICES, LLC 33 4.05% $7,311
CALIBER HOME LOANS, INC. 31 4.25% $7,028
LOANDEPOT.COM, LLC 24 4.90% $8,421
HOMESPIRE MORTGAGE CORPORATION 23 4.76% $8,304
M&T Bank 22 4.43% $6,823
Citizens Bank 22 4.99% $7,839
FREEDOM MORTGAGE CORPORATION 21 4.96% $9,633
Mr. Cooper ( Nationstar Mortgage ) 21 4.56% $9,035
AMERISAVE MORTGAGE CORPORATION 20 4.85% $10,467
BROKER SOLUTIONS, INC. 17 4.83% $10,149
LAKEVIEW LOAN SERVICING, LLC 16 4.39% $6,263
CARDINAL FINANCIAL 13 4.41% $8,008
Carrington Mortgage Services, LLC 12 5.15% $10,161
PNC Bank 12 4.67% $5,471
Mortgage Research Center, LLC 12 5.41% $6,051
Paramount Residential Mortgage Group, Inc. 11 5.35% $10,135
Flagstar Bank, FSB 11 5.39% $10,100
FINANCE OF AMERICA MORTGAGE LLC 11 5.07% $8,347
NATIONWIDE MORTGAGE BANKERS, INC. 9 5.32% $9,939
UNION HOME MORTGAGE CORP. 8 5.80% $8,290
FIRST HERITAGE FINANCIAL, LLC 8 4.68% $6,507
EMM LOANS LLC 7 5.50% $9,690
GUARANTEED RATE, INC. 7 5.00% $7,758
First Guaranty Mortgage Corporation 7 4.21% $7,714
ABSOLUTE HOME MORTGAGE CORPORATION 7 4.98% $9,233
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 4.15% $7,944
NEWREZ LLC 6 3.99% $7,879
TOP FLITE FINANCIAL, INC. 6 5.60% $10,358
HOME POINT FINANCIAL CORPORATION 6 4.85% $8,850
Summit Mortgage Corporation 6 5.04% $7,567
JPMorgan Chase Bank 6 4.62% $6,857
Lakeview Community Capital, LLC 6 4.18% $6,737
Nations Lending Corporation 5 5.10% $10,796
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 5.93% $12,497
First National Bank of Pennsylvania 5 3.98% $7,991
RELIANCE FIRST CAPITAL, LLC 5 5.20% $11,200
MEMBER FIRST MORTGAGE, LLC 5 5.60% $7,210
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 5.41% $7,582
PANORAMA MORTGAGE GROUP, LLC 4 5.63% $9,575
ARC HOME LLC 4 4.59% $6,227
Equity Prime Mortgage LLC 4 4.78% $13,537
EVERETT FINANCIAL, INC. 4 4.31% $6,128
MUTUAL OF OMAHA MORTGAGE, INC. 4 5.50% $9,546
FIRST ALLIANCE HOME MORTGAGE, LLC 4 5.25% $9,863
AMERICAN FINANCING CORPORATION 4 5.91% $8,411
VILLAGE CAPITAL MORTGAGE 4 3.31% $1,877
Wells Fargo Bank 4 5.75% $8,512
HOMESIDE FINANCIAL, LLC 4 4.69% $8,368
EMBRACE HOME LOANS, INC. 3 5.46% $13,113
ALLIED MORTGAGE GROUP, INC. 3 5.08% $9,277
LIBERTY HOME MORTGAGE CORPORATION 3 5.79% $9,038
MLB RESIDENTIAL LENDING, LLC 3 5.54% $8,697
NATION ONE MORTGAGE CORPORATION 3 4.50% $9,384
Northpointe Bank 3 5.33% $8,997
PLANET HOME LENDING, LLC 3 3.29% $9,712
UNITED NORTHERN MORTGAGE BANKERS LIMITED 3 5.04% $10,587
MICHIGAN MUTUAL, INC. 2 4.56% $7,227
Prosperity Home Mortgage, LLC 2 5.00% $10,641
TIDEWATER MORTGAGE SERVICES, INC. 2 5.13% $10,746
East Coast Capital Corp. 2 5.63% $16,513
Colonial Savings, F.A. 2 4.50% $10,020
NETWORK CAPITAL FUNDING CORPORATION 2 4.88% $10,869
CHERRY CREEK MORTGAGE, LLC 2 4.31% $5,130
MOVEMENT MORTGAGE, LLC 2 4.31% $7,225
Plains Commerce Bank 2 5.63% $13,519
Acre Mortgage and Financial Inc 2 5.88% $12,079
PLAZA HOME MORTGAGE, INC. 2 5.06% $14,458
Mortgage America, Inc. 2 4.88% $6,311
Barrington Bank & Trust Company, N.A. 2 4.38% $10,337
NFM, INC. 2 4.50% $8,080
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.31% $7,257
DRAPER AND KRAMER MORTGAGE CORP. 1 4.88% $7,996
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $5,083
OCEANSIDE MORTGAGE COMPANY 1 4.75% $6,906
CityWorth Mortgage LLC 1 4.25% $10,711
PHH Mortgage Corporation 1 4.25% $10,825
CASTLE & COOKE MORTGAGE, LLC 1 6.25% $9,479
PREMIA MORTGAGE, LLC 1 3.99% $6,433
BETTER MORTGAGE CORPORATION 1 3.50% $6,022
Quaint Oak Mortgage, LLC 1 5.75% $9,852
Bethpage Federal Credit Union 1 5.50% $3,804
BECKAM FUNDING CORP. 1 6.75% $21,180
RESIDENTIAL HOME FUNDING CORP. 1 6.00% $8,479
Semper Home Loans, Inc. 1 5.63% $7,300
Servion, Inc. 1 4.88% $8,186
SOVEREIGN LENDING GROUP INCORPORATED 1 3.75% $12,704
STEARNS LENDING, LLC 1 2.88% $5,952
Strong Home Mortgage, LLC 1 4.75% $4,562
SUN WEST MORTGAGE COMPANY, INC. 1 5.13% $4,541
Bank of England 1 3.63% $8,603
T2 FINANCIAL LLC 1 5.25% $8,775
The Federal Savings Bank 1 4.75% $14,313
ANGEL OAK HOME LOANS LLC 1 3.25% $7,435
TOTAL MORTGAGE SERVICES, LLC 1 6.25% $8,350
AmRes Corporation 1 3.75% $5,825
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $14,273
ZILLOW HOME LOANS, LLC 1 6.25% $8,868
AMERICAN HERITAGE FCU 1 3.13% $4,353
KELLER MORTGAGE, LLC 1 3.13% $5,695
HOMESTEAD FUNDING CORP. 1 3.25% $10,091
GUARANTY HOME MORTGAGE CORPORATION 1 4.50% $8,719
LENDING CAPITAL GROUP Inc 1 7.13% $11,908
Unity Bank 1 7.13% $9,403
LOANLEADERS OF AMERICA, INC. 1 6.13% $14,246
GREENTREE MORTGAGE COMPANY, L.P. 1 3.25% $6,589
Magnolia Bank 1 5.63% $7,271
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 4.75% $7,478
Meridian Bank Corporation 1 5.63% $10,213
Mid Penn Bank 1 4.75% $6,523
MILEND, INC. 1 5.88% $12,963
Univest Bank and Trust Co. 1 4.50% $8,388
MLD MORTGAGE INC. 1 3.00% $5,846
GENNEXT FUNDING, LLC 1 7.25% $7,998
Fulton Bank 1 5.50% $6,989
Fifth Third Bank 1 6.50% $7,657
Fidelity Bank 1 3.25% $6,252
VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.63% $7,011
ENVOY MORTGAGE, LTD 1 3.88% $8,555
NEW DAY FINANCIAL, LLC 1 5.75% $4,234

The top Scranton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 252 FHA loans originated. Their average total fees are $8,073, which is $1,177 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 ($5,104), PNC Bank ($5,471), Alcova Mortgage LLC ($6,047), Mortgage Research Center, LLC ($6,051) and LAKEVIEW LOAN SERVICING, LLC ($6,263).

The lowest rate Scranton FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.05%), CALIBER HOME LOANS, INC. (4.25%), LAKEVIEW LOAN SERVICING, LLC (4.39%), CARDINAL FINANCIAL (4.41%) and M&T Bank (4.43%).

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

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 $133,975 (4.9%) $179,457 (3.9%) 0.50 1,977
2018-02-01 $135,000 (5.1%) $181,359 (4.4%) 0.49 1,889
2018-03-01 $139,950 (4.8%) $187,550 (3.5%) 0.49 1,875
2018-04-01 $145,450 (4.0%) $192,057 (1.9%) 0.49 1,949
2018-05-01 $149,950 (5.4%) $199,764 (4.8%) 0.50 2,081
2018-06-01 $159,000 (9.4%) $204,403 (6.7%) 0.53 2,224
2018-07-01 $159,900 (7.7%) $206,880 (9.8%) 0.53 2,316
2018-08-01 $158,450 (10.9%) $205,189 (9.1%) 0.53 2,331
2018-09-01 $154,900 (8.3%) $200,274 (6.9%) 0.52 2,367
2018-10-01 $149,900 (4.8%) $198,313 (6.4%) 0.51 2,326
2018-11-01 $149,900 (7.2%) $194,518 (4.6%) 0.51 2,218
2018-12-01 $144,900 (5.2%) $189,076 (3.9%) 0.50 2,060
2019-01-01 $145,945 (8.9%) $189,688 (5.7%) 0.50 1,856
2019-02-01 $146,000 (8.2%) $192,143 (6.0%) 0.49 1,762
2019-03-01 $149,250 (6.7%) $194,218 (4.3%) 0.50 1,710
2019-04-01 $155,000 (6.6%) $201,045 (4.4%) 0.49 1,770
2019-05-01 $159,900 (6.6%) $207,566 (3.9%) 0.50 1,853
2019-06-01 $160,000 (0.6%) $210,113 (2.8%) 0.50 1,968
2019-07-01 $159,949 (0.0%) $210,805 (1.9%) 0.50 2,073
2019-08-01 $159,900 (0.9%) $212,769 (1.8%) 0.50 2,052
2019-09-01 $162,900 (5.2%) $210,645 (3.1%) 0.51 1,938
2019-10-01 $157,750 (5.2%) $204,601 (3.2%) 0.51 2,050
2019-11-01 $158,500 (5.7%) $205,971 (5.9%) 0.52 1,896
2019-12-01 $152,450 (5.2%) $202,749 (7.2%) 0.51 1,715
2020-01-01 $149,900 (2.7%) $197,158 (3.9%) 0.50 1,565
2020-02-01 $150,000 (2.7%) $197,679 (2.9%) 0.49 1,531
2020-03-01 $156,975 (5.2%) $198,636 (1.6%) 0.49 1,484
2020-04-01 $159,900 (3.2%) $205,909 (2.7%) 0.50 1,380
2020-05-01 $165,000 (3.2%) $210,075 (1.2%) 0.50 1,339
2020-06-01 $170,800 (6.8%) $217,589 (3.6%) 0.50 1,257
2020-07-01 $175,000 (9.4%) $240,397 (14.0%) 0.51 1,094
2020-08-01 $184,900 (15.6%) $247,708 (18.6%) 0.53 1,024
2020-09-01 $182,400 (12.0%) $253,941 (23.0%) 0.52 976
2020-10-01 $185,000 (17.3%) $258,694 (26.4%) 0.53 976
2020-11-01 $179,900 (13.5%) $256,632 (24.6%) 0.53 924
2020-12-01 $179,350 (17.7%) $254,629 (25.6%) 0.53 857
2021-01-01 $169,000 (12.7%) $246,487 (25.0%) 0.50 754
2021-02-01 $176,450 (17.6%) $257,955 (30.5%) 0.51 598
2021-03-01 $182,500 (16.3%) $274,386 (38.1%) 0.52 523
2021-04-01 $189,450 (18.5%) $279,815 (35.9%) 0.51 518
2021-05-01 $197,250 (19.6%) $294,917 (40.4%) 0.52 572
2021-06-01 $197,500 (15.6%) $295,015 (35.6%) 0.52 714
2021-07-01 $199,900 (14.2%) $282,180 (17.4%) 0.53 809
2021-08-01 $198,750 (7.5%) $275,819 (11.4%) 0.53 831
2021-09-01 $191,575 (5.0%) $273,435 (7.7%) 0.51 835
2021-10-01 $179,000 (-3.2%) $263,413 (1.8%) 0.48 833
2021-11-01 $175,000 (-2.7%) $260,345 (1.5%) 0.47 762
2021-12-01 $175,000 (-2.4%) $262,608 (3.1%) 0.47 676
2022-01-01 $175,000 (3.6%) $263,859 (7.1%) 0.47 576
2022-02-01 $179,450 (1.7%) $286,744 (11.2%) 0.47 421
2022-03-01 $188,450 (3.3%) $296,576 (8.1%) 0.47 417
2022-04-01 $217,000 (14.5%) $306,663 (9.6%) 0.52 447
2022-05-01 $219,225 (11.1%) $308,018 (4.4%) 0.50 514
2022-06-01 $225,000 (13.9%) $309,399 (4.9%) 0.50 641
2022-07-01 $229,900 (15.0%) $313,307 (11.0%) 0.52 748
2022-08-01 $225,000 (13.2%) $303,350 (10.0%) 0.52 800
2022-09-01 $227,000 (18.5%) $303,565 (11.0%) 0.53 795
2022-10-01 $227,000 (26.8%) $302,535 (14.9%) 0.53 825
2022-11-01 $219,950 (25.7%) $290,205 (11.5%) 0.53 874
2022-12-01 $215,000 (22.9%) $296,039 (12.7%) 0.53 798
2023-01-01 $217,700 (24.4%) $297,685 (12.8%) 0.54 673
2023-02-01 $217,000 (20.9%) $293,549 (2.4%) 0.52 598
2023-03-01 $229,450 (21.8%) $311,484 (5.0%) 0.54 556
2023-04-01 $239,000 (10.1%) $313,599 (0.0%) 0.56 568
Scranton's median listing price for 2023-04-01 was $239,000, a difference of $22,000 (10.1%) versus the prior year and $9,550 versus the prior month.

Scranton's median listing price comes in at 56% of the national average.

Scranton's average listing price for 2023-04-01 was $313,599, a difference of $6,936 (0.0%) versus the prior year and $2,115 versus the prior month.

For the 2023-04-01 period, Scranton had 568 MLS listings, a difference of 12 listings (2%) versus the prior month and 121 listings (27%) 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
2018-01-01 112 days 1,750 sqft
2018-02-01 116 days 1,733 sqft
2018-03-01 112 days 1,759 sqft
2018-04-01 83 days 1,780 sqft
2018-05-01 71 days 1,840 sqft
2018-06-01 67 days 1,870 sqft
2018-07-01 69 days 1,862 sqft
2018-08-01 75 days 1,840 sqft
2018-09-01 86 days 1,844 sqft
2018-10-01 89 days 1,808 sqft
2018-11-01 95 days 1,799 sqft
2018-12-01 105 days 1,761 sqft
2019-01-01 113 days 1,765 sqft
2019-02-01 118 days 1,770 sqft
2019-03-01 109 days 1,794 sqft
2019-04-01 80 days 1,830 sqft
2019-05-01 68 days 1,845 sqft
2019-06-01 67 days 1,842 sqft
2019-07-01 71 days 1,825 sqft
2019-08-01 86 days 1,832 sqft
2019-09-01 92 days 1,861 sqft
2019-10-01 87 days 1,857 sqft
2019-11-01 90 days 1,845 sqft
2019-12-01 104 days 1,839 sqft
2020-01-01 109 days 1,800 sqft
2020-02-01 110 days 1,800 sqft
2020-03-01 89 days 1,800 sqft
2020-04-01 99 days 1,800 sqft
2020-05-01 107 days 1,804 sqft
2020-06-01 101 days 1,832 sqft
2020-07-01 63 days 1,859 sqft
2020-08-01 56 days 1,848 sqft
2020-09-01 52 days 1,819 sqft
2020-10-01 50 days 1,854 sqft
2020-11-01 55 days 1,814 sqft
2020-12-01 66 days 1,800 sqft
2021-01-01 79 days 1,750 sqft
2021-02-01 78 days 1,778 sqft
2021-03-01 59 days 1,800 sqft
2021-04-01 40 days 1,811 sqft
2021-05-01 31 days 1,805 sqft
2021-06-01 30 days 1,804 sqft
2021-07-01 31 days 1,800 sqft
2021-08-01 37 days 1,815 sqft
2021-09-01 39 days 1,816 sqft
2021-10-01 42 days 1,770 sqft
2021-11-01 45 days 1,749 sqft
2021-12-01 58 days 1,740 sqft
2022-01-01 63 days 1,770 sqft
2022-02-01 63 days 1,768 sqft
2022-03-01 39 days 1,777 sqft
2022-04-01 27 days 1,812 sqft
2022-05-01 28 days 1,839 sqft
2022-06-01 30 days 1,800 sqft
2022-07-01 34 days 1,832 sqft
2022-08-01 40 days 1,810 sqft
2022-09-01 45 days 1,844 sqft
2022-10-01 47 days 1,874 sqft
2022-11-01 49 days 1,804 sqft
2022-12-01 64 days 1,780 sqft
2023-01-01 79 days 1,773 sqft
2023-02-01 77 days 1,737 sqft
2023-03-01 59 days 1,796 sqft
2023-04-01 43 days 1,800 sqft
Scranton's median listing age (time on market) for 2023-04-01 was 43 days. This is 59% longer than the same period one year ago.

Scranton's median square footage for active listings during the 2023-04-01 period was 1,800 sqft. One year prior, the average listing was 1,812 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).