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
6.26%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Scranton's average FHA mortgage closing costs are $6,793.
The average rate for the prior week (2024-10-04) was
6.28% and
one month ago for the week of 2024-09-06, the
average rate was 6%.
The average rate one year ago was 7.23%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.86%.
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.
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Scranton (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $133,950 (4.9%) | $179,445 (3.8%) | 0.50 | 1,977 |
2018-02-01 | $135,000 (5.1%) | $181,319 (4.3%) | 0.49 | 1,889 |
2018-03-01 | $139,950 (4.8%) | $187,644 (3.5%) | 0.49 | 1,874 |
2018-04-01 | $145,450 (4.0%) | $192,148 (1.9%) | 0.49 | 1,948 |
2018-05-01 | $149,950 (5.4%) | $199,890 (4.9%) | 0.50 | 2,078 |
2018-06-01 | $159,000 (9.4%) | $204,537 (6.8%) | 0.53 | 2,219 |
2018-07-01 | $159,900 (7.5%) | $207,041 (9.9%) | 0.53 | 2,310 |
2018-08-01 | $158,700 (11.2%) | $205,376 (9.2%) | 0.53 | 2,326 |
2018-09-01 | $154,900 (8.3%) | $200,383 (6.9%) | 0.52 | 2,362 |
2018-10-01 | $149,900 (4.8%) | $198,466 (6.5%) | 0.51 | 2,321 |
2018-11-01 | $149,900 (7.2%) | $194,492 (4.6%) | 0.51 | 2,216 |
2018-12-01 | $144,900 (5.2%) | $189,050 (3.8%) | 0.50 | 2,058 |
2019-01-01 | $145,945 (9.0%) | $189,661 (5.7%) | 0.50 | 1,854 |
2019-02-01 | $146,000 (8.2%) | $192,122 (6.0%) | 0.49 | 1,760 |
2019-03-01 | $151,143 (8.0%) | $195,505 (4.2%) | 0.49 | 1,743 |
2019-04-01 | $154,850 (6.5%) | $200,180 (4.2%) | 0.49 | 1,771 |
2019-05-01 | $159,900 (6.6%) | $207,287 (3.7%) | 0.50 | 1,855 |
2019-06-01 | $160,000 (0.6%) | $209,885 (2.6%) | 0.50 | 1,972 |
2019-07-01 | $159,950 (0.0%) | $210,785 (1.8%) | 0.50 | 2,076 |
2019-08-01 | $159,450 (0.5%) | $208,840 (1.7%) | 0.50 | 2,084 |
2019-09-01 | $158,775 (2.5%) | $206,653 (3.1%) | 0.51 | 2,090 |
2019-10-01 | $158,125 (5.5%) | $204,933 (3.3%) | 0.51 | 2,073 |
2019-11-01 | $158,500 (5.7%) | $206,298 (6.1%) | 0.52 | 1,898 |
2019-12-01 | $152,450 (5.2%) | $203,103 (7.4%) | 0.51 | 1,718 |
2020-01-01 | $149,900 (2.7%) | $197,588 (4.2%) | 0.50 | 1,567 |
2020-02-01 | $150,000 (2.7%) | $198,103 (3.1%) | 0.49 | 1,533 |
2020-03-01 | $157,225 (4.0%) | $199,114 (1.9%) | 0.49 | 1,485 |
2020-04-01 | $159,900 (3.3%) | $206,435 (3.1%) | 0.50 | 1,381 |
2020-05-01 | $165,000 (3.2%) | $210,467 (1.5%) | 0.50 | 1,340 |
2020-06-01 | $170,800 (6.8%) | $217,607 (3.7%) | 0.50 | 1,256 |
2020-07-01 | $175,000 (9.4%) | $240,359 (14.0%) | 0.51 | 1,095 |
2020-08-01 | $184,900 (16.0%) | $247,741 (18.6%) | 0.53 | 1,023 |
2020-09-01 | $182,400 (14.9%) | $253,988 (22.9%) | 0.52 | 975 |
2020-10-01 | $185,000 (17.0%) | $258,707 (26.2%) | 0.53 | 976 |
2020-11-01 | $179,900 (13.5%) | $256,632 (24.4%) | 0.53 | 924 |
2020-12-01 | $179,450 (17.7%) | $254,977 (25.5%) | 0.53 | 858 |
2021-01-01 | $169,250 (12.9%) | $246,866 (24.9%) | 0.51 | 755 |
2021-02-01 | $177,075 (18.1%) | $258,425 (30.5%) | 0.52 | 599 |
2021-03-01 | $183,725 (16.9%) | $274,938 (38.1%) | 0.52 | 524 |
2021-04-01 | $189,450 (18.5%) | $280,101 (35.7%) | 0.51 | 520 |
2021-05-01 | $199,000 (20.6%) | $295,339 (40.3%) | 0.53 | 573 |
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 (11.3%) | 0.53 | 831 |
2021-09-01 | $190,950 (4.7%) | $273,482 (7.7%) | 0.51 | 834 |
2021-10-01 | $179,000 (-3.2%) | $263,468 (1.8%) | 0.48 | 832 |
2021-11-01 | $175,000 (-2.7%) | $260,370 (1.5%) | 0.47 | 762 |
2021-12-01 | $175,000 (-2.5%) | $262,608 (3.0%) | 0.47 | 676 |
2022-01-01 | $175,000 (3.4%) | $263,859 (6.9%) | 0.47 | 576 |
2022-02-01 | $179,450 (1.3%) | $286,744 (11.0%) | 0.47 | 421 |
2022-03-01 | $188,450 (2.6%) | $296,576 (7.9%) | 0.47 | 417 |
2022-04-01 | $217,000 (14.5%) | $306,663 (9.5%) | 0.52 | 447 |
2022-05-01 | $219,225 (10.2%) | $307,869 (4.2%) | 0.50 | 513 |
2022-06-01 | $225,000 (13.9%) | $309,141 (4.8%) | 0.50 | 640 |
2022-07-01 | $229,000 (14.6%) | $311,957 (10.6%) | 0.52 | 746 |
2022-08-01 | $225,000 (13.2%) | $302,117 (9.5%) | 0.52 | 798 |
2022-09-01 | $227,000 (18.9%) | $302,322 (10.6%) | 0.53 | 793 |
2022-10-01 | $225,000 (25.7%) | $301,407 (14.4%) | 0.53 | 822 |
2022-11-01 | $219,950 (25.7%) | $289,023 (11.0%) | 0.53 | 872 |
2022-12-01 | $215,000 (22.9%) | $295,432 (12.5%) | 0.53 | 797 |
2023-01-01 | $217,450 (24.3%) | $297,126 (12.6%) | 0.54 | 673 |
2023-02-01 | $217,000 (20.9%) | $293,096 (2.2%) | 0.52 | 597 |
2023-03-01 | $229,450 (21.8%) | $311,231 (4.9%) | 0.54 | 555 |
2023-04-01 | $235,000 (8.3%) | $313,089 (2.1%) | 0.55 | 566 |
2023-05-01 | $242,225 (10.5%) | $314,732 (2.2%) | 0.55 | 600 |
2023-06-01 | $250,000 (11.1%) | $331,871 (7.4%) | 0.56 | 649 |
2023-07-01 | $249,900 (9.1%) | $328,801 (5.4%) | 0.57 | 720 |
2023-08-01 | $240,000 (6.7%) | $321,815 (6.5%) | 0.55 | 777 |
2023-09-01 | $239,900 (5.7%) | $310,854 (2.8%) | 0.56 | 792 |
2023-10-01 | $239,495 (6.4%) | $305,659 (1.4%) | 0.56 | 818 |
2023-11-01 | $237,000 (7.8%) | $299,895 (3.8%) | 0.56 | 852 |
2023-12-01 | $240,000 (11.6%) | $308,303 (4.4%) | 0.59 | 831 |
2024-01-01 | $232,500 (6.9%) | $292,465 (-1.6%) | 0.57 | 741 |
2024-02-01 | $229,900 (5.9%) | $284,464 (-3.0%) | 0.55 | 692 |
2024-03-01 | $234,900 (2.4%) | $293,956 (-5.6%) | 0.55 | 651 |
2024-04-01 | $242,450 (3.2%) | $305,103 (-2.6%) | 0.56 | 630 |
2024-05-01 | $261,950 (8.1%) | $331,536 (5.3%) | 0.59 | 658 |
2024-06-01 | $264,950 (6.0%) | $334,073 (0.7%) | 0.60 | 769 |
2024-07-01 | $259,500 (3.8%) | $336,819 (2.4%) | 0.59 | 854 |
2024-08-01 | $249,900 (4.1%) | $335,746 (4.3%) | 0.58 | 909 |
2024-09-01 | $243,450 (1.5%) | $331,736 (6.7%) | 0.57 | 993 |
Scranton's median listing price comes in at 57% of the national average.
Scranton's average listing price for 2024-09-01 was $331,736, a difference of $20,882 (6.7%) versus the prior year and $-4,010 versus the prior month.
For the 2024-09-01 period, Scranton had 993 MLS listings, a difference of 84 listings (9%) versus the prior month and 201 listings (25%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Scranton (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 101 days | 1,750 sqft |
2018-02-01 | 107 days | 1,732 sqft |
2018-03-01 | 96 days | 1,759 sqft |
2018-04-01 | 72 days | 1,780 sqft |
2018-05-01 | 64 days | 1,840 sqft |
2018-06-01 | 60 days | 1,869 sqft |
2018-07-01 | 64 days | 1,862 sqft |
2018-08-01 | 70 days | 1,840 sqft |
2018-09-01 | 79 days | 1,844 sqft |
2018-10-01 | 83 days | 1,808 sqft |
2018-11-01 | 87 days | 1,797 sqft |
2018-12-01 | 96 days | 1,760 sqft |
2019-01-01 | 103 days | 1,763 sqft |
2019-02-01 | 109 days | 1,770 sqft |
2019-03-01 | 94 days | 1,788 sqft |
2019-04-01 | 71 days | 1,830 sqft |
2019-05-01 | 61 days | 1,845 sqft |
2019-06-01 | 62 days | 1,842 sqft |
2019-07-01 | 66 days | 1,825 sqft |
2019-08-01 | 71 days | 1,833 sqft |
2019-09-01 | 76 days | 1,847 sqft |
2019-10-01 | 80 days | 1,856 sqft |
2019-11-01 | 85 days | 1,845 sqft |
2019-12-01 | 97 days | 1,839 sqft |
2020-01-01 | 105 days | 1,800 sqft |
2020-02-01 | 103 days | 1,800 sqft |
2020-03-01 | 78 days | 1,800 sqft |
2020-04-01 | 91 days | 1,800 sqft |
2020-05-01 | 99 days | 1,805 sqft |
2020-06-01 | 93 days | 1,831 sqft |
2020-07-01 | 52 days | 1,857 sqft |
2020-08-01 | 49 days | 1,849 sqft |
2020-09-01 | 46 days | 1,823 sqft |
2020-10-01 | 44 days | 1,854 sqft |
2020-11-01 | 52 days | 1,814 sqft |
2020-12-01 | 62 days | 1,800 sqft |
2021-01-01 | 72 days | 1,745 sqft |
2021-02-01 | 70 days | 1,778 sqft |
2021-03-01 | 54 days | 1,800 sqft |
2021-04-01 | 35 days | 1,806 sqft |
2021-05-01 | 29 days | 1,803 sqft |
2021-06-01 | 28 days | 1,804 sqft |
2021-07-01 | 30 days | 1,800 sqft |
2021-08-01 | 35 days | 1,816 sqft |
2021-09-01 | 39 days | 1,816 sqft |
2021-10-01 | 41 days | 1,764 sqft |
2021-11-01 | 44 days | 1,749 sqft |
2021-12-01 | 55 days | 1,740 sqft |
2022-01-01 | 61 days | 1,770 sqft |
2022-02-01 | 58 days | 1,768 sqft |
2022-03-01 | 38 days | 1,777 sqft |
2022-04-01 | 26 days | 1,812 sqft |
2022-05-01 | 28 days | 1,837 sqft |
2022-06-01 | 29 days | 1,797 sqft |
2022-07-01 | 33 days | 1,824 sqft |
2022-08-01 | 39 days | 1,809 sqft |
2022-09-01 | 44 days | 1,837 sqft |
2022-10-01 | 46 days | 1,872 sqft |
2022-11-01 | 47 days | 1,797 sqft |
2022-12-01 | 63 days | 1,777 sqft |
2023-01-01 | 77 days | 1,771 sqft |
2023-02-01 | 76 days | 1,737 sqft |
2023-03-01 | 57 days | 1,791 sqft |
2023-04-01 | 42 days | 1,800 sqft |
2023-05-01 | 39 days | 1,832 sqft |
2023-06-01 | 37 days | 1,861 sqft |
2023-07-01 | 38 days | 1,852 sqft |
2023-08-01 | 39 days | 1,838 sqft |
2023-09-01 | 41 days | 1,829 sqft |
2023-10-01 | 43 days | 1,824 sqft |
2023-11-01 | 45 days | 1,800 sqft |
2023-12-01 | 54 days | 1,800 sqft |
2024-01-01 | 70 days | 1,774 sqft |
2024-02-01 | 65 days | 1,723 sqft |
2024-03-01 | 49 days | 1,726 sqft |
2024-04-01 | 42 days | 1,767 sqft |
2024-05-01 | 34 days | 1,781 sqft |
2024-06-01 | 36 days | 1,762 sqft |
2024-07-01 | 41 days | 1,801 sqft |
2024-08-01 | 43 days | 1,775 sqft |
2024-09-01 | 45 days | 1,758 sqft |
Scranton's median square footage for active listings during the 2024-09-01 period was 1,758 sqft. One year prior, the average listing was 1,829 sqft.