Scranton FHA Loan Rates, Closing Costs & Stats

SCRANTON--WILKES-BARRE, PA

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    • 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).