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%.
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
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. LouisDate | 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 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. LouisDate | 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 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.