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 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 6.75% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Scranton's average FHA mortgage closing costs are $6,793.

    The average rate for the prior week (2024-07-12) was 6.8% and one month ago for the week of 2024-06-14, the average rate was 6.75%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.05%.

    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).