Scranton USDA Loans

SCRANTON--WILKES-BARRE, PA

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Scranton's 30 lenders originated 92 USDA loans during 2021. The total origination value was $14,670,000, with an average USDA loan value of $159,457.

    Scranton USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Scranton averaged 5.27% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

    The average rate for the prior week (2022-05-06) was 5.21% and one month ago for the week of 2022-04-08, the average rate was 5.07%.

    The average rate one year ago was 3.38%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.95%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Scranton USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Scranton level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    RESIDENTIAL MORTGAGE SERVICES, INC. 19 3.11% $5,791
    ALLIED MORTGAGE GROUP, INC. 9 3.10% $7,926
    SWBC MORTGAGE CORPORATION 8 3.33% $2,485
    Summit Mortgage Corporation 7 2.82% $5,808
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 3.52% $2,472
    STEARNS LENDING, LLC 5 2.78% $6,678
    BROKER SOLUTIONS, INC. 5 2.85% $6,051
    GUILD MORTGAGE COMPANY 3 3.04% $4,989
    Century Mortgage Company DBA Century Lending Company 3 3.04% $5,742
    Meridian Bank Corporation 2 3.19% $4,851
    First National Bank of Pennsylvania 2 2.63% $5,313
    The Honesdale National Bank 2 2.88% $4,573
    Bank of England 2 3.13% $5,794
    PENNYMAC LOAN SERVICES, LLC 1 2.75% $4,495
    RESIDENTIAL HOME FUNDING CORP. 1 2.75% $6,968
    SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $6,614
    Alcova Mortgage LLC 1 3.50% $1,205
    Univest Bank and Trust Co. 1 2.75% $5,102
    Atlantic Home Loans, Inc. 1 3.00% $5,696
    EMBRACE HOME LOANS, INC. 1 2.75% $5,194
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.25% $6,271
    FINANCE OF AMERICA MORTGAGE LLC 1 3.00% $6,216
    HOME POINT FINANCIAL CORPORATION 1 2.75% $5,451
    Hometown Lenders, Inc. 1 2.75% $5,043
    Jersey Shore State Bank 1 2.75% $5,626
    MICHIGAN MUTUAL, INC. 1 3.00% $4,517
    MORIA DEVELOPMENT, INC. 1 2.75% $11,389
    Mortgage Network, Inc. 1 2.63% $0
    NEWREZ LLC 1 2.50% $6,065
    Northpointe Bank 1 2.25% $5,474

    The top Scranton USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE SERVICES, INC., with 19 USDA loans originated. Their average total fees are $5,791, which is $2,135 lower than the next largest lender, ALLIED MORTGAGE GROUP, INC..

    The lowest fee Scranton USDA lenders (with over 10 loans originated) are RESIDENTIAL MORTGAGE SERVICES, INC. ($5,791), .

    The lowest rate Scranton USDA lenders (with over 10 loans originated) are RESIDENTIAL MORTGAGE SERVICES, INC. (3.11%), .

    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 $139,000 (7.0%) $184,052 (3.7%) 0.51 2,122
    2018-02-01 $139,450 (7.4%) $187,834 (5.3%) 0.50 2,026
    2018-03-01 $145,000 (5.8%) $194,464 (5.5%) 0.50 1,988
    2018-04-01 $149,450 (6.0%) $197,414 (3.7%) 0.50 2,073
    2018-05-01 $152,500 (3.5%) $203,909 (5.7%) 0.51 2,230
    2018-06-01 $159,900 (7.1%) $208,272 (7.4%) 0.53 2,390
    2018-07-01 $160,950 (7.4%) $209,884 (9.3%) 0.54 2,491
    2018-08-01 $160,700 (9.1%) $209,116 (9.6%) 0.54 2,510
    2018-09-01 $159,000 (7.8%) $204,416 (7.5%) 0.53 2,544
    2018-10-01 $155,400 (6.4%) $201,896 (6.2%) 0.52 2,494
    2018-11-01 $149,950 (3.8%) $199,043 (4.9%) 0.50 2,357
    2018-12-01 $149,900 (7.2%) $193,347 (3.9%) 0.51 2,182
    2019-01-01 $149,900 (7.8%) $194,323 (5.6%) 0.52 1,970
    2019-02-01 $149,900 (7.5%) $196,552 (4.6%) 0.50 1,857
    2019-03-01 $153,800 (6.1%) $199,374 (2.5%) 0.50 1,840
    2019-04-01 $159,450 (6.7%) $203,582 (3.1%) 0.50 1,889
    2019-05-01 $164,900 (8.1%) $213,516 (4.7%) 0.51 1,958
    2019-06-01 $165,000 (3.2%) $217,657 (4.5%) 0.51 2,118
    2019-07-01 $165,000 (2.5%) $216,447 (3.1%) 0.51 2,238
    2019-08-01 $163,529 (1.8%) $214,435 (2.5%) 0.51 2,196
    2019-09-01 $162,950 (2.5%) $212,918 (4.2%) 0.52 2,137
    2019-10-01 $159,900 (2.9%) $211,949 (5.0%) 0.51 2,191
    2019-11-01 $160,000 (6.7%) $213,666 (7.4%) 0.52 2,024
    2019-12-01 $159,900 (6.7%) $209,577 (8.4%) 0.53 1,853
    2020-01-01 $158,450 (5.7%) $203,757 (4.9%) 0.53 1,679
    2020-02-01 $159,000 (6.1%) $204,456 (4.0%) 0.51 1,634
    2020-03-01 $162,450 (5.6%) $203,500 (2.1%) 0.51 1,565
    2020-04-01 $165,000 (3.5%) $212,274 (4.3%) 0.51 1,460
    2020-05-01 $169,900 (3.0%) $218,889 (2.5%) 0.51 1,415
    2020-06-01 $176,950 (7.2%) $228,175 (4.8%) 0.52 1,326
    2020-07-01 $187,000 (13.3%) $251,868 (16.4%) 0.54 1,173
    2020-08-01 $190,900 (16.7%) $260,448 (21.5%) 0.55 1,090
    2020-09-01 $194,450 (19.3%) $272,934 (28.2%) 0.56 1,022
    2020-10-01 $199,000 (24.5%) $276,773 (30.6%) 0.57 1,012
    2020-11-01 $185,000 (15.6%) $269,804 (26.3%) 0.53 981
    2020-12-01 $185,000 (15.7%) $267,792 (27.8%) 0.54 907
    2021-01-01 $169,900 (7.2%) $259,801 (27.5%) 0.50 778
    2021-02-01 $183,450 (15.4%) $273,747 (33.9%) 0.53 626
    2021-03-01 $189,900 (16.9%) $292,792 (43.9%) 0.53 546
    2021-04-01 $195,000 (18.2%) $298,287 (40.5%) 0.52 549
    2021-05-01 $204,900 (20.6%) $306,969 (40.2%) 0.54 608
    2021-06-01 $199,900 (13.0%) $300,039 (31.5%) 0.52 739
    2021-07-01 $204,900 (9.6%) $287,979 (14.3%) 0.53 844
    2021-08-01 $199,450 (4.5%) $274,511 (5.4%) 0.52 870
    2021-09-01 $192,450 (-1.0%) $266,317 (-2.4%) 0.51 871
    2021-10-01 $180,000 (-9.6%) $262,175 (-5.3%) 0.47 859
    2021-11-01 $175,000 (-5.4%) $257,500 (-4.6%) 0.46 801
    2021-12-01 $176,850 (-4.4%) $259,136 (-3.2%) 0.47 718
    2022-01-01 $175,000 (3.0%) $259,281 (-0.2%) 0.47 611
    2022-02-01 $181,200 (-1.2%) $280,578 (2.5%) 0.46 446
    2022-03-01 $192,450 (1.3%) $296,024 (1.1%) 0.48 435
    2022-04-01 $215,000 (10.3%) $310,149 (4.0%) 0.51 463
    Scranton's median listing price for 2022-04-01 was $215,000, a difference of $20,000 (10.3%) versus the prior year and $22,550 versus the prior month.

    Scranton's median listing price comes in at 51% of the national average.

    Scranton's average listing price for 2022-04-01 was $310,149, a difference of $11,862 (4.0%) versus the prior year and $14,125 versus the prior month.

    For the 2022-04-01 period, Scranton had 463 MLS listings, a difference of 28 listings (6%) versus the prior month and -86 listings (-16%) 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
    2018-01-01 110 days 1,751 sqft
    2018-02-01 116 days 1,746 sqft
    2018-03-01 114 days 1,765 sqft
    2018-04-01 86 days 1,791 sqft
    2018-05-01 73 days 1,835 sqft
    2018-06-01 69 days 1,874 sqft
    2018-07-01 71 days 1,866 sqft
    2018-08-01 78 days 1,849 sqft
    2018-09-01 87 days 1,849 sqft
    2018-10-01 92 days 1,813 sqft
    2018-11-01 94 days 1,800 sqft
    2018-12-01 105 days 1,790 sqft
    2019-01-01 113 days 1,778 sqft
    2019-02-01 119 days 1,775 sqft
    2019-03-01 110 days 1,800 sqft
    2019-04-01 81 days 1,845 sqft
    2019-05-01 70 days 1,866 sqft
    2019-06-01 66 days 1,870 sqft
    2019-07-01 71 days 1,844 sqft
    2019-08-01 78 days 1,844 sqft
    2019-09-01 85 days 1,855 sqft
    2019-10-01 85 days 1,876 sqft
    2019-11-01 88 days 1,872 sqft
    2019-12-01 100 days 1,873 sqft
    2020-01-01 108 days 1,820 sqft
    2020-02-01 109 days 1,824 sqft
    2020-03-01 92 days 1,814 sqft
    2020-04-01 99 days 1,813 sqft
    2020-05-01 109 days 1,820 sqft
    2020-06-01 101 days 1,852 sqft
    2020-07-01 67 days 1,895 sqft
    2020-08-01 58 days 1,894 sqft
    2020-09-01 54 days 1,886 sqft
    2020-10-01 49 days 1,899 sqft
    2020-11-01 53 days 1,839 sqft
    2020-12-01 65 days 1,825 sqft
    2021-01-01 79 days 1,760 sqft
    2021-02-01 82 days 1,800 sqft
    2021-03-01 60 days 1,819 sqft
    2021-04-01 39 days 1,808 sqft
    2021-05-01 37 days 1,852 sqft
    2021-06-01 33 days 1,847 sqft
    2021-07-01 35 days 1,817 sqft
    2021-08-01 37 days 1,834 sqft
    2021-09-01 42 days 1,820 sqft
    2021-10-01 45 days 1,792 sqft
    2021-11-01 48 days 1,753 sqft
    2021-12-01 59 days 1,745 sqft
    2022-01-01 64 days 1,764 sqft
    2022-02-01 65 days 1,769 sqft
    2022-03-01 42 days 1,788 sqft
    2022-04-01 29 days 1,800 sqft
    Scranton's median listing age (time on market) for 2022-04-01 was 29 days. This is -26% shorter than the same period one year ago.

    Scranton's median square footage for active listings during the 2022-04-01 period was 1,800 sqft. One year prior, the average listing was 1,808 sqft.