Scranton USDA Loans

SCRANTON--WILKES-BARRE, PA

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.