Scranton VA Loan Rates, Closing Costs & Stats

SCRANTON--WILKES-BARRE, PA

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Scranton's 53 lenders originated 304 VA loans during 2023. The total origination value was $69,490,000, with an average VA loan value of $228,586.

    Scranton VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Scranton averaged 6.87% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Scranton's average VA mortgage closing costs are $5,600.

    The average rate for the prior week (2024-07-12) was 6.91% and one month ago for the week of 2024-06-14, the average rate was 6.57%.

    The average rate one year ago was 7.15%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.18%.

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

    Scranton VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 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
    Mortgage Research Center, LLC 84 6.83% $4,763
    QUICKEN LOANS, LLC 28 6.55% $9,980
    NEW DAY FINANCIAL, LLC 20 7.38% $12,135
    NAVY FEDERAL CREDIT UNION 13 5.87% $6,324
    USAA Federal Savings Bank 13 6.63% $6,278
    Century Mortgage Company DBA Century Lending Company 11 6.50% $8,849
    FREEDOM MORTGAGE CORPORATION 10 6.46% $11,002
    UNITED WHOLESALE MORTGAGE, LLC 9 6.20% $7,249
    GUILD MORTGAGE COMPANY 9 6.64% $8,577
    PENNYMAC LOAN SERVICES, LLC 9 5.71% $5,906
    SWBC MORTGAGE CORPORATION 6 6.48% $9,934
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.65% $12,962
    PENTAGON FEDERAL CREDIT UNION 5 5.60% $9,397
    Ixonia Bank 4 6.97% $10,673
    NEWREZ LLC 4 6.25% $10,011
    CROSSCOUNTRY MORTGAGE, LLC 4 6.44% $8,081
    Wells Fargo Bank 3 5.88% $9,432
    Barrington Bank & Trust Company, N.A. 3 6.25% $7,244
    LOANDEPOT.COM, LLC 3 6.46% $11,273
    The Federal Savings Bank 3 6.50% $16,138
    RELIANCE FIRST CAPITAL, LLC 2 6.56% $9,047
    VILLAGE CAPITAL MORTGAGE 2 7.00% $14,927
    Mid-Continent Funding, Inc. 2 6.94% $6,136
    BROKER SOLUTIONS, INC. 2 6.94% $14,989
    First Federal Bank 2 5.50% $7,158
    PREMIA MORTGAGE, LLC 2 6.00% $4,401
    Equity Prime Mortgage LLC 2 6.19% $8,040
    Magnolia Bank 2 6.94% $15,609
    Homesale Mortgage, LLC 2 7.19% $10,964
    Mr. Cooper ( Nationstar Mortgage ) 2 5.56% $12,228
    Paramount Residential Mortgage Group, Inc. 1 5.75% $7,608
    CMG MORTGAGE, INC. 1 6.75% $9,870
    CARDINAL FINANCIAL 1 6.25% $14,713
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $3,077
    Prosperity Home Mortgage, LLC 1 6.63% $6,522
    CALIBER HOME LOANS, INC. 1 6.25% $12,682
    RiverHills Bank 1 7.25% $7,182
    Summit Mortgage Corporation 1 5.75% $6,739
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.25% $7,170
    THRIVE MORTGAGE, LLC 1 7.63% $10,164
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $11,072
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $10,748
    JPMorgan Chase Bank 1 5.25% $500
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $3,867
    MICHIGAN MUTUAL, INC. 1 5.63% $14,218
    MORTGAGEONE, INC. 1 8.25% $65
    Foote Capital Mortgage Company 1 6.63% $17,233
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $1,673
    MOVEMENT MORTGAGE, LLC 1 6.25% $11,465
    M&T Bank 1 7.50% $4,773
    Nations Lending Corporation 1 7.13% $8,457
    Cornerstone First Mortgage, Inc 1 6.50% $4,521
    NFM, INC. 1 7.13% $7,424

    The top Scranton VA lender as defined by loan originations is Mortgage Research Center, LLC, with 84 VA loans originated. Their average total fees are $4,763, which is $5,217 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Scranton VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,763), USAA Federal Savings Bank ($6,278), NAVY FEDERAL CREDIT UNION ($6,324), Century Mortgage Company DBA Century Lending Company ($8,849) and QUICKEN LOANS, LLC ($9,980).

    The lowest rate Scranton VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.87%), FREEDOM MORTGAGE CORPORATION (6.46%), Century Mortgage Company DBA Century Lending Company (6.50%), QUICKEN LOANS, LLC (6.55%) and USAA Federal Savings Bank (6.63%).

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.