Scranton VA Loans

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 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 92 lenders originated 929 VA loans during 2021. The total origination value was $189,015,000, with an average VA loan value of $203,461.

    Scranton VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Scranton averaged 5.36% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.69% and one month ago for the week of 2022-04-08, the average rate was 4.92%.

    The average rate one year ago was 2.93%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.34%.

    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 and rates for VA 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
    Mortgage Research Center, LLC 148 2.92% $4,981
    QUICKEN LOANS, LLC 88 2.52% $5,379
    FREEDOM MORTGAGE CORPORATION 54 2.69% $2,167
    PENNYMAC LOAN SERVICES, LLC 51 2.48% $5,574
    NEW DAY FINANCIAL, LLC 39 2.90% $7,214
    USAA Federal Savings Bank 35 2.89% $6,722
    RESIDENTIAL MORTGAGE SERVICES, INC. 25 2.85% $6,612
    VILLAGE CAPITAL & INVESTMENT LLC 21 2.45% $3,353
    NAVY FEDERAL CREDIT UNION 20 2.55% $6,292
    BROKER SOLUTIONS, INC. 18 2.99% $6,052
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 17 3.23% $6,869
    Mr. Cooper ( Nationstar Mortgage ) 15 2.97% $4,335
    CALIBER HOME LOANS, INC. 15 2.50% $3,734
    Wells Fargo Bank 15 2.68% $6,383
    UNITED WHOLESALE MORTGAGE, LLC 11 2.53% $4,877
    LAKEVIEW LOAN SERVICING, LLC 10 2.56% $3,391
    PENTAGON FEDERAL CREDIT UNION 10 2.45% $2,786
    Hometown Lenders, Inc. 10 3.15% $5,521
    SWBC MORTGAGE CORPORATION 10 3.49% $6,003
    CLEARPATH LENDING 10 2.44% $3,188
    LOANDEPOT.COM, LLC 9 2.65% $4,716
    Barrington Bank & Trust Company, N.A. 7 3.20% $4,057
    Century Mortgage Company DBA Century Lending Company 7 3.02% $5,744
    Low VA Rates, LLC 7 2.70% $5,723
    HOME POINT FINANCIAL CORPORATION 7 2.36% $5,744
    Summit Mortgage Corporation 6 3.08% $5,247
    The Federal Savings Bank 6 2.71% $7,439
    HOMESPIRE MORTGAGE CORPORATION 5 2.98% $3,257
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.65% $7,585
    GUILD MORTGAGE COMPANY 5 3.25% $5,103
    CROSSCOUNTRY MORTGAGE, LLC 4 3.09% $4,919
    Manufacturers and Traders Trust Company 4 2.47% $3,167
    AMERISAVE MORTGAGE CORPORATION 4 3.16% $5,912
    Carrington Mortgage Services, LLC 3 2.42% $7,810
    Atlantic Home Loans, Inc. 3 3.21% $7,421
    Magnolia Bank 3 2.50% $7,021
    NEWREZ LLC 3 2.88% $4,153
    Flagstar Bank, FSB 3 2.70% $13,724
    NP, Inc. 3 2.42% $3,554
    MUTUAL OF OMAHA MORTGAGE, INC. 3 2.67% $3,128
    CONTOUR MORTGAGE CORPORATION 2 2.81% $7,823
    ALLIED MORTGAGE GROUP, INC. 2 3.38% $7,201
    AMERICAN FINANCIAL NETWORK, INC. 2 2.25% $6,145
    ACCELERATE MORTGAGE, LLC 2 2.00% $5,118
    First Guaranty Mortgage Corporation 2 3.00% $3,336
    GUARANTEED RATE, INC. 2 2.56% $8,045
    MID AMERICA MORTGAGE, INC. 2 2.25% $4,299
    Mid-Continent Funding, Inc. 2 2.81% $5,285
    NBKC BANK 2 2.75% $4,650
    NFM, INC. 2 2.69% $5,292
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.00% $4,622
    STEARNS LENDING, LLC 2 3.06% $8,155
    TOTAL MORTGAGE SERVICES, LLC 1 2.13% $15,945
    UNITED MORTGAGE CORP. 1 2.63% $11,087
    MORTGAGE ACCESS CORP. 1 2.38% $3,950
    Home Mortgage Alliance Corp 1 3.13% $3,247
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $1,870
    GUARANTEED RATE AFFINITY, LLC 1 2.25% $14,464
    Nations Lending Corporation 1 3.50% $11,568
    George Mason Mortgage, LLC 1 2.49% $8,990
    BNC National Bank 1 2.50% $5,013
    NETWORK CAPITAL FUNDING CORPORATION 1 2.88% $4,492
    Florida Capital Bank 1 2.38% $4,350
    FIRST HOME MORTGAGE CORPORATION 1 3.00% $8,902
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $15,790
    North American Savings Bank, F.S.B. 1 2.75% $0
    First Federal Bank 1 2.75% $2,468
    FINANCE OF AMERICA MORTGAGE LLC 1 2.63% $13,004
    EMBRACE HOME LOANS, INC. 1 2.63% $2,547
    PHH Mortgage Corporation 1 2.63% $4,030
    PNC Bank 1 2.88% $8,974
    Bank of America 1 3.50% $5,249
    Prosperity Home Mortgage, LLC 1 2.63% $30,240
    Colonial Savings, F.A. 1 2.88% $6,063
    RELIANCE FIRST CAPITAL, LLC 1 2.88% $12,040
    CMG MORTGAGE, INC. 1 2.25% $5,818
    ROYAL UNITED MORTGAGE LLC 1 3.75% $3,001
    SIRVA MORTGAGE, INC. 1 3.13% $11,867
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $4,375
    AmeriHome Mortgage Company, LLC 1 3.13% $2,721
    Strong Home Mortgage, LLC 1 3.25% $3,392
    Citizens Bank 1 2.50% $13,177
    SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $3,945
    C & F Mortgage Corporation 1 2.38% $6,095
    Capital Bank 1 2.25% $2,959
    The Union Bank Company 1 2.75% $3,101
    LENDING 3, INC. 1 2.75% $6,874
    KELLER MORTGAGE, LLC 1 2.88% $3,097
    JPMorgan Chase Bank 1 3.25% $500
    InterContinental Capital Group, Inc 1 2.50% $3,966
    HOMESIDE FINANCIAL, LLC 1 2.99% $7,954
    Meridian Bank Corporation 1 2.75% $4,987

    The top Scranton VA lender as defined by loan originations is Mortgage Research Center, LLC, with 148 VA loans originated. Their average total fees are $4,981, which is $399 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Scranton VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,167), PENTAGON FEDERAL CREDIT UNION ($2,786), CLEARPATH LENDING ($3,188), VILLAGE CAPITAL & INVESTMENT LLC ($3,353) and LAKEVIEW LOAN SERVICING, LLC ($3,391).

    The lowest rate Scranton VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.44%), VILLAGE CAPITAL & INVESTMENT LLC (2.45%), PENTAGON FEDERAL CREDIT UNION (2.45%), PENNYMAC LOAN SERVICES, LLC (2.48%) and CALIBER HOME LOANS, INC. (2.50%).

    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.

    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.