Scranton VA Loans

SCRANTON--WILKES-BARRE, PA

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.