The Best Mortgage Lenders in Factoryville, PA
Compare verified mortgage lenders serving Factoryville, Pennsylvania. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Factoryville
Featured Mortgage Lenders
FNCB Bank Mortgage Team
FNCB Bank
FNCB Bank has been serving Northeastern Pennsylvania for over a century with deep community roots and extensive local market knowledge. As one of the most established financial institutions in the region, they offer personalized mortgage services with competitive rates and a wide range of loan products. Their mortgage team provides exceptional local service with quick decision-making and understands the unique aspects of the Factoryville and surrounding Scranton/Wilkes-Barre area housing markets. Customers consistently praise their responsive service, transparent process, and commitment to making homeownership accessible.
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The Honesdale National Bank Mortgage Division
The Honesdale National Bank
Serving Wayne County and surrounding areas including Factoryville for 150 years, Honesdale National Bank combines traditional community banking values with modern mortgage solutions. They offer competitive rates and specialize in helping borrowers throughout the entire mortgage process with local decision-making and personalized attention. Their experienced mortgage team understands rural and suburban property financing needs in Northeastern Pennsylvania. Customers consistently highlight their knowledgeable staff, smooth closing processes, and commitment to local communities.
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Primary Residential Mortgage, Inc. - Scranton
Primary Residential Mortgage, Inc.
Primary Residential Mortgage's Scranton branch serves the Factoryville area with exceptional mortgage expertise and highly competitive rates. As a dedicated mortgage lender rather than a full-service bank, they specialize exclusively in home loans, allowing for deeper expertise and more flexible underwriting. Their team has extensive experience with Northeastern Pennsylvania's unique housing market and provides personalized service throughout the entire loan process. Customers consistently rate them highly for their responsiveness, competitive rates, and ability to handle complex financing situations efficiently.
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Frequently Asked Questions
Common questions about mortgage lending in Factoryville, PA
Are there any special mortgage programs for first-time homebuyers in Factoryville, PA?
Yes, Pennsylvania offers the Keystone Home Loan Program through the Pennsylvania Housing Finance Agency (PHFA), which is accessible to buyers in Factoryville. This program provides competitive, fixed-rate mortgages, often with down payment and closing cost assistance. Given Factoryville's relatively affordable market, these programs can be particularly powerful for local buyers.
How do property taxes in Lackawanna County affect my mortgage payment in Factoryville?
Lackawanna County has property tax rates that are a key component of your monthly escrow payment. The total millage rate for Factoryville properties includes county, borough, and school district taxes. Your lender will calculate an estimated monthly amount based on the assessed value of the home, which is a crucial factor in determining your overall housing payment affordability.
What is the typical down payment needed for a home in Factoryville's market?
While 20% down is standard to avoid private mortgage insurance (PMI), many buyers in Factoryville utilize conventional loans with 3-5% down or FHA loans with 3.5% down. Given the area's median home prices, which are below state and national averages, the actual cash needed for a down payment can be more attainable for local buyers.
Are USDA rural development loans available for homes in Factoryville, PA?
Yes, Factoryville's location qualifies it for USDA Rural Development loans, which offer 100% financing (no down payment) for eligible borrowers and properties. This can be an excellent option for qualified buyers looking in the borough or surrounding areas, as it significantly reduces the upfront cash needed to purchase a home.
How does Factoryville's older housing stock impact the mortgage process?
Many homes in Factoryville were built in the early to mid-20th century, so appraisals and inspections are critical. Lenders may require specific repairs for older systems (like roofing, plumbing, or electrical) to meet minimum property standards before loan approval. An FHA 203(k) renovation loan could be a valuable tool to finance both purchase and repairs for a qualifying older home.
Why Choose a Mortgage Lender in Factoryville?
Local Market Knowledge
Lenders who understand Factoryville's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Pennsylvania.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Factoryville and get competitive rates on your home loan.