The Best Mortgage Lenders in Scranton, PA
Compare verified mortgage lenders serving Scranton, Pennsylvania. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Scranton
Featured Mortgage Lenders
Fidelity Bank Mortgage Team
Fidelity Bank
As a locally headquartered community bank with deep roots in Northeastern Pennsylvania, Fidelity Bank offers exceptional mortgage services with personalized attention. Their mortgage team understands the local Scranton market intimately and provides competitive rates with various loan options. With over a century of service in the region, they've built strong relationships and trust within the community, offering both in-person and digital mortgage experiences.
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Penn East Federal Credit Union Mortgage Department
Penn East Federal Credit Union
Penn East FCU has been serving Scranton and surrounding communities for decades with member-focused mortgage solutions. As a credit union, they offer competitive rates and personalized service with a strong understanding of local housing markets. Their mortgage specialists provide comprehensive guidance through the entire homebuying process, and they're particularly known for their first-time homebuyer programs and educational resources.
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Newrez Local Mortgage Office
Newrez LLC
While headquartered nationally, Newrez maintains a strong local presence in Northeastern Pennsylvania with experienced loan officers who serve the Scranton market. They offer a wide range of mortgage products with competitive pricing and have developed a reputation for efficient processing and closing. Their local team understands the specific dynamics of the Scranton housing market and provides both purchase and refinance options with digital convenience combined with local expertise.
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Frequently Asked Questions
Common questions about mortgage lending in Scranton, PA
Are there any special first-time homebuyer programs available in Scranton, PA?
Yes, the Pennsylvania Housing Finance Agency (PHFA) offers the Keystone Home Loan program, which is widely used in Scranton. This program provides competitive fixed-rate mortgages, often with down payment and closing cost assistance. Additionally, the City of Scranton's Office of Economic and Community Development may offer local grants or programs, so it's beneficial to check with them directly for any city-specific initiatives.
What is the typical down payment needed for a home in Scranton's current market?
While 20% down is traditional to avoid private mortgage insurance (PMI), many Scranton buyers successfully purchase homes with 3%, 5%, or 10% down, especially using FHA or conventional loans. Given Scranton's relatively affordable median home price compared to national averages, saving for a down payment is often more achievable here, but consulting with a local lender is key to exploring all low-down-payment options.
How do property taxes in Lackawanna County impact my mortgage payments in Scranton?
Lackawanna County property taxes are a significant component of your monthly mortgage escrow payment. Scranton's millage rates are historically higher than the national average, which means your estimated monthly payment will include a substantial tax portion. Your lender will calculate this based on the assessed value, and it's crucial to budget for potential tax increases, which can affect your overall housing cost.
Are USDA loans a viable option for homes in Scranton, PA?
Yes, USDA Rural Development loans, which offer 100% financing with no down payment, are applicable in many areas on the outskirts of Scranton and throughout Lackawanna County. While the city center itself may not qualify, numerous suburban and rural neighborhoods within commuting distance do. A local mortgage professional can help determine if a specific property is in an eligible USDA zone.
What should I know about getting a mortgage for an older, historic home in Scranton?
Scranton has many charming older homes, but they may require special mortgage consideration. An FHA 203(k) renovation loan or a conventional HomeStyle loan can be excellent tools to finance both the purchase and necessary repairs. Be prepared for a thorough appraisal that may flag issues like outdated electrical, plumbing, or lead-based paint, which could affect loan approval unless addressed.
Why Choose a Mortgage Lender in Scranton?
Local Market Knowledge
Lenders who understand Scranton'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 Scranton and get competitive rates on your home loan.