Canton FHA Loan Rates, Closing Costs & Stats

CANTON-MASSILLON, OH

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Canton's 119 lenders originated 2,307 FHA loans during 2021. The total origination value was $343,915,000, with an average FHA loan value of $149,075.

Canton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Canton averaged 6.38% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Canton's average FHA mortgage closing costs are $5,746.

The average rate for the prior week (2022-11-25) was 6.4% and one month ago for the week of 2022-10-28, the average rate was 6.94%.

The average rate one year ago was 3.47%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.16%.

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

Canton FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Canton level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 309 2.79% $5,950
CROSSCOUNTRY MORTGAGE, LLC 249 3.34% $7,370
The Huntington National Bank 211 3.09% $5,744
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 145 3.28% $5,224
SIGNATURE MORTGAGE CORPORATION 72 3.13% $6,108
Nations Lending Corporation 62 3.21% $5,996
POLARIS HOME FUNDING CORP. 59 3.24% $7,954
PENNYMAC LOAN SERVICES, LLC 45 3.16% $3,452
MYCUMORTGAGE, LLC 43 2.97% $5,978
FREEDOM MORTGAGE CORPORATION 36 3.03% $4,286
LIBERTY HOME MORTGAGE CORPORATION 35 3.36% $7,736
UNION HOME MORTGAGE CORP. 35 3.44% $6,741
LAKEVIEW LOAN SERVICING, LLC 34 3.06% $4,016
LOANDEPOT.COM, LLC 32 3.53% $5,712
PRIMARY RESIDENTIAL MORTGAGE, INC. 31 3.59% $7,651
Mr. Cooper ( Nationstar Mortgage ) 31 3.45% $3,257
CALIBER HOME LOANS, INC. 30 2.82% $4,773
NEWREZ LLC 25 3.15% $4,988
VILLAGE CAPITAL MORTGAGE 24 2.99% $1,859
AMCAP MORTGAGE, LTD. 21 3.63% $6,231
NVR Mortgage Finance, Inc. 21 3.02% $10,092
HALLMARK HOME MORTGAGE, LLC 20 3.33% $7,347
RAPID MORTGAGE COMPANY 19 3.27% $7,568
GUARANTEED RATE, INC. 19 2.97% $6,221
RUOFF MORTGAGE COMPANY, INC. 17 3.28% $4,237
RESIDENTIAL BANCORP. 14 3.24% $6,160
HOME POINT FINANCIAL CORPORATION 14 2.95% $4,861
Citizens Bank 14 2.71% $4,926
HOWARD HANNA FINANCIAL SERVICES, INC. 13 2.83% $6,546
Paramount Residential Mortgage Group, Inc. 11 3.68% $7,483
JPMorgan Chase Bank 11 3.25% $3,892
AMERIFIRST FINANCIAL CORPORATION 11 3.49% $7,507
First Guaranty Mortgage Corporation 10 2.93% $6,013
PNC Bank 10 2.98% $4,499
Republic State Mortgage Co. 10 2.96% $5,012
American Midwest Mortgage Corporation 10 3.25% $7,896
AMERISAVE MORTGAGE CORPORATION 10 2.96% $7,636
RELIANCE FIRST CAPITAL, LLC 9 3.04% $6,644
Carrington Mortgage Services, LLC 8 3.63% $8,104
Flagstar Bank, FSB 8 3.06% $8,580
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 2.53% $4,950
Fifth Third Bank 7 2.98% $5,951
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 3.41% $6,955
T2 FINANCIAL LLC 6 3.10% $6,467
CMG MORTGAGE, INC. 6 3.63% $5,242
HOMESIDE FINANCIAL, LLC 6 3.31% $6,846
ABSOLUTE HOME MORTGAGE CORPORATION 6 2.81% $8,102
TOP FLITE FINANCIAL, INC. 6 3.38% $11,380
MID AMERICA MORTGAGE, INC. 5 2.88% $4,407
BROKER SOLUTIONS, INC. 5 3.25% $6,336
AmeriHome Mortgage Company, LLC 4 2.88% $4,654
YOUR HOME FINANCIAL LLC 4 3.19% $7,126
InterContinental Capital Group, Inc 4 3.34% $9,154
Equity Prime Mortgage LLC 4 3.59% $6,253
Bank of England 4 3.44% $8,993
AMERICAN FINANCING CORPORATION 4 2.94% $6,646
Mortgage Research Center, LLC 3 3.25% $3,323
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.46% $6,314
Ixonia Bank 3 3.13% $7,525
AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 2.50% $5,059
NFM, INC. 3 3.75% $8,547
SUN WEST MORTGAGE COMPANY, INC. 3 3.04% $4,834
Dollar Bank, Federal Savings Bank 3 3.04% $7,171
The Cortland Savings and Banking Company 3 3.46% $7,174
AMERICAN FINANCIAL RESOURCES, INC. 3 3.50% $5,998
KELLER MORTGAGE, LLC 3 2.96% $6,475
Waterstone Mortgage Corporation 3 3.38% $7,502
U.S. Bank 2 3.38% $5,645
LEADERONE FINANCIAL CORPORATION 2 3.25% $6,162
First Commonwealth Bank 2 2.56% $5,990
OCEANSIDE MORTGAGE COMPANY 2 2.81% $1,629
The Federal Savings Bank 2 2.75% $8,564
NATIONS DIRECT MORTGAGE, LLC 2 3.63% $5,753
BETTER MORTGAGE CORPORATION 2 3.56% $4,479
CELEBRITY HOME LOANS, LLC 2 2.94% $6,005
EVERETT FINANCIAL, INC. 2 3.13% $5,350
ROYAL UNITED MORTGAGE LLC 2 3.50% $5,776
Magnolia Bank 2 3.00% $5,174
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.25% $6,904
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.25% $8,053
DRAPER AND KRAMER MORTGAGE CORP. 2 3.40% $6,468
UNITED WHOLESALE MORTGAGE, LLC 2 3.25% $5,926
First Federal Savings and Loan Association of Lakewood 2 2.88% $8,715
WesBanco Bank, Inc. 1 2.75% $6,118
Gateway First Bank 1 3.50% $9,464
Hometown Equity Mortgage, LLC 1 3.13% $9,478
Hometown Lenders, Inc. 1 3.50% $6,978
First Federal Bank 1 2.88% $8,547
KeyBank 1 2.88% $7,687
FINANCE OF AMERICA MORTGAGE LLC 1 3.00% $4,800
LOANPAL, LLC 1 2.88% $7,899
Merchants Bank of Indiana 1 2.88% $5,312
MIDLAND MORTGAGE CORPORATION 1 3.50% $5,824
EQUITY RESOURCES, INC. 1 2.88% $5,754
M&T Bank 1 3.25% $8,772
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.00% $8,354
EMM LOANS LLC 1 3.63% $5,553
Northpointe Bank 1 3.88% $4,889
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.25% $7,711
DAS Acquisition Company, LLC 1 3.88% $5,946
CHURCHILL MORTGAGE CORPORATION 1 3.25% $5,645
Peoples Bank 1 2.88% $5,179
PHH Mortgage Corporation 1 3.50% $7,398
PLANET HOME LENDING, LLC 1 2.75% $4,190
PLAZA HOME MORTGAGE, INC. 1 3.88% $4,065
Barrington Bank & Trust Company, N.A. 1 4.50% $5,721
Bank of America 1 2.88% $6,012
Axos Bank 1 3.00% $10,020
RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.50% $5,644
SIRVA MORTGAGE, INC. 1 3.50% $6,840
SOUTHERN TRUST MORTGAGE, LLC 1 2.75% $7,256
STEARNS LENDING, LLC 1 4.75% $4,558
Stifel Bank and Trust 1 2.50% $6,421
WEST PENN FINANCIAL SERVICE CENTER, INC. 1 2.75% $4,851
The Farmers National Bank of Canfield 1 2.88% $5,899
Union Savings Bank 1 2.50% $5,000
AMERICAN FINANCIAL NETWORK, INC. 1 2.38% $8,737
GSF Mortgage Corporation 1 3.63% $6,969
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.13% $7,239

The top Canton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 309 FHA loans originated. Their average total fees are $5,950, which is $1,420 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Canton FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($1,859), Mr. Cooper ( Nationstar Mortgage ) ($3,257), PENNYMAC LOAN SERVICES, LLC ($3,452), JPMorgan Chase Bank ($3,892) and LAKEVIEW LOAN SERVICING, LLC ($4,016).

The lowest rate Canton FHA lenders (with over 10 loans originated) are Citizens Bank (2.71%), QUICKEN LOANS, LLC (2.79%), CALIBER HOME LOANS, INC. (2.82%), HOWARD HANNA FINANCIAL SERVICES, INC. (2.83%) and First Guaranty Mortgage Corporation (2.93%).

Canton FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CANTON-MASSILLON, OH CARROLL 2022 $420,680 $538,650 $651,050 $809,150
CANTON-MASSILLON, OH STARK 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Canton (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 $132,925 (6.3%) $182,505 (1.9%) 0.49 920
2018-02-01 $130,425 (2.8%) $186,219 (-1.0%) 0.47 881
2018-03-01 $139,700 (5.5%) $196,599 (2.8%) 0.49 848
2018-04-01 $143,000 (10.1%) $204,550 (8.7%) 0.48 823
2018-05-01 $152,450 (11.5%) $206,223 (4.0%) 0.51 834
2018-06-01 $154,900 (6.9%) $207,746 (1.8%) 0.52 912
2018-07-01 $155,450 (11.1%) $212,572 (7.1%) 0.52 955
2018-08-01 $159,450 (13.9%) $211,716 (7.1%) 0.53 1,038
2018-09-01 $158,900 (13.5%) $211,978 (10.8%) 0.53 1,078
2018-10-01 $149,950 (8.4%) $209,121 (12.1%) 0.51 1,079
2018-11-01 $145,075 (4.1%) $205,543 (10.4%) 0.49 1,066
2018-12-01 $141,950 (5.2%) $203,771 (10.3%) 0.49 991
2019-01-01 $144,675 (8.8%) $203,761 (11.7%) 0.50 882
2019-02-01 $144,500 (10.8%) $205,784 (10.5%) 0.49 855
2019-03-01 $156,529 (12.1%) $219,817 (11.8%) 0.51 786
2019-04-01 $168,229 (17.6%) $231,655 (13.3%) 0.53 765
2019-05-01 $166,225 (9.0%) $223,527 (8.4%) 0.52 815
2019-06-01 $165,900 (7.1%) $223,009 (7.4%) 0.52 858
2019-07-01 $161,498 (3.9%) $215,633 (1.4%) 0.51 941
2019-08-01 $162,060 (1.6%) $213,244 (0.7%) 0.51 998
2019-09-01 $163,658 (3.0%) $210,470 (-0.7%) 0.52 1,043
2019-10-01 $164,723 (9.9%) $207,630 (-0.7%) 0.53 1,080
2019-11-01 $159,900 (10.2%) $206,909 (0.7%) 0.52 1,053
2019-12-01 $159,900 (12.7%) $203,749 (0.0%) 0.53 943
2020-01-01 $159,750 (10.4%) $204,542 (0.4%) 0.53 847
2020-02-01 $166,000 (14.9%) $214,503 (4.2%) 0.54 772
2020-03-01 $169,900 (8.5%) $219,808 (0.0%) 0.53 702
2020-04-01 $181,525 (7.9%) $227,167 (-1.9%) 0.57 691
2020-05-01 $181,500 (9.2%) $237,377 (6.2%) 0.55 645
2020-06-01 $189,900 (14.5%) $243,983 (9.4%) 0.56 557
2020-07-01 $187,250 (16.0%) $240,725 (11.6%) 0.54 550
2020-08-01 $180,000 (11.1%) $234,279 (9.9%) 0.52 542
2020-09-01 $176,200 (7.7%) $235,391 (11.8%) 0.50 523
2020-10-01 $164,900 (0.1%) $234,413 (12.9%) 0.47 551
2020-11-01 $158,200 (-1.1%) $246,491 (19.1%) 0.46 514
2020-12-01 $160,000 (0.1%) $243,361 (19.4%) 0.48 501
2021-01-01 $163,450 (2.3%) $252,851 (23.6%) 0.49 428
2021-02-01 $168,900 (1.8%) $262,947 (22.6%) 0.49 322
2021-03-01 $179,900 (5.9%) $269,841 (22.8%) 0.51 306
2021-04-01 $179,900 (-0.9%) $267,201 (17.6%) 0.49 300
2021-05-01 $184,900 (1.9%) $258,786 (9.0%) 0.49 368
2021-06-01 $192,575 (1.4%) $253,136 (3.8%) 0.51 425
2021-07-01 $194,900 (4.1%) $253,231 (5.2%) 0.51 488
2021-08-01 $184,900 (2.7%) $244,850 (4.5%) 0.49 489
2021-09-01 $194,450 (10.4%) $244,956 (4.1%) 0.52 525
2021-10-01 $179,900 (9.1%) $237,158 (1.2%) 0.48 544
2021-11-01 $175,000 (10.6%) $236,223 (-4.2%) 0.47 468
2021-12-01 $167,450 (4.7%) $224,648 (-7.7%) 0.45 414
2022-01-01 $172,900 (5.8%) $235,021 (-7.1%) 0.47 324
2022-02-01 $172,175 (1.9%) $228,127 (-13.2%) 0.45 286
2022-03-01 $170,000 (-5.5%) $226,251 (-16.2%) 0.43 268
2022-04-01 $174,900 (-2.8%) $250,362 (-6.3%) 0.42 263
2022-05-01 $184,900 (0.0%) $252,800 (-2.3%) 0.42 361
2022-06-01 $174,475 (-9.4%) $246,549 (-2.6%) 0.39 426
2022-07-01 $199,000 (2.1%) $256,397 (1.3%) 0.45 535
2022-08-01 $194,475 (5.2%) $261,087 (6.6%) 0.45 575
2022-09-01 $192,200 (-1.2%) $259,306 (5.9%) 0.45 557
2022-10-01 $180,000 (0.1%) $260,120 (9.7%) 0.42 547
2022-11-01 $187,450 (7.1%) $269,978 (14.3%) 0.45 562
Canton's median listing price for 2022-11-01 was $187,450, a difference of $12,450 (7.1%) versus the prior year and $7,450 versus the prior month.

Canton's median listing price comes in at 45% of the national average.

Canton's average listing price for 2022-11-01 was $269,978, a difference of $33,755 (14.3%) versus the prior year and $9,858 versus the prior month.

For the 2022-11-01 period, Canton had 562 MLS listings, a difference of 15 listings (3%) versus the prior month and 94 listings (20%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Canton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 66 days 1,584 sqft
2018-02-01 62 days 1,571 sqft
2018-03-01 50 days 1,620 sqft
2018-04-01 44 days 1,657 sqft
2018-05-01 43 days 1,683 sqft
2018-06-01 43 days 1,722 sqft
2018-07-01 42 days 1,806 sqft
2018-08-01 40 days 1,817 sqft
2018-09-01 43 days 1,806 sqft
2018-10-01 50 days 1,775 sqft
2018-11-01 48 days 1,733 sqft
2018-12-01 58 days 1,725 sqft
2019-01-01 66 days 1,716 sqft
2019-02-01 50 days 1,732 sqft
2019-03-01 44 days 1,764 sqft
2019-04-01 38 days 1,810 sqft
2019-05-01 36 days 1,698 sqft
2019-06-01 39 days 1,716 sqft
2019-07-01 42 days 1,699 sqft
2019-08-01 41 days 1,718 sqft
2019-09-01 40 days 1,755 sqft
2019-10-01 40 days 1,774 sqft
2019-11-01 51 days 1,733 sqft
2019-12-01 60 days 1,719 sqft
2020-01-01 67 days 1,717 sqft
2020-02-01 49 days 1,763 sqft
2020-03-01 51 days 1,783 sqft
2020-04-01 49 days 1,786 sqft
2020-05-01 58 days 1,761 sqft
2020-06-01 49 days 1,828 sqft
2020-07-01 40 days 1,817 sqft
2020-08-01 43 days 1,765 sqft
2020-09-01 46 days 1,749 sqft
2020-10-01 43 days 1,716 sqft
2020-11-01 50 days 1,681 sqft
2020-12-01 53 days 1,694 sqft
2021-01-01 60 days 1,689 sqft
2021-02-01 56 days 1,682 sqft
2021-03-01 39 days 1,721 sqft
2021-04-01 33 days 1,741 sqft
2021-05-01 28 days 1,730 sqft
2021-06-01 24 days 1,764 sqft
2021-07-01 26 days 1,769 sqft
2021-08-01 33 days 1,701 sqft
2021-09-01 32 days 1,711 sqft
2021-10-01 33 days 1,688 sqft
2021-11-01 40 days 1,669 sqft
2021-12-01 46 days 1,630 sqft
2022-01-01 49 days 1,624 sqft
2022-02-01 44 days 1,650 sqft
2022-03-01 31 days 1,626 sqft
2022-04-01 30 days 1,674 sqft
2022-05-01 25 days 1,700 sqft
2022-06-01 30 days 1,599 sqft
2022-07-01 29 days 1,680 sqft
2022-08-01 35 days 1,649 sqft
2022-09-01 37 days 1,638 sqft
2022-10-01 37 days 1,612 sqft
2022-11-01 41 days 1,656 sqft
Canton's median listing age (time on market) for 2022-11-01 was 41 days. This is 1% longer than the same period one year ago.

Canton's median square footage for active listings during the 2022-11-01 period was 1,656 sqft. One year prior, the average listing was 1,669 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).