Canton FHA Loans
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
5.38%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.51% and
one month ago for the week of 2022-04-08, the
average rate was 5.07%.
The average rate one year ago was 3.38%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.15%.
Canton FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Canton level.
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 & INVESTMENT LLC ($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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $130,900 (4.8%) | $181,645 (3.0%) | 0.48 | 900 |
2018-02-01 | $129,450 (1.8%) | $185,411 (-0.3%) | 0.47 | 855 |
2018-03-01 | $138,000 (4.2%) | $194,885 (2.5%) | 0.48 | 813 |
2018-04-01 | $142,245 (9.5%) | $205,099 (9.2%) | 0.48 | 790 |
2018-05-01 | $149,900 (10.0%) | $207,006 (4.5%) | 0.50 | 797 |
2018-06-01 | $150,000 (7.2%) | $208,982 (3.1%) | 0.50 | 885 |
2018-07-01 | $155,000 (11.5%) | $214,772 (9.4%) | 0.52 | 941 |
2018-08-01 | $157,495 (12.9%) | $212,485 (7.9%) | 0.53 | 1,023 |
2018-09-01 | $156,900 (12.2%) | $214,057 (11.1%) | 0.52 | 1,040 |
2018-10-01 | $149,450 (6.8%) | $211,268 (12.0%) | 0.50 | 1,055 |
2018-11-01 | $146,250 (5.1%) | $208,460 (11.0%) | 0.49 | 1,039 |
2018-12-01 | $144,000 (6.8%) | $207,325 (12.2%) | 0.49 | 980 |
2019-01-01 | $144,000 (10.0%) | $207,746 (14.4%) | 0.50 | 865 |
2019-02-01 | $143,250 (10.7%) | $209,090 (12.8%) | 0.48 | 837 |
2019-03-01 | $158,086 (14.6%) | $221,692 (13.8%) | 0.52 | 761 |
2019-04-01 | $171,450 (20.5%) | $232,856 (13.5%) | 0.54 | 737 |
2019-05-01 | $168,700 (12.5%) | $226,680 (9.5%) | 0.52 | 784 |
2019-06-01 | $169,900 (13.3%) | $225,107 (7.7%) | 0.52 | 826 |
2019-07-01 | $162,000 (4.5%) | $217,077 (1.1%) | 0.50 | 910 |
2019-08-01 | $163,243 (3.7%) | $216,321 (1.8%) | 0.51 | 924 |
2019-09-01 | $164,900 (5.1%) | $213,397 (-0.3%) | 0.52 | 922 |
2019-10-01 | $160,945 (7.7%) | $205,987 (-2.5%) | 0.51 | 1,023 |
2019-11-01 | $160,000 (9.4%) | $209,544 (0.5%) | 0.52 | 1,023 |
2019-12-01 | $159,900 (11.0%) | $204,517 (-1.4%) | 0.53 | 922 |
2020-01-01 | $158,500 (10.1%) | $201,512 (-3.0%) | 0.53 | 827 |
2020-02-01 | $159,900 (11.6%) | $215,544 (3.1%) | 0.52 | 748 |
2020-03-01 | $174,450 (10.4%) | $223,067 (0.6%) | 0.55 | 675 |
2020-04-01 | $179,950 (5.0%) | $226,554 (-2.7%) | 0.56 | 670 |
2020-05-01 | $189,900 (12.6%) | $245,576 (8.3%) | 0.58 | 622 |
2020-06-01 | $196,950 (15.9%) | $253,480 (12.6%) | 0.58 | 537 |
2020-07-01 | $192,200 (18.6%) | $245,874 (13.3%) | 0.55 | 530 |
2020-08-01 | $179,900 (10.2%) | $240,222 (11.1%) | 0.51 | 511 |
2020-09-01 | $182,450 (10.6%) | $252,623 (18.4%) | 0.52 | 494 |
2020-10-01 | $164,900 (2.5%) | $266,727 (29.5%) | 0.47 | 524 |
2020-11-01 | $167,450 (4.7%) | $291,028 (38.9%) | 0.48 | 496 |
2020-12-01 | $159,900 (0.0%) | $281,922 (37.9%) | 0.47 | 491 |
2021-01-01 | $168,500 (6.3%) | $282,893 (40.4%) | 0.50 | 416 |
2021-02-01 | $187,400 (17.2%) | $297,324 (37.9%) | 0.54 | 308 |
2021-03-01 | $185,900 (6.6%) | $289,135 (29.6%) | 0.52 | 290 |
2021-04-01 | $179,900 (0.0%) | $284,374 (25.5%) | 0.48 | 272 |
2021-05-01 | $190,000 (0.1%) | $276,924 (12.8%) | 0.50 | 337 |
2021-06-01 | $193,750 (-1.6%) | $256,655 (1.3%) | 0.50 | 397 |
2021-07-01 | $195,500 (1.7%) | $257,861 (4.9%) | 0.51 | 461 |
2021-08-01 | $184,900 (2.8%) | $248,804 (3.6%) | 0.49 | 464 |
2021-09-01 | $194,450 (6.6%) | $249,867 (-1.1%) | 0.51 | 495 |
2021-10-01 | $179,900 (9.1%) | $240,472 (-9.8%) | 0.47 | 514 |
2021-11-01 | $176,950 (5.7%) | $239,391 (-17.7%) | 0.47 | 448 |
2021-12-01 | $168,900 (5.6%) | $226,824 (-19.5%) | 0.45 | 392 |
2022-01-01 | $172,900 (2.6%) | $237,739 (-16.0%) | 0.46 | 301 |
2022-02-01 | $172,900 (-7.7%) | $231,436 (-22.2%) | 0.44 | 272 |
2022-03-01 | $172,400 (-7.3%) | $232,267 (-19.7%) | 0.43 | 250 |
2022-04-01 | $169,900 (-5.6%) | $254,511 (-10.5%) | 0.40 | 245 |
Canton's median listing price comes in at 40% of the national average.
Canton's average listing price for 2022-04-01 was $254,511, a difference of $-29,863 (-10.5%) versus the prior year and $22,244 versus the prior month.
For the 2022-04-01 period, Canton had 245 MLS listings, a difference of -5 listings (-2%) versus the prior month and -27 listings (-10%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Canton (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 66 days | 1,590 sqft |
2018-02-01 | 62 days | 1,584 sqft |
2018-03-01 | 49 days | 1,665 sqft |
2018-04-01 | 43 days | 1,680 sqft |
2018-05-01 | 44 days | 1,705 sqft |
2018-06-01 | 43 days | 1,724 sqft |
2018-07-01 | 41 days | 1,825 sqft |
2018-08-01 | 40 days | 1,838 sqft |
2018-09-01 | 43 days | 1,828 sqft |
2018-10-01 | 48 days | 1,799 sqft |
2018-11-01 | 48 days | 1,758 sqft |
2018-12-01 | 58 days | 1,748 sqft |
2019-01-01 | 65 days | 1,721 sqft |
2019-02-01 | 49 days | 1,754 sqft |
2019-03-01 | 50 days | 1,801 sqft |
2019-04-01 | 38 days | 1,853 sqft |
2019-05-01 | 35 days | 1,723 sqft |
2019-06-01 | 39 days | 1,733 sqft |
2019-07-01 | 41 days | 1,717 sqft |
2019-08-01 | 41 days | 1,757 sqft |
2019-09-01 | 42 days | 1,802 sqft |
2019-10-01 | 39 days | 1,788 sqft |
2019-11-01 | 39 days | 1,764 sqft |
2019-12-01 | 50 days | 1,725 sqft |
2020-01-01 | 59 days | 1,717 sqft |
2020-02-01 | 39 days | 1,741 sqft |
2020-03-01 | 43 days | 1,787 sqft |
2020-04-01 | 46 days | 1,785 sqft |
2020-05-01 | 46 days | 1,808 sqft |
2020-06-01 | 37 days | 1,844 sqft |
2020-07-01 | 36 days | 1,863 sqft |
2020-08-01 | 37 days | 1,787 sqft |
2020-09-01 | 34 days | 1,774 sqft |
2020-10-01 | 29 days | 1,733 sqft |
2020-11-01 | 38 days | 1,706 sqft |
2020-12-01 | 43 days | 1,715 sqft |
2021-01-01 | 52 days | 1,717 sqft |
2021-02-01 | 43 days | 1,716 sqft |
2021-03-01 | 41 days | 1,732 sqft |
2021-04-01 | 35 days | 1,746 sqft |
2021-05-01 | 31 days | 1,768 sqft |
2021-06-01 | 25 days | 1,772 sqft |
2021-07-01 | 29 days | 1,786 sqft |
2021-08-01 | 36 days | 1,715 sqft |
2021-09-01 | 35 days | 1,741 sqft |
2021-10-01 | 35 days | 1,715 sqft |
2021-11-01 | 40 days | 1,684 sqft |
2021-12-01 | 44 days | 1,660 sqft |
2022-01-01 | 49 days | 1,640 sqft |
2022-02-01 | 45 days | 1,632 sqft |
2022-03-01 | 37 days | 1,664 sqft |
2022-04-01 | 33 days | 1,664 sqft |
Canton's median square footage for active listings during the 2022-04-01 period was 1,664 sqft. One year prior, the average listing was 1,746 sqft.