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 106 lenders originated 1,166 FHA loans during 2023. The total origination value was $204,770,000, with an average FHA loan value of $175,617.
Canton FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Canton
averaged
0.37%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Canton's average FHA mortgage closing costs are $6,374.
The average rate for the prior week (2024-11-22) was
6.56% and
one month ago for the week of 2024-10-25, the
average rate was 6.64%.
The average rate one year ago was 7.03%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.51%.
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.
The top Canton FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with
192 FHA loans originated. Their average total fees are
$8,981, which is $42
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Canton FHA lenders (with over 10 loans originated) are
RUOFF MORTGAGE COMPANY, INC. ($5,524), Fifth Third Bank ($5,592), Nations Lending Corporation ($5,759), Citizens Bank ($5,790) and MYCUMORTGAGE, LLC ($6,008).
The lowest rate Canton FHA lenders (with over 10 loans originated) are
NVR Mortgage Finance, Inc. (5.75%), UNITED WHOLESALE MORTGAGE, LLC (6.22%), Citizens Bank (6.34%), Fifth Third Bank (6.34%) and QUICKEN LOANS, LLC (6.42%).
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 |
CANTON-MASSILLON, OH | CARROLL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
CANTON-MASSILLON, OH | STARK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
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 | $132,675 (6.2%) | $182,646 (2.1%) | 0.49 | 918 |
2018-02-01 | $130,425 (3.2%) | $186,438 (-0.7%) | 0.47 | 879 |
2018-03-01 | $139,700 (5.5%) | $196,851 (3.0%) | 0.49 | 846 |
2018-04-01 | $143,700 (10.6%) | $204,708 (8.8%) | 0.49 | 820 |
2018-05-01 | $153,700 (12.4%) | $206,396 (4.0%) | 0.51 | 830 |
2018-06-01 | $154,900 (6.9%) | $207,674 (1.7%) | 0.52 | 909 |
2018-07-01 | $155,450 (11.1%) | $212,308 (6.9%) | 0.52 | 953 |
2018-08-01 | $159,450 (13.9%) | $211,786 (7.1%) | 0.53 | 1,036 |
2018-09-01 | $158,900 (13.6%) | $211,904 (10.8%) | 0.53 | 1,077 |
2018-10-01 | $149,950 (8.7%) | $208,891 (12.0%) | 0.51 | 1,078 |
2018-11-01 | $145,075 (4.2%) | $205,543 (10.4%) | 0.49 | 1,066 |
2018-12-01 | $141,950 (5.2%) | $203,771 (10.2%) | 0.49 | 991 |
2019-01-01 | $144,675 (9.0%) | $203,761 (11.6%) | 0.50 | 882 |
2019-02-01 | $144,625 (10.9%) | $205,784 (10.4%) | 0.49 | 855 |
2019-03-01 | $156,671 (12.2%) | $219,903 (11.7%) | 0.51 | 784 |
2019-04-01 | $168,246 (17.1%) | $231,657 (13.2%) | 0.53 | 763 |
2019-05-01 | $166,575 (8.4%) | $223,472 (8.3%) | 0.52 | 810 |
2019-06-01 | $165,900 (7.1%) | $222,821 (7.3%) | 0.52 | 851 |
2019-07-01 | $160,995 (3.6%) | $215,262 (1.4%) | 0.50 | 934 |
2019-08-01 | $161,329 (1.2%) | $212,821 (0.5%) | 0.51 | 991 |
2019-09-01 | $163,338 (2.8%) | $209,960 (-0.9%) | 0.52 | 1,037 |
2019-10-01 | $164,677 (9.8%) | $207,063 (-0.9%) | 0.53 | 1,075 |
2019-11-01 | $159,900 (10.2%) | $205,707 (0.1%) | 0.52 | 1,047 |
2019-12-01 | $159,900 (12.7%) | $202,756 (-0.5%) | 0.53 | 938 |
2020-01-01 | $159,563 (10.3%) | $203,473 (-0.1%) | 0.53 | 842 |
2020-02-01 | $166,000 (14.8%) | $213,401 (3.7%) | 0.54 | 768 |
2020-03-01 | $169,900 (8.4%) | $218,984 (-0.4%) | 0.53 | 696 |
2020-04-01 | $181,950 (8.1%) | $226,544 (-2.2%) | 0.57 | 684 |
2020-05-01 | $181,500 (9.0%) | $236,950 (6.0%) | 0.55 | 637 |
2020-06-01 | $189,900 (14.5%) | $243,861 (9.4%) | 0.56 | 553 |
2020-07-01 | $188,348 (17.0%) | $241,240 (12.1%) | 0.55 | 547 |
2020-08-01 | $180,500 (11.9%) | $234,864 (10.4%) | 0.52 | 537 |
2020-09-01 | $176,200 (7.9%) | $235,645 (12.2%) | 0.50 | 519 |
2020-10-01 | $164,900 (0.1%) | $234,465 (13.2%) | 0.47 | 547 |
2020-11-01 | $157,075 (-1.8%) | $246,900 (20.0%) | 0.46 | 508 |
2020-12-01 | $160,000 (0.1%) | $243,732 (20.2%) | 0.48 | 495 |
2021-01-01 | $163,450 (2.4%) | $253,471 (24.6%) | 0.49 | 422 |
2021-02-01 | $169,400 (2.1%) | $264,160 (23.8%) | 0.49 | 317 |
2021-03-01 | $179,900 (5.9%) | $271,325 (23.9%) | 0.51 | 303 |
2021-04-01 | $179,900 (-1.1%) | $268,776 (18.6%) | 0.49 | 296 |
2021-05-01 | $184,900 (1.9%) | $260,181 (9.8%) | 0.49 | 362 |
2021-06-01 | $193,200 (1.7%) | $254,045 (4.2%) | 0.51 | 421 |
2021-07-01 | $195,000 (3.5%) | $254,465 (5.5%) | 0.51 | 484 |
2021-08-01 | $184,900 (2.4%) | $245,889 (4.7%) | 0.49 | 485 |
2021-09-01 | $194,675 (10.5%) | $245,813 (4.3%) | 0.52 | 520 |
2021-10-01 | $179,950 (9.1%) | $237,795 (1.4%) | 0.48 | 538 |
2021-11-01 | $175,000 (11.4%) | $236,655 (-4.2%) | 0.47 | 463 |
2021-12-01 | $168,175 (5.1%) | $224,813 (-7.8%) | 0.46 | 409 |
2022-01-01 | $172,900 (5.8%) | $235,429 (-7.1%) | 0.47 | 320 |
2022-02-01 | $172,175 (1.6%) | $228,472 (-13.5%) | 0.45 | 282 |
2022-03-01 | $170,000 (-5.5%) | $226,470 (-16.5%) | 0.43 | 265 |
2022-04-01 | $174,900 (-2.8%) | $250,962 (-6.6%) | 0.42 | 261 |
2022-05-01 | $184,900 (0.0%) | $253,574 (-2.5%) | 0.42 | 358 |
2022-06-01 | $174,475 (-9.7%) | $246,952 (-2.8%) | 0.39 | 424 |
2022-07-01 | $199,000 (2.1%) | $256,676 (0.9%) | 0.45 | 533 |
2022-08-01 | $194,725 (5.3%) | $261,375 (6.3%) | 0.45 | 573 |
2022-09-01 | $192,200 (-1.3%) | $259,586 (5.6%) | 0.45 | 555 |
2022-10-01 | $180,000 (0.0%) | $260,421 (9.5%) | 0.42 | 545 |
2022-11-01 | $187,675 (7.2%) | $270,473 (14.3%) | 0.45 | 559 |
2022-12-01 | $190,000 (13.0%) | $273,825 (21.8%) | 0.47 | 490 |
2023-01-01 | $182,175 (5.4%) | $272,178 (15.6%) | 0.45 | 410 |
2023-02-01 | $187,125 (8.7%) | $275,413 (20.6%) | 0.45 | 366 |
2023-03-01 | $203,338 (19.6%) | $268,380 (18.5%) | 0.48 | 356 |
2023-04-01 | $215,500 (23.2%) | $291,074 (16.0%) | 0.50 | 360 |
2023-05-01 | $217,700 (17.7%) | $282,653 (11.5%) | 0.49 | 334 |
2023-06-01 | $222,400 (27.5%) | $285,107 (15.5%) | 0.50 | 383 |
2023-07-01 | $229,950 (15.6%) | $290,781 (13.3%) | 0.52 | 418 |
2023-08-01 | $249,000 (27.9%) | $300,409 (14.9%) | 0.57 | 439 |
2023-09-01 | $235,450 (22.5%) | $293,777 (13.2%) | 0.55 | 473 |
2023-10-01 | $241,500 (34.2%) | $293,805 (12.8%) | 0.57 | 519 |
2023-11-01 | $235,000 (25.2%) | $290,266 (7.3%) | 0.56 | 572 |
2023-12-01 | $230,000 (21.1%) | $286,014 (4.5%) | 0.56 | 554 |
2024-01-01 | $239,900 (31.7%) | $297,684 (9.4%) | 0.59 | 442 |
2024-02-01 | $245,475 (31.2%) | $294,948 (7.1%) | 0.59 | 403 |
2024-03-01 | $248,000 (22.0%) | $307,857 (14.7%) | 0.58 | 345 |
2024-04-01 | $249,945 (16.0%) | $315,444 (8.4%) | 0.58 | 330 |
2024-05-01 | $269,900 (24.0%) | $334,288 (18.3%) | 0.61 | 345 |
2024-06-01 | $250,000 (12.4%) | $307,976 (8.0%) | 0.56 | 404 |
2024-07-01 | $260,725 (13.4%) | $317,122 (9.1%) | 0.60 | 465 |
2024-08-01 | $264,000 (6.0%) | $314,932 (4.8%) | 0.61 | 509 |
2024-09-01 | $259,450 (10.2%) | $300,952 (2.4%) | 0.61 | 521 |
2024-10-01 | $252,445 (4.5%) | $301,009 (2.5%) | 0.59 | 559 |
Canton's median listing price comes in at 59% of the national average.
Canton's average listing price for 2024-10-01 was $301,009, a difference of $7,204 (2.5%) versus the prior year and $57 versus the prior month.
For the 2024-10-01 period, Canton had 559 MLS listings, a difference of 38 listings (7%) versus the prior month and 40 listings (8%) 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 | 65 days | 1,582 sqft |
2018-02-01 | 59 days | 1,569 sqft |
2018-03-01 | 47 days | 1,620 sqft |
2018-04-01 | 42 days | 1,654 sqft |
2018-05-01 | 41 days | 1,681 sqft |
2018-06-01 | 40 days | 1,720 sqft |
2018-07-01 | 41 days | 1,806 sqft |
2018-08-01 | 40 days | 1,818 sqft |
2018-09-01 | 43 days | 1,802 sqft |
2018-10-01 | 48 days | 1,772 sqft |
2018-11-01 | 47 days | 1,732 sqft |
2018-12-01 | 58 days | 1,722 sqft |
2019-01-01 | 65 days | 1,715 sqft |
2019-02-01 | 49 days | 1,730 sqft |
2019-03-01 | 43 days | 1,762 sqft |
2019-04-01 | 37 days | 1,808 sqft |
2019-05-01 | 36 days | 1,696 sqft |
2019-06-01 | 39 days | 1,716 sqft |
2019-07-01 | 41 days | 1,694 sqft |
2019-08-01 | 40 days | 1,714 sqft |
2019-09-01 | 39 days | 1,752 sqft |
2019-10-01 | 39 days | 1,770 sqft |
2019-11-01 | 48 days | 1,728 sqft |
2019-12-01 | 59 days | 1,717 sqft |
2020-01-01 | 66 days | 1,717 sqft |
2020-02-01 | 47 days | 1,756 sqft |
2020-03-01 | 51 days | 1,778 sqft |
2020-04-01 | 48 days | 1,786 sqft |
2020-05-01 | 57 days | 1,761 sqft |
2020-06-01 | 47 days | 1,819 sqft |
2020-07-01 | 40 days | 1,806 sqft |
2020-08-01 | 42 days | 1,761 sqft |
2020-09-01 | 44 days | 1,748 sqft |
2020-10-01 | 40 days | 1,715 sqft |
2020-11-01 | 49 days | 1,680 sqft |
2020-12-01 | 52 days | 1,690 sqft |
2021-01-01 | 58 days | 1,685 sqft |
2021-02-01 | 53 days | 1,675 sqft |
2021-03-01 | 38 days | 1,714 sqft |
2021-04-01 | 32 days | 1,734 sqft |
2021-05-01 | 27 days | 1,720 sqft |
2021-06-01 | 24 days | 1,762 sqft |
2021-07-01 | 26 days | 1,767 sqft |
2021-08-01 | 32 days | 1,699 sqft |
2021-09-01 | 32 days | 1,702 sqft |
2021-10-01 | 33 days | 1,682 sqft |
2021-11-01 | 40 days | 1,663 sqft |
2021-12-01 | 44 days | 1,630 sqft |
2022-01-01 | 48 days | 1,600 sqft |
2022-02-01 | 42 days | 1,620 sqft |
2022-03-01 | 30 days | 1,618 sqft |
2022-04-01 | 29 days | 1,664 sqft |
2022-05-01 | 24 days | 1,694 sqft |
2022-06-01 | 29 days | 1,592 sqft |
2022-07-01 | 29 days | 1,680 sqft |
2022-08-01 | 33 days | 1,645 sqft |
2022-09-01 | 36 days | 1,635 sqft |
2022-10-01 | 37 days | 1,600 sqft |
2022-11-01 | 40 days | 1,649 sqft |
2022-12-01 | 47 days | 1,623 sqft |
2023-01-01 | 59 days | 1,594 sqft |
2023-02-01 | 48 days | 1,567 sqft |
2023-03-01 | 34 days | 1,619 sqft |
2023-04-01 | 35 days | 1,674 sqft |
2023-05-01 | 35 days | 1,698 sqft |
2023-06-01 | 33 days | 1,728 sqft |
2023-07-01 | 34 days | 1,728 sqft |
2023-08-01 | 36 days | 1,762 sqft |
2023-09-01 | 36 days | 1,700 sqft |
2023-10-01 | 33 days | 1,669 sqft |
2023-11-01 | 35 days | 1,655 sqft |
2023-12-01 | 44 days | 1,650 sqft |
2024-01-01 | 57 days | 1,658 sqft |
2024-02-01 | 43 days | 1,623 sqft |
2024-03-01 | 40 days | 1,634 sqft |
2024-04-01 | 33 days | 1,740 sqft |
2024-05-01 | 21 days | 1,800 sqft |
2024-06-01 | 23 days | 1,774 sqft |
2024-07-01 | 30 days | 1,826 sqft |
2024-08-01 | 31 days | 1,833 sqft |
2024-09-01 | 32 days | 1,823 sqft |
2024-10-01 | 33 days | 1,801 sqft |
Canton's median square footage for active listings during the 2024-10-01 period was 1,801 sqft. One year prior, the average listing was 1,669 sqft.