Canton FHA Loan Rates, Closing Costs & Stats

CANTON-MASSILLON, OH

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    • 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 6.86% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Canton's average FHA mortgage closing costs are $6,374.

    The average rate for the prior week (2024-07-12) was 6.62% and one month ago for the week of 2024-06-14, the average rate was 6.97%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.8%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 192 7.02% $8,981
    QUICKEN LOANS, LLC 169 6.42% $8,939
    The Huntington National Bank 90 6.83% $6,731
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 46 7.09% $7,384
    POLARIS HOME FUNDING CORP. 45 6.93% $9,555
    Nations Lending Corporation 29 6.86% $5,759
    NVR Mortgage Finance, Inc. 25 5.75% $11,155
    GVC MORTGAGE, INC. 24 7.34% $7,914
    LOANDEPOT.COM, LLC 21 6.45% $9,097
    EUSTIS AND AMERICAN MORTGAGE COMPANY 19 6.70% $8,190
    MUTUAL OF OMAHA MORTGAGE, INC. 18 7.07% $8,361
    GUARANTEED RATE, INC. 18 6.79% $9,006
    NFM, INC. 18 7.38% $8,628
    RUOFF MORTGAGE COMPANY, INC. 15 6.96% $5,524
    UNITED WHOLESALE MORTGAGE, LLC 14 6.22% $10,583
    MYCUMORTGAGE, LLC 13 7.01% $6,008
    FREEDOM MORTGAGE CORPORATION 13 7.06% $11,722
    Citizens Bank 12 6.34% $5,790
    Fifth Third Bank 12 6.34% $5,592
    LIBERTY HOME MORTGAGE CORPORATION 11 7.22% $7,258
    Flagstar Bank, FSB 10 6.97% $7,731
    PENNYMAC LOAN SERVICES, LLC 9 6.33% $10,004
    UNION HOME MORTGAGE CORP. 9 7.15% $7,754
    BROKER SOLUTIONS, INC. 9 6.74% $9,020
    Republic State Mortgage Co. 9 7.38% $7,023
    JPMorgan Chase Bank 8 7.06% $5,194
    NEWREZ LLC 8 6.39% $8,497
    Carrington Mortgage Services, LLC 8 6.25% $10,052
    AMCAP MORTGAGE, LTD. 7 7.13% $8,756
    ENDEAVOR CAPITAL, LLC. 6 6.60% $9,693
    AMERISAVE MORTGAGE CORPORATION 6 6.15% $12,802
    Mortgage Research Center, LLC 6 7.23% $4,566
    Mr. Cooper ( Nationstar Mortgage ) 6 6.00% $10,226
    First Commonwealth Bank 6 6.58% $8,089
    HOWARD HANNA FINANCIAL SERVICES, INC. 6 6.94% $7,900
    Ixonia Bank 6 7.23% $10,385
    LAKEVIEW LOAN SERVICING, LLC 6 6.41% $10,446
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.58% $12,209
    AMERICAN FINANCIAL NETWORK, INC. 5 7.00% $10,706
    DRAPER AND KRAMER MORTGAGE CORP. 5 7.15% $7,396
    KeyBank 5 6.45% $7,429
    PNC Bank 5 6.73% $5,685
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 4 6.72% $10,858
    Prosperity Home Mortgage, LLC 4 6.09% $11,139
    LEADERONE FINANCIAL CORPORATION 4 6.47% $11,651
    Lakeview Community Capital, LLC 3 6.71% $8,532
    AmeriHome Mortgage Company, LLC 3 6.88% $9,242
    Equity Prime Mortgage LLC 3 6.38% $11,606
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.71% $9,598
    T2 FINANCIAL LLC 3 7.08% $12,197
    GENEVA FINANCIAL, LLC 3 6.42% $12,284
    PREMIER LENDING, INC. 3 7.13% $11,744
    ZILLOW HOME LOANS, LLC 2 7.13% $7,575
    Bank of England 2 7.25% $7,964
    CALIBER HOME LOANS, INC. 2 6.50% $6,100
    EVERETT FINANCIAL, INC. 2 6.88% $11,217
    GUILD MORTGAGE COMPANY 2 7.69% $8,913
    LOANPAL, LLC 2 7.06% $5,667
    Mercantile Bank of Michigan 2 5.75% $8,391
    Merchants Bank of Indiana 2 6.25% $11,349
    Paramount Residential Mortgage Group, Inc. 2 6.44% $9,143
    Plains Commerce Bank 2 6.69% $8,104
    PLANET HOME LENDING, LLC 2 5.81% $8,009
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.25% $8,148
    RELIANCE FIRST CAPITAL, LLC 2 6.38% $8,297
    SUN WEST MORTGAGE COMPANY, INC. 2 6.19% $12,919
    The Federal Savings Bank 2 6.19% $11,170
    TOP FLITE FINANCIAL, INC. 2 7.06% $9,578
    VILLAGE CAPITAL MORTGAGE 2 5.00% $11,292
    WesBanco 2 5.50% $6,611
    WEST PENN FINANCIAL SERVICE CENTER, INC. 2 6.56% $5,553
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.75% $11,499
    PENTAGON FEDERAL CREDIT UNION 1 7.13% $6,681
    Union Savings Bank 1 7.63% $6,518
    American Midwest Mortgage Corporation 1 6.99% $9,495
    PLAZA HOME MORTGAGE, INC. 1 6.25% $11,256
    Gateway First Bank 1 6.25% $9,545
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $7,810
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.50% $8,294
    U.S. Bank 1 7.50% $7,463
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $12,582
    EQUITY RESOURCES, INC. 1 6.75% $9,578
    EMM LOANS LLC 1 5.75% $13,149
    RAPID MORTGAGE COMPANY 1 6.63% $14,988
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.38% $10,470
    Dollar Bank, Federal Savings Bank 1 7.00% $8,924
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.63% $5,559
    SeaTrust Mortgage Company 1 7.75% $10,989
    Shore United Bank 1 6.88% $8,817
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $10,796
    Watermark Capital, Inc. 1 8.50% $6,816
    Cf Bank 1 7.13% $4,831
    Waterstone Mortgage Corporation 1 6.63% $8,125
    CARDINAL FINANCIAL 1 5.99% $9,017
    Wells Fargo Bank 1 6.63% $8,942
    M&T Bank 1 5.75% $11,376
    MOVEMENT MORTGAGE, LLC 1 7.25% $9,122
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $11,815
    MILEND, INC. 1 7.13% $15,797
    NATIONS RELIABLE LENDING, LLC 1 6.50% $6,354
    Magnolia Bank 1 6.50% $11,579
    Hometown Equity Mortgage, LLC 1 6.25% $11,346
    HOMESIDE FINANCIAL, LLC 1 7.13% $6,719
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $6,541
    ON Q FINANCIAL, INC. 1 7.25% $8,719
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.00% $4,098

    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

    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).