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 99 lenders originated 1,239 FHA loans during 2024. The total origination value was $237,725,000, with an average FHA loan value of $191,868.

Canton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Canton averaged 0.54% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

Canton's average FHA mortgage closing costs are $6,658.

The average rate for the prior week (2025-06-13) was 7.12% and one month ago for the week of 2025-05-16, the average rate was 6.78%.

The average rate one year ago was 7.04%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.18%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 190 6.78% $10,079
QUICKEN LOANS, LLC 176 6.44% $9,056
The Huntington National Bank 75 6.72% $7,736
POLARIS HOME FUNDING CORP. 75 6.63% $10,311
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 42 6.78% $6,648
GVC MORTGAGE, INC. 30 6.82% $8,258
UNITED WHOLESALE MORTGAGE, LLC 27 6.24% $10,981
Nations Lending Corporation 25 6.90% $7,371
GUARANTEED RATE, INC. 22 6.41% $8,493
MYCUMORTGAGE, LLC 22 6.77% $7,124
MUTUAL OF OMAHA MORTGAGE, INC. 21 6.59% $10,164
NVR Mortgage Finance, Inc. 19 6.45% $9,604
UNION HOME MORTGAGE CORP. 18 6.88% $10,684
FREEDOM MORTGAGE CORPORATION 16 6.65% $9,024
Citizens Bank 16 6.31% $7,101
PENNYMAC LOAN SERVICES, LLC 15 6.31% $6,498
NEWREZ LLC 14 6.49% $8,094
Flagstar Bank, FSB 14 6.81% $8,853
LOANDEPOT.COM, LLC 12 6.60% $9,554
RUOFF MORTGAGE COMPANY, INC. 12 6.56% $8,039
Fifth Third Bank 11 6.55% $7,571
NFM, INC. 11 7.31% $11,286
LIBERTY HOME MORTGAGE CORPORATION 9 6.85% $8,726
BROKER SOLUTIONS, INC. 9 6.82% $11,052
S1L, Inc. 9 6.58% $8,813
AmeriHome Mortgage Company, LLC 9 6.71% $5,388
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 9 5.89% $11,093
ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.53% $8,135
Ixonia Bank 6 6.88% $9,211
First Commonwealth Bank 6 6.15% $7,278
AMERICAN FINANCIAL NETWORK, INC. 5 7.03% $8,608
Republic State Mortgage Co. 5 6.95% $6,205
HOWARD HANNA FINANCIAL SERVICES, INC. 5 6.55% $7,388
AMERISAVE MORTGAGE CORPORATION 5 6.50% $9,710
LAKEVIEW LOAN SERVICING, LLC 5 6.45% $8,881
Mr. Cooper ( Nationstar Mortgage ) 5 6.65% $10,898
GENEVA FINANCIAL, LLC 5 6.83% $9,917
HOMESIDE FINANCIAL, LLC 5 6.47% $11,157
PLANET HOME LENDING, LLC 5 6.22% $5,451
Equity Prime Mortgage LLC 4 7.28% $10,127
VILLAGE CAPITAL MORTGAGE 4 6.72% $2,455
CARDINAL FINANCIAL 4 6.53% $8,870
RELIANCE FIRST CAPITAL, LLC 4 6.84% $7,446
MID AMERICA MORTGAGE, INC. 4 6.63% $6,385
PNC Bank 4 6.94% $5,163
Mortgage Research Center, LLC 3 7.08% $5,014
Carrington Mortgage Services, LLC 3 6.17% $9,999
ROYAL UNITED MORTGAGE LLC 3 6.54% $10,324
U.S. Bank 3 6.63% $6,686
KeyBank 3 6.33% $6,703
LOANPAL, LLC 3 5.17% $12,075
DEVELOPER'S MORTGAGE COMPANY 3 7.13% $7,047
SUN WEST MORTGAGE COMPANY, INC. 3 5.92% $13,120
AMERICAN FINANCING CORPORATION 3 6.29% $10,287
ABSOLUTE HOME MORTGAGE CORPORATION 2 7.25% $7,177
AFFORDABLE MORTGAGE ADVISORS, LLC. 2 6.63% $7,205
AMERICAN FINANCIAL RESOURCES, INC. 2 7.50% $10,905
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.81% $18,448
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.62% $9,225
BETTER MORTGAGE CORPORATION 2 6.31% $12,932
Cf Bank 2 6.62% $4,831
CMG MORTGAGE, INC. 2 5.75% $18,597
ENDEAVOR CAPITAL, LLC. 2 5.94% $7,922
EQUITY RESOURCES, INC. 2 7.00% $5,195
GUARANTEED RATE AFFINITY, LLC 2 7.13% $11,387
JPMorgan Chase Bank 2 6.19% $5,867
LEADERONE FINANCIAL CORPORATION 2 6.69% $10,073
MICHIGAN MUTUAL, INC. 2 6.25% $7,585
Paramount Residential Mortgage Group, Inc. 2 7.13% $9,664
Union Savings Bank 2 7.00% $6,324
OCEANSIDE MORTGAGE COMPANY 1 6.50% $4,939
YOUR HOME FINANCIAL LLC 1 7.13% $7,523
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.50% $8,830
PHH Mortgage Corporation 1 7.63% $11,422
MILEND, INC. 1 7.13% $7,705
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $4,816
GUILD MORTGAGE COMPANY 1 7.00% $6,285
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.25% $9,793
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $7,485
Prosperity Home Mortgage, LLC 1 4.88% $14,899
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $16,097
Gateway First Bank 1 7.25% $6,378
First Federal Bank 1 6.38% $13,689
FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $10,556
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.50% $7,231
Dollar Bank, Federal Savings Bank 1 6.75% $7,357
Civista Bank 1 6.13% $6,704
The Farmers National Bank of Canfield 1 5.75% $9,295
CHURCHILL MORTGAGE CORPORATION 1 8.25% $7,827
The Loan Store, Inc. 1 6.49% $6,675
TOWNE MORTGAGE COMPANY 1 6.25% $12,518
CALCON MUTUAL MORTGAGE LLC 1 6.00% $12,759
ZILLOW HOME LOANS, LLC 1 6.75% $7,131
BAY EQUITY LLC 1 6.63% $8,456
Bank of England 1 5.75% $6,789
VERITAS FUNDING, LLC 1 6.63% $14,384
ALLIED MORTGAGE GROUP, INC. 1 6.25% $9,396
NORTHERN MORTGAGE SERVICES, LLC 1 6.75% $3,902
MOVEMENT MORTGAGE, LLC 1 6.25% $4,796

The top Canton FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 190 FHA loans originated. Their average total fees are $10,079, which is $1,023 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Canton FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($6,498), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,648), Citizens Bank ($7,101), MYCUMORTGAGE, LLC ($7,124) and Nations Lending Corporation ($7,371).

The lowest rate Canton FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.24%), PENNYMAC LOAN SERVICES, LLC (6.31%), Citizens Bank (6.31%), GUARANTEED RATE, INC. (6.41%) and QUICKEN LOANS, LLC (6.44%).

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).