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).