Canton FHA Loans

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 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%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Canton level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 309 2.79% $5,950
    CROSSCOUNTRY MORTGAGE, LLC 249 3.34% $7,370
    The Huntington National Bank 211 3.09% $5,744
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 145 3.28% $5,224
    SIGNATURE MORTGAGE CORPORATION 72 3.13% $6,108
    Nations Lending Corporation 62 3.21% $5,996
    POLARIS HOME FUNDING CORP. 59 3.24% $7,954
    PENNYMAC LOAN SERVICES, LLC 45 3.16% $3,452
    MYCUMORTGAGE, LLC 43 2.97% $5,978
    FREEDOM MORTGAGE CORPORATION 36 3.03% $4,286
    LIBERTY HOME MORTGAGE CORPORATION 35 3.36% $7,736
    UNION HOME MORTGAGE CORP. 35 3.44% $6,741
    LAKEVIEW LOAN SERVICING, LLC 34 3.06% $4,016
    LOANDEPOT.COM, LLC 32 3.53% $5,712
    PRIMARY RESIDENTIAL MORTGAGE, INC. 31 3.59% $7,651
    Mr. Cooper ( Nationstar Mortgage ) 31 3.45% $3,257
    CALIBER HOME LOANS, INC. 30 2.82% $4,773
    NEWREZ LLC 25 3.15% $4,988
    VILLAGE CAPITAL & INVESTMENT LLC 24 2.99% $1,859
    AMCAP MORTGAGE, LTD. 21 3.63% $6,231
    NVR Mortgage Finance, Inc. 21 3.02% $10,092
    HALLMARK HOME MORTGAGE, LLC 20 3.33% $7,347
    RAPID MORTGAGE COMPANY 19 3.27% $7,568
    GUARANTEED RATE, INC. 19 2.97% $6,221
    RUOFF MORTGAGE COMPANY, INC. 17 3.28% $4,237
    RESIDENTIAL BANCORP. 14 3.24% $6,160
    HOME POINT FINANCIAL CORPORATION 14 2.95% $4,861
    Citizens Bank 14 2.71% $4,926
    HOWARD HANNA FINANCIAL SERVICES, INC. 13 2.83% $6,546
    Paramount Residential Mortgage Group, Inc. 11 3.68% $7,483
    JPMorgan Chase Bank 11 3.25% $3,892
    AMERIFIRST FINANCIAL CORPORATION 11 3.49% $7,507
    First Guaranty Mortgage Corporation 10 2.93% $6,013
    PNC Bank 10 2.98% $4,499
    Republic State Mortgage Co. 10 2.96% $5,012
    American Midwest Mortgage Corporation 10 3.25% $7,896
    AMERISAVE MORTGAGE CORPORATION 10 2.96% $7,636
    RELIANCE FIRST CAPITAL, LLC 9 3.04% $6,644
    Carrington Mortgage Services, LLC 8 3.63% $8,104
    Flagstar Bank, FSB 8 3.06% $8,580
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 2.53% $4,950
    Fifth Third Bank 7 2.98% $5,951
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 3.41% $6,955
    T2 FINANCIAL LLC 6 3.10% $6,467
    CMG MORTGAGE, INC. 6 3.63% $5,242
    HOMESIDE FINANCIAL, LLC 6 3.31% $6,846
    ABSOLUTE HOME MORTGAGE CORPORATION 6 2.81% $8,102
    TOP FLITE FINANCIAL, INC. 6 3.38% $11,380
    BROKER SOLUTIONS, INC. 5 3.25% $6,336
    MID AMERICA MORTGAGE, INC. 5 2.88% $4,407
    AmeriHome Mortgage Company, LLC 4 2.88% $4,654
    YOUR HOME FINANCIAL LLC 4 3.19% $7,126
    InterContinental Capital Group, Inc 4 3.34% $9,154
    Equity Prime Mortgage LLC 4 3.59% $6,253
    Bank of England 4 3.44% $8,993
    AMERICAN FINANCING CORPORATION 4 2.94% $6,646
    Mortgage Research Center, LLC 3 3.25% $3,323
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.46% $6,314
    Ixonia Bank 3 3.13% $7,525
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 2.50% $5,059
    NFM, INC. 3 3.75% $8,547
    SUN WEST MORTGAGE COMPANY, INC. 3 3.04% $4,834
    Dollar Bank, Federal Savings Bank 3 3.04% $7,171
    The Cortland Savings and Banking Company 3 3.46% $7,174
    AMERICAN FINANCIAL RESOURCES, INC. 3 3.50% $5,998
    KELLER MORTGAGE, LLC 3 2.96% $6,475
    Waterstone Mortgage Corporation 3 3.38% $7,502
    U.S. Bank 2 3.38% $5,645
    LEADERONE FINANCIAL CORPORATION 2 3.25% $6,162
    First Commonwealth Bank 2 2.56% $5,990
    OCEANSIDE MORTGAGE COMPANY 2 2.81% $1,629
    The Federal Savings Bank 2 2.75% $8,564
    NATIONS DIRECT MORTGAGE, LLC 2 3.63% $5,753
    BETTER MORTGAGE CORPORATION 2 3.56% $4,479
    CELEBRITY HOME LOANS, LLC 2 2.94% $6,005
    EVERETT FINANCIAL, INC. 2 3.13% $5,350
    ROYAL UNITED MORTGAGE LLC 2 3.50% $5,776
    Magnolia Bank 2 3.00% $5,174
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.25% $6,904
    NATIONWIDE MORTGAGE BANKERS, INC. 2 3.25% $8,053
    DRAPER AND KRAMER MORTGAGE CORP. 2 3.40% $6,468
    UNITED WHOLESALE MORTGAGE, LLC 2 3.25% $5,926
    First Federal Savings and Loan Association of Lakewood 2 2.88% $8,715
    WesBanco Bank, Inc. 1 2.75% $6,118
    Gateway First Bank 1 3.50% $9,464
    Hometown Equity Mortgage, LLC 1 3.13% $9,478
    Hometown Lenders, Inc. 1 3.50% $6,978
    First Federal Bank 1 2.88% $8,547
    KeyBank 1 2.88% $7,687
    FINANCE OF AMERICA MORTGAGE LLC 1 3.00% $4,800
    LOANPAL, LLC 1 2.88% $7,899
    Manufacturers and Traders Trust Company 1 3.25% $8,772
    Merchants Bank of Indiana 1 2.88% $5,312
    MIDLAND MORTGAGE CORPORATION 1 3.50% $5,824
    EQUITY RESOURCES, INC. 1 2.88% $5,754
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.00% $8,354
    EMM LOANS LLC 1 3.63% $5,553
    Northpointe Bank 1 3.88% $4,889
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.25% $7,711
    DAS Acquisition Company, LLC 1 3.88% $5,946
    CHURCHILL MORTGAGE CORPORATION 1 3.25% $5,645
    Peoples Bank 1 2.88% $5,179
    PHH Mortgage Corporation 1 3.50% $7,398
    PLANET HOME LENDING, LLC 1 2.75% $4,190
    PLAZA HOME MORTGAGE, INC. 1 3.88% $4,065
    Barrington Bank & Trust Company, N.A. 1 4.50% $5,721
    Bank of America 1 2.88% $6,012
    Axos Bank 1 3.00% $10,020
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.50% $5,644
    SIRVA MORTGAGE, INC. 1 3.50% $6,840
    SOUTHERN TRUST MORTGAGE, LLC 1 2.75% $7,256
    STEARNS LENDING, LLC 1 4.75% $4,558
    Stifel Bank and Trust 1 2.50% $6,421
    WEST PENN FINANCIAL SERVICE CENTER, INC. 1 2.75% $4,851
    The Farmers National Bank of Canfield 1 2.88% $5,899
    Union Savings Bank 1 2.50% $5,000
    AMERICAN FINANCIAL NETWORK, INC. 1 2.38% $8,737
    GSF Mortgage Corporation 1 3.63% $6,969
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.13% $7,239

    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. Louis
    Date 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 for 2022-04-01 was $169,900, a difference of $-10,000 (-5.6%) versus the prior year and $-2,500 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-04-01 was 33 days. This is -4% shorter than the same period one year ago.

    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.

    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).