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 6.66% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 7.05% and one month ago for the week of 2024-05-03, the average rate was 6.85%.

The average rate one year ago was 7.02%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.1%.

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

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 $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
Canton's median listing price for 2024-05-01 was $269,900, a difference of $52,200 (24.0%) versus the prior year and $19,955 versus the prior month.

Canton's median listing price comes in at 61% of the national average.

Canton's average listing price for 2024-05-01 was $334,288, a difference of $51,635 (18.3%) versus the prior year and $18,844 versus the prior month.

For the 2024-05-01 period, Canton had 345 MLS listings, a difference of 15 listings (5%) versus the prior month and 11 listings (3%) 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 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
Canton's median listing age (time on market) for 2024-05-01 was 21 days. This is -41% shorter than the same period one year ago.

Canton's median square footage for active listings during the 2024-05-01 period was 1,800 sqft. One year prior, the average listing was 1,698 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).