Canton FHA Loans

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 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).