Canton VA Loan Rates, Closing Costs & Stats

CANTON-MASSILLON, OH

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Canton's 62 lenders originated 368 VA loans during 2023. The total origination value was $88,220,000, with an average VA loan value of $239,728.

Canton VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Canton averaged 6.79% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Canton's average VA mortgage closing costs are $5,343.

The average rate for the prior week (2024-05-10) was 6.79% and one month ago for the week of 2024-04-12, the average rate was 6.87%.

The average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.82%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Canton VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 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
Mortgage Research Center, LLC 81 6.80% $5,200
QUICKEN LOANS, LLC 34 6.21% $10,074
CROSSCOUNTRY MORTGAGE, LLC 25 6.75% $7,465
NAVY FEDERAL CREDIT UNION 18 5.98% $6,236
The Huntington National Bank 17 6.90% $5,252
NEW DAY FINANCIAL, LLC 11 7.45% $5,402
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.44% $8,527
NVR Mortgage Finance, Inc. 10 5.70% $8,076
GUARANTEED RATE, INC. 9 6.07% $5,047
UNITED WHOLESALE MORTGAGE, LLC 8 6.00% $10,436
POLARIS HOME FUNDING CORP. 8 6.77% $10,425
PENNYMAC LOAN SERVICES, LLC 7 5.20% $6,199
USAA Federal Savings Bank 7 6.20% $6,383
LOANDEPOT.COM, LLC 7 6.64% $8,392
UNION HOME MORTGAGE CORP. 6 7.13% $8,892
RUOFF MORTGAGE COMPANY, INC. 5 6.45% $9,290
FREEDOM MORTGAGE CORPORATION 5 6.53% $12,172
Magnolia Bank 5 6.53% $15,802
Nations Lending Corporation 5 6.68% $8,194
JPMorgan Chase Bank 4 6.41% $1,795
GVC MORTGAGE, INC. 4 7.19% $7,650
Mr. Cooper ( Nationstar Mortgage ) 4 6.13% $6,947
NFM, INC. 3 6.83% $12,973
The Federal Savings Bank 3 6.58% $15,736
EUSTIS AND AMERICAN MORTGAGE COMPANY 3 6.67% $4,012
BROKER SOLUTIONS, INC. 3 6.79% $12,601
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 8.19% $190
NEWREZ LLC 2 6.50% $6,029
AMERISAVE MORTGAGE CORPORATION 2 6.13% $12,752
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.94% $10,250
WEST PENN FINANCIAL SERVICE CENTER, INC. 2 7.13% $7,901
ZILLOW HOME LOANS, LLC 1 6.13% $5,270
Equity Prime Mortgage LLC 1 7.75% $1,915
CMG MORTGAGE, INC. 1 5.25% $6,333
Citizens Bank 1 6.38% $14,392
Century Mortgage Company DBA Century Lending Company 1 7.13% $0
PLANET HOME LENDING, LLC 1 6.75% $3,285
PNC Bank 1 6.63% $6,619
CARDINAL FINANCIAL 1 6.75% $7,507
PREMIA MORTGAGE, LLC 1 5.63% $154
Republic State Mortgage Co. 1 7.63% $6,247
BAY EQUITY LLC 1 6.75% $693
SUCCESS MORTGAGE PARTNERS, INC. 1 6.88% $14,976
SUN WEST MORTGAGE COMPANY, INC. 1 8.00% $9,737
AXIA FINANCIAL, LLC 1 6.50% $2,163
The State Bank and Trust Company 1 7.88% $6,934
TOP FLITE FINANCIAL, INC. 1 7.13% $9,543
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $11,986
U.S. Bank 1 7.13% $4,418
VILLAGE CAPITAL MORTGAGE 1 5.75% $4,705
Waterstone Mortgage Corporation 1 6.50% $18,724
GENEVA FINANCIAL, LLC 1 6.63% $4,923
GUILD MORTGAGE COMPANY 1 6.75% $9,183
Flagstar Bank, FSB 1 6.75% $15,042
AMCAP MORTGAGE, LTD. 1 7.13% $5,779
KeyBank 1 5.88% $14,485
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $4,995
LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $19,662
First Savings Bank 1 7.25% $6,639
First Federal Bank 1 5.50% $3,229
MICHIGAN MUTUAL, INC. 1 6.63% $8,367
Fifth Third Bank 1 7.38% $150

The top Canton VA lender as defined by loan originations is Mortgage Research Center, LLC, with 81 VA loans originated. Their average total fees are $5,200, which is $4,875 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Canton VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,200), The Huntington National Bank ($5,252), NEW DAY FINANCIAL, LLC ($5,402), NAVY FEDERAL CREDIT UNION ($6,236) and CROSSCOUNTRY MORTGAGE, LLC ($7,465).

The lowest rate Canton VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.70%), NAVY FEDERAL CREDIT UNION (5.98%), QUICKEN LOANS, LLC (6.21%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.44%) and CROSSCOUNTRY MORTGAGE, LLC (6.75%).


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
Canton's median listing price for 2024-04-01 was $249,945, a difference of $34,445 (16.0%) versus the prior year and $1,945 versus the prior month.

Canton's median listing price comes in at 58% of the national average.

Canton's average listing price for 2024-04-01 was $315,444, a difference of $24,370 (8.4%) versus the prior year and $7,587 versus the prior month.

For the 2024-04-01 period, Canton had 330 MLS listings, a difference of -15 listings (-4%) versus the prior month and -30 listings (-8%) 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
Canton's median listing age (time on market) for 2024-04-01 was 33 days. This is -7% shorter than the same period one year ago.

Canton's median square footage for active listings during the 2024-04-01 period was 1,740 sqft. One year prior, the average listing was 1,674 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.