Jackson FHA Loan Rates, Closing Costs & Stats

JACKSON, MI

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.

Jackson's 79 lenders originated 616 FHA loans during 2022. The total origination value was $102,230,000, with an average FHA loan value of $165,958.

Jackson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Jackson averaged 6.21% for the week of 2024-03-15, compared to the national average (all FHA variants) of 6.596% for the same period.

Jackson's average FHA mortgage closing costs are $5,710.

The average rate for the prior week (2024-03-08) was 6.52% and one month ago for the week of 2024-02-09, the average rate was 6.13%.

The average rate one year ago was 6.61%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.42%.

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

Jackson 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 Jackson level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 95 4.73% $7,112
MORTGAGE 1 INCORPORATED 54 5.15% $8,419
RUOFF MORTGAGE COMPANY, INC. 50 5.16% $5,242
CROSSCOUNTRY MORTGAGE, LLC 45 5.31% $8,554
Flagstar Bank, FSB 35 5.31% $6,167
UNITED WHOLESALE MORTGAGE, LLC 26 4.65% $6,957
The Huntington National Bank 26 5.07% $5,449
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 18 5.04% $6,879
Waterstone Mortgage Corporation 15 5.14% $7,888
CALIBER HOME LOANS, INC. 11 4.27% $6,911
GVC MORTGAGE, INC. 10 5.38% $9,750
HOME POINT FINANCIAL CORPORATION 8 5.81% $6,325
CARDINAL FINANCIAL 8 5.05% $6,411
Carrington Mortgage Services, LLC 7 4.96% $7,506
The Dart Bank 7 4.91% $7,956
J. VIRGIL, INC. 7 5.73% $7,898
BROKER SOLUTIONS, INC. 7 4.82% $7,600
AMERISAVE MORTGAGE CORPORATION 7 4.96% $8,442
FREEDOM MORTGAGE CORPORATION 5 4.65% $5,447
STAUNTON FINANCIAL, INC. 5 6.03% $8,249
Mr. Cooper ( Nationstar Mortgage ) 5 5.03% $8,886
TOWNE MORTGAGE COMPANY 5 5.35% $6,639
EVERETT FINANCIAL, INC. 5 6.58% $5,315
LOANDEPOT.COM, LLC 5 5.12% $8,515
MEMBER FIRST MORTGAGE, LLC 4 5.97% $5,309
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 5.91% $7,476
LAKEVIEW LOAN SERVICING, LLC 4 5.31% $5,226
Northpointe Bank 4 4.63% $11,288
Old National Bank 4 5.91% $5,141
PENNYMAC LOAN SERVICES, LLC 4 4.84% $9,066
TOP FLITE FINANCIAL, INC. 4 5.22% $9,638
PNC Bank 3 4.08% $5,878
AMERIFIRST FINANCIAL CORPORATION 3 5.54% $9,195
Neighborhood Loans, Inc. 3 4.83% $7,858
Independent Bank 3 6.25% $4,331
UNION HOME MORTGAGE CORP. 3 5.96% $7,226
EQUITY RESOURCES, INC. 3 5.38% $5,769
CHERRY CREEK MORTGAGE, LLC 2 5.19% $863
BLG HOLDINGS, INC. 2 5.38% $6,595
Equity Prime Mortgage LLC 2 4.69% $8,752
VILLAGE CAPITAL MORTGAGE 2 3.06% $2,240
MORTGAGE CENTER L.C 2 4.88% $6,222
Mortgage Research Center, LLC 2 5.43% $2,592
Hometown Lenders, Inc. 2 5.37% $8,623
MID AMERICA MORTGAGE, INC. 2 5.38% $4,072
UNIVERSITY LENDING GROUP, LLC 2 4.88% $9,338
HOWARD HANNA FINANCIAL SERVICES, INC. 2 5.50% $6,207
LIBERTY HOME MORTGAGE CORPORATION 2 5.63% $5,973
Nations Lending Corporation 2 5.88% $9,201
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.75% $6,595
SOVEREIGN LENDING GROUP INCORPORATED 2 4.00% $10,729
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 3.50% $5,196
AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $4,298
University Bank 1 6.63% $7,763
First Merchants Bank 1 6.63% $5,235
GUARANTEED RATE, INC. 1 3.88% $5,103
First Guaranty Mortgage Corporation 1 4.50% $6,013
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.75% $10,099
HOMESIDE FINANCIAL, LLC 1 6.25% $12,530
First Federal Bank 1 4.50% $7,168
Fifth Third Bank 1 6.50% $2,967
U.S. Bank 1 4.75% $6,858
ACADEMY MORTGAGE CORPORATION 1 3.75% $6,279
MICHIGAN MUTUAL, INC. 1 3.88% $7,534
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $8,596
MYCUMORTGAGE, LLC 1 5.50% $6,134
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $6,844
NEWREZ LLC 1 4.75% $17,068
NEXERA HOLDING LLC 1 5.00% $6,959
VAN DYK MORTGAGE CORPORATION 1 6.63% $4,385
NORWICH COMMERCIAL GROUP, INC. 1 3.75% $8,710
AMCAP MORTGAGE, LTD. 1 6.13% $9,634
Peoples Bank 1 5.12% $7,017
PLAZA HOME MORTGAGE, INC. 1 5.63% $6,379
Preston Home Loans Inc 1 5.75% $11,447
DAS Acquisition Company, LLC 1 7.50% $12,669
ROYAL UNITED MORTGAGE LLC 1 6.00% $8,484
Citizens Bank 1 4.63% $11,040
Wells Fargo Bank 1 5.50% $6,678

The top Jackson FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 95 FHA loans originated. Their average total fees are $7,112, which is $1,307 lower than the next largest lender, MORTGAGE 1 INCORPORATED.

The lowest fee Jackson FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,242), The Huntington National Bank ($5,449), Flagstar Bank, FSB ($6,167), GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION ($6,879) and CALIBER HOME LOANS, INC. ($6,911).

The lowest rate Jackson FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (4.27%), UNITED WHOLESALE MORTGAGE, LLC (4.65%), QUICKEN LOANS, LLC (4.73%), GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION (5.04%) and The Huntington National Bank (5.07%).

Jackson FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
JACKSON, MI JACKSON 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MI JACKSON 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Jackson (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 $139,900 (4.6%) $166,532 (-5.5%) 0.52 631
2018-02-01 $134,974 (-3.5%) $167,712 (-7.3%) 0.49 602
2018-03-01 $139,450 (-0.3%) $167,908 (-8.7%) 0.49 610
2018-04-01 $139,900 (0.0%) $173,667 (-6.3%) 0.47 641
2018-05-01 $149,900 (2.7%) $181,192 (-3.0%) 0.50 679
2018-06-01 $155,000 (3.4%) $189,831 (0.8%) 0.52 702
2018-07-01 $149,900 (0.0%) $186,572 (0.5%) 0.50 747
2018-08-01 $150,946 (0.6%) $187,688 (0.2%) 0.51 761
2018-09-01 $154,900 (-3.1%) $192,303 (2.1%) 0.52 797
2018-10-01 $152,294 (1.6%) $200,748 (8.8%) 0.52 784
2018-11-01 $149,665 (-0.2%) $194,678 (7.9%) 0.51 757
2018-12-01 $144,950 (0.0%) $192,672 (12.6%) 0.50 689
2019-01-01 $143,575 (2.6%) $194,317 (16.7%) 0.50 621
2019-02-01 $144,925 (7.4%) $196,136 (17.0%) 0.49 612
2019-03-01 $147,114 (5.5%) $196,844 (17.2%) 0.48 595
2019-04-01 $152,450 (9.0%) $213,979 (23.2%) 0.48 597
2019-05-01 $158,175 (5.5%) $215,641 (19.0%) 0.49 641
2019-06-01 $162,500 (4.8%) $218,797 (15.3%) 0.51 669
2019-07-01 $163,100 (8.8%) $218,191 (17.0%) 0.51 706
2019-08-01 $163,091 (8.1%) $213,058 (13.5%) 0.52 720
2019-09-01 $160,227 (3.4%) $204,518 (6.4%) 0.51 744
2019-10-01 $159,268 (4.6%) $199,773 (-0.5%) 0.51 746
2019-11-01 $158,950 (6.2%) $199,632 (2.5%) 0.52 680
2019-12-01 $149,900 (3.4%) $191,952 (-0.4%) 0.50 596
2020-01-01 $149,900 (4.4%) $189,212 (-2.6%) 0.50 543
2020-02-01 $145,000 (0.1%) $184,360 (-6.0%) 0.47 540
2020-03-01 $149,900 (1.9%) $192,590 (-2.2%) 0.47 535
2020-04-01 $156,000 (2.3%) $196,728 (-8.1%) 0.49 493
2020-05-01 $172,400 (9.0%) $208,128 (-3.5%) 0.52 509
2020-06-01 $178,450 (9.8%) $208,772 (-4.6%) 0.53 553
2020-07-01 $186,500 (14.4%) $216,908 (-0.6%) 0.54 565
2020-08-01 $176,900 (8.5%) $214,654 (0.8%) 0.51 534
2020-09-01 $174,925 (9.2%) $220,830 (8.0%) 0.50 504
2020-10-01 $174,900 (9.8%) $225,728 (13.0%) 0.50 494
2020-11-01 $169,950 (6.9%) $217,422 (8.9%) 0.50 469
2020-12-01 $162,450 (8.4%) $207,429 (8.1%) 0.48 433
2021-01-01 $149,900 (0.0%) $202,742 (7.2%) 0.45 375
2021-02-01 $149,900 (3.4%) $202,757 (10.0%) 0.44 308
2021-03-01 $145,750 (-2.8%) $210,125 (9.1%) 0.41 285
2021-04-01 $147,000 (-5.8%) $209,403 (6.4%) 0.40 292
2021-05-01 $162,900 (-5.5%) $217,040 (4.3%) 0.43 355
2021-06-01 $175,000 (-1.9%) $230,496 (10.4%) 0.46 417
2021-07-01 $179,900 (-3.5%) $236,488 (9.0%) 0.47 464
2021-08-01 $181,475 (2.6%) $254,881 (18.7%) 0.48 252
2021-09-01 $180,950 (3.4%) $234,776 (6.3%) 0.48 291
2021-10-01 $169,900 (-2.9%) $215,217 (-4.7%) 0.45 290
2021-11-01 $157,150 (-7.5%) $197,765 (-9.0%) 0.42 262
2021-12-01 $153,475 (-5.5%) $200,618 (-3.3%) 0.42 226
2022-01-01 $164,000 (9.4%) $212,332 (4.7%) 0.44 213
2022-02-01 $173,675 (15.9%) $226,694 (11.8%) 0.45 198
2022-03-01 $177,975 (22.1%) $234,701 (11.7%) 0.45 178
2022-04-01 $179,950 (22.4%) $223,799 (6.9%) 0.43 174
2022-05-01 $189,975 (16.6%) $248,341 (14.4%) 0.43 197
2022-06-01 $219,925 (25.7%) $274,681 (19.2%) 0.49 223
2022-07-01 $229,000 (27.3%) $282,730 (19.6%) 0.52 278
2022-08-01 $217,400 (19.8%) $283,247 (11.1%) 0.50 283
2022-09-01 $219,950 (21.6%) $286,814 (22.2%) 0.51 298
2022-10-01 $220,000 (29.5%) $277,095 (28.8%) 0.52 308
2022-11-01 $212,250 (35.1%) $270,966 (37.0%) 0.51 291
2022-12-01 $199,999 (30.3%) $255,607 (27.4%) 0.49 267
2023-01-01 $193,200 (17.8%) $252,845 (19.1%) 0.48 229
2023-02-01 $223,750 (28.8%) $269,783 (19.0%) 0.54 183
2023-03-01 $235,750 (32.5%) $288,415 (22.9%) 0.56 159
2023-04-01 $239,900 (33.3%) $307,151 (37.2%) 0.56 179
2023-05-01 $264,325 (39.1%) $314,388 (26.6%) 0.60 206
2023-06-01 $262,400 (19.3%) $310,825 (13.2%) 0.59 216
2023-07-01 $245,000 (7.0%) $301,167 (6.5%) 0.56 228
2023-08-01 $233,425 (7.4%) $305,038 (7.7%) 0.54 239
2023-09-01 $229,000 (4.1%) $303,602 (5.9%) 0.53 249
2023-10-01 $239,950 (9.1%) $310,634 (12.1%) 0.56 287
2023-11-01 $247,450 (16.6%) $307,652 (13.5%) 0.59 274
2023-12-01 $233,750 (16.9%) $299,287 (17.1%) 0.57 262
2024-01-01 $224,975 (16.5%) $287,859 (13.9%) 0.55 243
Jackson's median listing price for 2024-01-01 was $224,975, a difference of $31,775 (16.5%) versus the prior year and $-8,775 versus the prior month.

Jackson's median listing price comes in at 55% of the national average.

Jackson's average listing price for 2024-01-01 was $287,859, a difference of $35,014 (13.9%) versus the prior year and $-11,428 versus the prior month.

For the 2024-01-01 period, Jackson had 243 MLS listings, a difference of -19 listings (-7%) versus the prior month and 14 listings (6%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Jackson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 79 days 1,596 sqft
2018-02-01 72 days 1,574 sqft
2018-03-01 53 days 1,600 sqft
2018-04-01 48 days 1,581 sqft
2018-05-01 44 days 1,605 sqft
2018-06-01 43 days 1,679 sqft
2018-07-01 42 days 1,663 sqft
2018-08-01 45 days 1,683 sqft
2018-09-01 47 days 1,712 sqft
2018-10-01 52 days 1,703 sqft
2018-11-01 55 days 1,661 sqft
2018-12-01 64 days 1,603 sqft
2019-01-01 73 days 1,590 sqft
2019-02-01 68 days 1,600 sqft
2019-03-01 59 days 1,650 sqft
2019-04-01 46 days 1,676 sqft
2019-05-01 44 days 1,656 sqft
2019-06-01 45 days 1,746 sqft
2019-07-01 46 days 1,761 sqft
2019-08-01 48 days 1,749 sqft
2019-09-01 50 days 1,710 sqft
2019-10-01 52 days 1,692 sqft
2019-11-01 56 days 1,693 sqft
2019-12-01 67 days 1,642 sqft
2020-01-01 74 days 1,640 sqft
2020-02-01 61 days 1,592 sqft
2020-03-01 55 days 1,595 sqft
2020-04-01 62 days 1,584 sqft
2020-05-01 69 days 1,650 sqft
2020-06-01 43 days 1,711 sqft
2020-07-01 44 days 1,740 sqft
2020-08-01 46 days 1,708 sqft
2020-09-01 41 days 1,700 sqft
2020-10-01 40 days 1,697 sqft
2020-11-01 46 days 1,696 sqft
2020-12-01 46 days 1,675 sqft
2021-01-01 50 days 1,560 sqft
2021-02-01 49 days 1,558 sqft
2021-03-01 43 days 1,558 sqft
2021-04-01 33 days 1,567 sqft
2021-05-01 30 days 1,623 sqft
2021-06-01 32 days 1,611 sqft
2021-07-01 31 days 1,600 sqft
2021-08-01 23 days 1,602 sqft
2021-09-01 32 days 1,613 sqft
2021-10-01 37 days 1,600 sqft
2021-11-01 44 days 1,558 sqft
2021-12-01 50 days 1,561 sqft
2022-01-01 53 days 1,540 sqft
2022-02-01 51 days 1,597 sqft
2022-03-01 47 days 1,559 sqft
2022-04-01 40 days 1,525 sqft
2022-05-01 32 days 1,588 sqft
2022-06-01 33 days 1,618 sqft
2022-07-01 32 days 1,728 sqft
2022-08-01 39 days 1,725 sqft
2022-09-01 45 days 1,698 sqft
2022-10-01 47 days 1,660 sqft
2022-11-01 50 days 1,650 sqft
2022-12-01 58 days 1,649 sqft
2023-01-01 65 days 1,636 sqft
2023-02-01 59 days 1,677 sqft
2023-03-01 52 days 1,698 sqft
2023-04-01 37 days 1,673 sqft
2023-05-01 29 days 1,716 sqft
2023-06-01 32 days 1,740 sqft
2023-07-01 38 days 1,695 sqft
2023-08-01 40 days 1,707 sqft
2023-09-01 42 days 1,756 sqft
2023-10-01 46 days 1,681 sqft
2023-11-01 50 days 1,704 sqft
2023-12-01 52 days 1,624 sqft
2024-01-01 56 days 1,589 sqft
Jackson's median listing age (time on market) for 2024-01-01 was 56 days. This is -15% shorter than the same period one year ago.

Jackson's median square footage for active listings during the 2024-01-01 period was 1,589 sqft. One year prior, the average listing was 1,636 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).