Jackson FHA Loans

JACKSON, MI

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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.

    Jackson's 91 lenders originated 946 FHA loans during 2021. The total origination value was $148,410,000, with an average FHA loan value of $156,882.

    Jackson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jackson averaged 5.54% 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 5.47% and one month ago for the week of 2022-04-08, the average rate was 5.24%.

    The average rate one year ago was 3.15%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.36%.

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

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 166 2.79% $5,176
    MORTGAGE 1 INCORPORATED 107 3.42% $6,747
    RUOFF MORTGAGE COMPANY, INC. 62 3.28% $3,678
    CROSSCOUNTRY MORTGAGE, LLC 57 3.24% $7,220
    The Huntington National Bank 34 3.13% $5,519
    Flagstar Bank, FSB 28 3.25% $5,552
    CALIBER HOME LOANS, INC. 23 2.99% $4,839
    LAKEVIEW LOAN SERVICING, LLC 21 3.18% $3,658
    FREEDOM MORTGAGE CORPORATION 20 2.88% $3,418
    HOME POINT FINANCIAL CORPORATION 19 3.24% $5,016
    UNITED WHOLESALE MORTGAGE, LLC 18 2.82% $6,968
    VILLAGE CAPITAL & INVESTMENT LLC 15 3.17% $1,856
    Waterstone Mortgage Corporation 14 3.97% $6,905
    Mr. Cooper ( Nationstar Mortgage ) 14 3.36% $3,032
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 11 3.41% $5,791
    UNION HOME MORTGAGE CORP. 10 3.38% $6,318
    PENNYMAC LOAN SERVICES, LLC 8 3.30% $3,369
    GVC MORTGAGE, INC. 8 3.53% $6,950
    HOWARD HANNA FINANCIAL SERVICES, INC. 8 3.70% $5,303
    Carrington Mortgage Services, LLC 7 3.55% $6,559
    BROKER SOLUTIONS, INC. 7 3.41% $6,553
    Nations Lending Corporation 7 3.39% $11,022
    SUCCESS MORTGAGE PARTNERS, INC. 6 3.48% $7,135
    PNC Bank 6 3.00% $4,252
    TOP FLITE FINANCIAL, INC. 6 3.42% $6,182
    MEMBER FIRST MORTGAGE, LLC 6 3.23% $4,554
    TOWNE MORTGAGE COMPANY 5 3.23% $5,754
    NEWREZ LLC 5 2.73% $4,176
    MICHIGAN MUTUAL, INC. 5 3.65% $4,457
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 3.40% $6,387
    UNIVERSITY LENDING GROUP, LLC 5 3.30% $8,158
    LOANDEPOT.COM, LLC 4 3.53% $5,205
    AMERIFIRST FINANCIAL CORPORATION 4 4.50% $5,972
    First Guaranty Mortgage Corporation 4 2.81% $5,144
    EVERETT FINANCIAL, INC. 4 4.09% $6,152
    First State Bank 4 3.19% $5,275
    UNITED SECURITY FINANCIAL CORP 4 2.69% $4,759
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.34% $7,189
    Fifth Third Bank 3 2.96% $7,322
    AMERICAN FINANCIAL NETWORK, INC. 3 3.29% $8,024
    AmeriHome Mortgage Company, LLC 3 2.96% $4,362
    First Federal Bank 3 2.88% $4,541
    Independent Bank 3 3.25% $5,711
    NATIONS DIRECT MORTGAGE, LLC 3 3.58% $5,326
    The Dart Bank 3 3.00% $5,223
    Paramount Residential Mortgage Group, Inc. 2 2.75% $12,623
    FIRST HERITAGE FINANCIAL, LLC 2 3.19% $7,726
    SUN WEST MORTGAGE COMPANY, INC. 2 2.56% $5,256
    MID AMERICA MORTGAGE, INC. 2 3.25% $5,889
    ZILLOW HOME LOANS, LLC 2 2.81% $6,613
    Platinum Home Mortgage Corporation 2 3.25% $8,153
    PLAZA HOME MORTGAGE, INC. 2 3.44% $4,272
    FINANCE OF AMERICA MORTGAGE LLC 2 3.81% $5,297
    BLG HOLDINGS, INC. 2 3.00% $9,071
    MOVEMENT MORTGAGE, LLC 2 4.13% $5,357
    NATIONS RELIABLE LENDING, LLC 2 4.25% $6,050
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.25% $4,499
    ACADEMY MORTGAGE CORPORATION 2 3.69% $6,050
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.81% $4,426
    AMERISAVE MORTGAGE CORPORATION 2 3.00% $7,008
    OCEANSIDE MORTGAGE COMPANY 2 2.87% $2,239
    MORTGAGE CENTER L.C 2 3.31% $5,654
    J. VIRGIL, INC. 2 3.44% $9,054
    T2 FINANCIAL LLC 1 3.13% $7,740
    ENVOY MORTGAGE, LTD 1 3.63% $9,464
    CIBM Bank 1 2.88% $5,779
    CHERRY CREEK MORTGAGE, LLC 1 3.88% $2,626
    Barrington Bank & Trust Company, N.A. 1 3.75% $9,621
    Bank of America 1 3.25% $6,374
    U.S. Bank 1 3.63% $3,233
    VAN DYK MORTGAGE CORPORATION 1 3.25% $2,749
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $7,847
    Lakeview Community Capital, LLC 1 3.25% $3,166
    LAKE MICHIGAN CREDIT UNION 1 3.88% $5,278
    JPMorgan Chase Bank 1 2.75% $5,475
    InterContinental Capital Group, Inc 1 2.63% $5,874
    Hometown Lenders, Inc. 1 3.13% $10,036
    Mortgage Research Center, LLC 1 2.99% $1,435
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $5,952
    Wells Fargo Bank 1 3.50% $5,842
    GENEVA FINANCIAL, LLC 1 3.25% $5,345
    First Savings Bank 1 3.63% $9,105
    Old National Bank 1 3.00% $5,100
    Peoples Bank 1 3.25% $6,788
    Preston Home Loans Inc 1 2.75% $8,953
    Prosperity Home Mortgage, LLC 1 3.25% $7,405
    EQUITY RESOURCES, INC. 1 3.38% $5,245
    SIRVA MORTGAGE, INC. 1 3.38% $6,518
    STAUNTON FINANCIAL, INC. 1 3.63% $7,002
    STOCKTON MORTGAGE CORPORATION 1 3.25% $9,975
    Equity Prime Mortgage LLC 1 4.25% $6,070

    The top Jackson FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 166 FHA loans originated. Their average total fees are $5,176, which is $1,571 lower than the next largest lender, MORTGAGE 1 INCORPORATED.

    The lowest fee Jackson FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($1,856), Mr. Cooper ( Nationstar Mortgage ) ($3,032), FREEDOM MORTGAGE CORPORATION ($3,418), LAKEVIEW LOAN SERVICING, LLC ($3,658) and RUOFF MORTGAGE COMPANY, INC. ($3,678).

    The lowest rate Jackson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.79%), UNITED WHOLESALE MORTGAGE, LLC (2.82%), FREEDOM MORTGAGE CORPORATION (2.88%), CALIBER HOME LOANS, INC. (2.99%) and The Huntington National Bank (3.13%).

    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

    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).