Jackson FHA Loan Rates, Closing Costs & Stats

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 74 lenders originated 508 FHA loans during 2024. The total origination value was $90,690,000, with an average FHA loan value of $178,524.

    Jackson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jackson averaged 0.06% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Jackson's average FHA mortgage closing costs are $6,279.

    The average rate for the prior week (2025-06-13) was 6.95% and one month ago for the week of 2025-05-16, the average rate was 6.71%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.17%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 86 6.42% $9,176
    RUOFF MORTGAGE COMPANY, INC. 47 6.57% $5,471
    Flagstar Bank, FSB 33 6.33% $7,649
    CROSSCOUNTRY MORTGAGE, LLC 25 6.84% $10,502
    UNITED WHOLESALE MORTGAGE, LLC 22 6.33% $8,854
    The Huntington National Bank 16 6.78% $6,456
    MORTGAGE 1 INCORPORATED 16 6.54% $9,623
    PENNYMAC LOAN SERVICES, LLC 14 6.39% $8,877
    UNION HOME MORTGAGE CORP. 12 6.99% $8,347
    STAUNTON FINANCIAL, INC. 10 6.54% $9,129
    Fifth Third Bank 9 6.33% $6,059
    TOWNE MORTGAGE COMPANY 9 6.31% $8,368
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 9 6.79% $9,426
    Equity Prime Mortgage LLC 7 6.70% $8,326
    The Dart Bank 6 6.50% $7,783
    BROKER SOLUTIONS, INC. 5 6.73% $9,275
    LOANDEPOT.COM, LLC 5 6.09% $10,300
    ROSS MORTGAGE CORPORATION 5 6.65% $6,685
    FREEDOM MORTGAGE CORPORATION 5 6.35% $12,359
    NEWREZ LLC 5 6.35% $7,278
    GVC MORTGAGE, INC. 4 7.00% $9,442
    AMERICAN FINANCIAL NETWORK, INC. 4 6.50% $9,802
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.72% $4,808
    Waterstone Mortgage Corporation 4 6.81% $7,130
    Mr. Cooper ( Nationstar Mortgage ) 3 6.67% $11,097
    FIRST COMMUNITY MORTGAGE, INC. 3 6.75% $7,995
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.63% $12,667
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.67% $11,845
    LOANPAL, LLC 3 5.92% $11,681
    PLANET HOME LENDING, LLC 3 6.50% $7,118
    Preston Home Loans Inc 3 6.83% $6,980
    BETTER MORTGAGE CORPORATION 2 6.44% $10,548
    Mercantile Bank of Michigan 2 6.44% $7,588
    Northpointe Bank 2 6.63% $6,513
    TOP FLITE FINANCIAL, INC. 2 6.38% $9,399
    MICHIGAN MUTUAL, INC. 2 6.25% $13,756
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.44% $8,150
    MORTGAGE CENTER L.C 2 6.88% $7,450
    Mortgage Research Center, LLC 2 7.19% $4,169
    First Merchants Bank 2 6.19% $5,131
    Century Mortgage Company DBA Century Lending Company 2 5.94% $6,761
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $7,649
    Carrington Mortgage Services, LLC 2 6.19% $12,341
    CARDINAL FINANCIAL 2 7.00% $9,849
    Comerica Bank 2 6.13% $5,844
    SUN WEST MORTGAGE COMPANY, INC. 2 7.24% $10,243
    THE MORTGAGE LINK, INC. 1 6.63% $13,867
    First Federal Bank of the Midwest 1 6.38% $7,864
    American Mortgage & Equity Consultants, Inc. 1 6.75% $7,851
    University Bank 1 6.25% $9,300
    ZILLOW HOME LOANS, LLC 1 7.25% $6,622
    Wells Fargo Bank 1 6.25% $6,639
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.99% $15,687
    FIRST COLONY MORTGAGE CORPORATION 1 7.25% $6,455
    GUARANTEED RATE, INC. 1 7.88% $10,297
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $5,069
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $15,386
    JMAC LENDING, INC. 1 5.75% $8,585
    EVERETT FINANCIAL, INC. 1 6.38% $5,572
    MEMBER FIRST MORTGAGE, LLC 1 6.38% $6,426
    CONTOUR MORTGAGE CORPORATION 1 6.75% $7,795
    MY MORTGAGE, INC. 1 7.25% $11,423
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $10,286
    North American Savings Bank, F.S.B. 1 5.75% $11,079
    Old National Bank 1 6.13% $8,659
    Paramount Residential Mortgage Group, Inc. 1 6.63% $11,417
    CMG MORTGAGE, INC. 1 7.38% $11,612
    PHH Mortgage Corporation 1 6.49% $7,494
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $15,879
    Prosperity Home Mortgage, LLC 1 6.13% $13,022
    Citizens Bank 1 6.88% $4,834
    ROYAL UNITED MORTGAGE LLC 1 7.00% $8,054
    SUMMIT HOME MORTGAGE, LLC 1 6.25% $5,852
    BAY EQUITY LLC 1 6.13% $9,192

    The top Jackson FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 86 FHA loans originated. Their average total fees are $9,176, which is $3,704 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Jackson FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,471), The Huntington National Bank ($6,456), Flagstar Bank, FSB ($7,649), UNION HOME MORTGAGE CORP. ($8,347) and UNITED WHOLESALE MORTGAGE, LLC ($8,854).

    The lowest rate Jackson FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.33%), Flagstar Bank, FSB (6.33%), PENNYMAC LOAN SERVICES, LLC (6.39%), QUICKEN LOANS, LLC (6.42%) and STAUNTON FINANCIAL, INC. (6.54%).

    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

    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).