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 78 lenders originated 468 FHA loans during 2023. The total origination value was $84,490,000, with an average FHA loan value of $180,534.
Jackson FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Jackson
averaged
0.34%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Jackson's average FHA mortgage closing costs are $6,021.
The average rate for the prior week (2024-11-22) was
6.43% and
one month ago for the week of 2024-10-25, the
average rate was 6.41%.
The average rate one year ago was 7.3%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0%.
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.
The top Jackson FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
85 FHA loans originated. Their average total fees are
$8,897, which is $744
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. ($5,816), The Huntington National Bank ($5,869), Flagstar Bank, FSB ($6,977), TOWNE MORTGAGE COMPANY ($8,379) and CROSSCOUNTRY MORTGAGE, LLC ($8,592).
The lowest rate Jackson FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.24%), MORTGAGE 1 INCORPORATED (6.58%), TOWNE MORTGAGE COMPANY (6.59%), UNITED WHOLESALE MORTGAGE, LLC (6.66%) and Flagstar Bank, FSB (6.68%).
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. LouisDate | 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 |
2024-02-01 | $209,750 (-6.3%) | $279,780 (3.7%) | 0.50 | 219 |
2024-03-01 | $245,900 (4.3%) | $308,511 (7.0%) | 0.58 | 213 |
2024-04-01 | $259,900 (8.3%) | $328,592 (7.0%) | 0.60 | 210 |
2024-05-01 | $275,600 (4.3%) | $364,173 (15.8%) | 0.62 | 237 |
2024-06-01 | $289,160 (10.2%) | $375,568 (20.8%) | 0.65 | 277 |
2024-07-01 | $260,975 (6.5%) | $363,217 (20.6%) | 0.60 | 303 |
2024-08-01 | $254,950 (9.2%) | $352,670 (15.6%) | 0.59 | 337 |
2024-09-01 | $243,975 (6.5%) | $324,733 (7.0%) | 0.57 | 375 |
2024-10-01 | $236,400 (-1.5%) | $299,430 (-3.6%) | 0.56 | 387 |
Jackson's median listing price comes in at 56% of the national average.
Jackson's average listing price for 2024-10-01 was $299,430, a difference of $-11,204 (-3.6%) versus the prior year and $-25,303 versus the prior month.
For the 2024-10-01 period, Jackson had 387 MLS listings, a difference of 12 listings (3%) versus the prior month and 100 listings (35%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Jackson (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-02-01 | 55 days | 1,536 sqft |
2024-03-01 | 43 days | 1,653 sqft |
2024-04-01 | 43 days | 1,735 sqft |
2024-05-01 | 31 days | 1,843 sqft |
2024-06-01 | 31 days | 1,822 sqft |
2024-07-01 | 38 days | 1,790 sqft |
2024-08-01 | 39 days | 1,798 sqft |
2024-09-01 | 40 days | 1,700 sqft |
2024-10-01 | 44 days | 1,624 sqft |
Jackson's median square footage for active listings during the 2024-10-01 period was 1,624 sqft. One year prior, the average listing was 1,681 sqft.