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 6.62% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

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

    The average rate for the prior week (2025-03-28) was 6.42% and one month ago for the week of 2025-02-28, the average rate was 6.5%.

    The average rate one year ago was 6.62%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.09%.

    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

    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%) $166,736 (-5.4%) 0.52 631
    2018-02-01 $134,998 (-3.5%) $167,922 (-7.2%) 0.49 602
    2018-03-01 $139,900 (0.0%) $168,114 (-8.6%) 0.49 610
    2018-04-01 $139,900 (0.0%) $173,855 (-6.3%) 0.47 642
    2018-05-01 $149,900 (2.3%) $181,355 (-3.1%) 0.50 680
    2018-06-01 $155,000 (3.4%) $189,977 (0.9%) 0.52 703
    2018-07-01 $149,900 (0.0%) $186,718 (0.6%) 0.50 748
    2018-08-01 $151,955 (1.3%) $187,828 (0.3%) 0.51 762
    2018-09-01 $154,900 (-3.1%) $192,477 (2.2%) 0.52 797
    2018-10-01 $152,900 (2.0%) $200,706 (8.8%) 0.52 786
    2018-11-01 $149,700 (-0.1%) $194,703 (7.9%) 0.51 758
    2018-12-01 $144,950 (0.0%) $192,672 (12.5%) 0.50 690
    2019-01-01 $143,700 (2.7%) $194,341 (16.6%) 0.50 621
    2019-02-01 $144,925 (7.4%) $196,136 (16.8%) 0.49 612
    2019-03-01 $147,114 (5.2%) $196,768 (17.0%) 0.48 596
    2019-04-01 $152,450 (9.0%) $213,797 (23.0%) 0.48 598
    2019-05-01 $157,816 (5.3%) $215,467 (18.8%) 0.49 642
    2019-06-01 $161,250 (4.0%) $218,633 (15.1%) 0.50 670
    2019-07-01 $162,500 (8.4%) $218,032 (16.8%) 0.51 706
    2019-08-01 $163,091 (7.3%) $212,941 (13.4%) 0.52 720
    2019-09-01 $160,227 (3.4%) $204,467 (6.2%) 0.51 744
    2019-10-01 $159,268 (4.2%) $199,765 (-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 (4.3%) $189,344 (-2.6%) 0.50 542
    2020-02-01 $145,000 (0.1%) $184,483 (-5.9%) 0.47 539
    2020-03-01 $149,900 (1.9%) $192,727 (-2.1%) 0.47 534
    2020-04-01 $156,500 (2.7%) $196,888 (-7.9%) 0.49 492
    2020-05-01 $174,900 (10.8%) $208,313 (-3.3%) 0.53 508
    2020-06-01 $178,450 (10.7%) $208,537 (-4.6%) 0.53 551
    2020-07-01 $186,500 (14.8%) $216,709 (-0.6%) 0.54 563
    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 (7.1%) 0.45 375
    2021-02-01 $149,900 (3.4%) $202,757 (9.9%) 0.44 308
    2021-03-01 $145,750 (-2.8%) $210,125 (9.0%) 0.41 285
    2021-04-01 $147,000 (-6.1%) $209,403 (6.4%) 0.40 292
    2021-05-01 $162,900 (-6.9%) $217,040 (4.2%) 0.43 355
    2021-06-01 $175,000 (-1.9%) $230,496 (10.5%) 0.46 417
    2021-07-01 $179,900 (-3.5%) $236,488 (9.1%) 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 $273,250 (3.4%) $359,210 (14.3%) 0.62 236
    2024-06-01 $285,000 (8.6%) $366,225 (17.8%) 0.65 278
    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
    2024-11-01 $230,000 (-7.1%) $289,712 (-5.8%) 0.55 381
    2024-12-01 $217,400 (-7.0%) $274,070 (-8.4%) 0.54 355
    2025-01-01 $214,950 (-4.5%) $269,029 (-6.5%) 0.54 321
    2025-02-01 $212,400 (1.3%) $270,119 (-3.5%) 0.52 282
    2025-03-01 $215,000 (-12.6%) $280,182 (-9.2%) 0.00 260
    Jackson's median listing price for 2025-03-01 was $215,000, a difference of $-30,900 (-12.6%) versus the prior year and $2,600 versus the prior month.

    Jackson's median listing price comes in at 0% of the national average.

    Jackson's average listing price for 2025-03-01 was $280,182, a difference of $-28,329 (-9.2%) versus the prior year and $10,063 versus the prior month.

    For the 2025-03-01 period, Jackson had 260 MLS listings, a difference of -22 listings (-8%) versus the prior month and 47 listings (22%) 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 1,598 sqft
    2018-02-01 72 days 1,576 sqft
    2018-03-01 53 days 1,600 sqft
    2018-04-01 48 days 1,582 sqft
    2018-05-01 44 days 1,606 sqft
    2018-06-01 43 days 1,679 sqft
    2018-07-01 42 days 1,663 sqft
    2018-08-01 45 days 1,684 sqft
    2018-09-01 47 days 1,710 sqft
    2018-10-01 52 days 1,701 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 1,658 sqft
    2019-06-01 45 days 1,750 sqft
    2019-07-01 46 days 1,763 sqft
    2019-08-01 48 days 1,750 sqft
    2019-09-01 51 days 1,711 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 1,639 sqft
    2020-02-01 62 days 1,590 sqft
    2020-03-01 55 days 1,594 sqft
    2020-04-01 62 days 1,579 sqft
    2020-05-01 69 days 1,650 sqft
    2020-06-01 43 days 1,709 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 1,558 sqft
    2021-02-01 49 days 1,556 sqft
    2021-03-01 43 days 1,555 sqft
    2021-04-01 33 days 1,565 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 1,633 sqft
    2023-02-01 59 days 1,674 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 1,628 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 32 days 1,826 sqft
    2024-06-01 35 days 1,811 sqft
    2024-07-01 38 days 1,790 sqft
    2024-08-01 39 days 1,798 sqft
    2024-09-01 40 days 1,698 sqft
    2024-10-01 44 days 1,624 sqft
    2024-11-01 53 days 1,602 sqft
    2024-12-01 57 days 1,615 sqft
    2025-01-01 68 days 1,592 sqft
    2025-02-01 72 days 1,594 sqft
    2025-03-01 0 days 1,585 sqft
    Jackson's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Jackson's median square footage for active listings during the 2025-03-01 period was 1,585 sqft. One year prior, the average listing was 1,653 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).