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 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 6.8% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Jackson's average FHA mortgage closing costs are $6,021.

    The average rate for the prior week (2024-04-12) was 6.99% and one month ago for the week of 2024-03-15, the average rate was 6.66%.

    The average rate one year ago was 6.58%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 85 6.24% $8,897
    MORTGAGE 1 INCORPORATED 35 6.58% $9,641
    RUOFF MORTGAGE COMPANY, INC. 30 6.75% $5,816
    UNITED WHOLESALE MORTGAGE, LLC 30 6.66% $9,685
    CROSSCOUNTRY MORTGAGE, LLC 25 6.85% $8,592
    The Huntington National Bank 19 6.79% $5,869
    Flagstar Bank, FSB 18 6.68% $6,977
    TOWNE MORTGAGE COMPANY 12 6.59% $8,379
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 10 6.79% $10,277
    The Dart Bank 9 6.97% $7,819
    GVC MORTGAGE, INC. 8 7.41% $8,491
    UNION HOME MORTGAGE CORP. 8 6.89% $10,599
    BROKER SOLUTIONS, INC. 7 6.69% $10,550
    STAUNTON FINANCIAL, INC. 6 6.71% $7,043
    Waterstone Mortgage Corporation 6 6.81% $8,249
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.38% $9,651
    TOP FLITE FINANCIAL, INC. 5 7.40% $11,627
    NEWREZ LLC 4 6.34% $11,421
    AMERICAN FINANCIAL NETWORK, INC. 4 6.78% $6,195
    MORTGAGE CENTER L.C 4 7.06% $6,035
    Carrington Mortgage Services, LLC 4 6.63% $9,999
    LOANDEPOT.COM, LLC 3 5.38% $6,040
    AMERISAVE MORTGAGE CORPORATION 3 6.04% $9,322
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.75% $6,903
    EQUITY RESOURCES, INC. 3 6.75% $5,933
    J. VIRGIL, INC. 3 6.46% $7,326
    LAKEVIEW LOAN SERVICING, LLC 3 6.42% $11,501
    Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $17,113
    ROSS MORTGAGE CORPORATION 3 7.21% $8,377
    PENNYMAC LOAN SERVICES, LLC 2 6.19% $8,992
    MICHIGAN FIRST CREDIT UNION 2 7.13% $7,912
    MICHIGAN MUTUAL, INC. 2 7.13% $11,489
    PLAZA HOME MORTGAGE, INC. 2 7.13% $5,119
    Independent Bank 2 6.00% $5,381
    Nations Lending Corporation 2 7.19% $10,826
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $11,453
    Fifth Third Bank 2 6.69% $4,333
    Northpointe Bank 2 6.88% $4,966
    FREEDOM MORTGAGE CORPORATION 2 6.38% $7,677
    Equity Prime Mortgage LLC 2 7.19% $7,692
    GUILD MORTGAGE COMPANY 2 7.69% $13,889
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.88% $9,003
    Mortgage Research Center, LLC 1 8.00% $3,403
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $6,501
    FIRST COLONY MORTGAGE CORPORATION 1 7.75% $6,487
    Old National Bank 1 5.50% $8,836
    Plains Commerce Bank 1 6.75% $6,873
    PLANET HOME LENDING, LLC 1 5.88% $3,987
    Preston Home Loans Inc 1 6.75% $6,849
    Prosperity Home Mortgage, LLC 1 6.99% $5,764
    RESIDENTIAL BANCORP 1 6.25% $21,743
    ZILLOW HOME LOANS, LLC 1 5.50% $10,328
    EVERETT FINANCIAL, INC. 1 7.75% $3,485
    DAS Acquisition Company, LLC 1 6.63% $5,767
    The Federal Savings Bank 1 5.75% $10,183
    CORNERSTONE HOME LENDING, INC. 1 6.75% $11,210
    TJC Mortgage, Inc. 1 6.25% $10,030
    CARDINAL FINANCIAL 1 5.75% $5,968
    CALIBER HOME LOANS, INC. 1 7.25% $5,256
    BETTER MORTGAGE CORPORATION 1 6.63% $3,254
    AMERICAN FINANCING CORPORATION 1 6.63% $7,114
    University Bank 1 7.00% $9,483
    GUARANTEED RATE, INC. 1 7.25% $13,779
    GUARANTY HOME MORTGAGE CORPORATION 1 7.13% $13,446
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.63% $7,182
    GUARANTEED RATE AFFINITY, LLC 1 6.88% $5,773
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $14,172
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.88% $7,144
    Ixonia Bank 1 6.63% $5,921
    JPMorgan Chase Bank 1 7.25% $10,560
    U.S. Bank 1 5.99% $6,655
    KeyBank 1 7.38% $6,326
    LAKE MICHIGAN CREDIT UNION 1 5.50% $10,703
    VAN DYK MORTGAGE CORPORATION 1 7.13% $4,338
    LOANPAL, LLC 1 6.13% $14,253
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $7,302
    First Merchants Bank 1 7.63% $4,948
    First Federal Bank of the Midwest 1 6.75% $8,354

    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. 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
    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
    Jackson's median listing price for 2024-03-01 was $245,900, a difference of $10,150 (4.3%) versus the prior year and $36,150 versus the prior month.

    Jackson's median listing price comes in at 58% of the national average.

    Jackson's average listing price for 2024-03-01 was $308,511, a difference of $20,096 (7.0%) versus the prior year and $28,731 versus the prior month.

    For the 2024-03-01 period, Jackson had 213 MLS listings, a difference of -6 listings (-3%) versus the prior month and 54 listings (34%) 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
    2024-02-01 55 days 1,536 sqft
    2024-03-01 43 days 1,653 sqft
    Jackson's median listing age (time on market) for 2024-03-01 was 43 days. This is -18% shorter than the same period one year ago.

    Jackson's median square footage for active listings during the 2024-03-01 period was 1,653 sqft. One year prior, the average listing was 1,698 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).