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 6.77% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.74% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    The average rate one year ago was 7.51%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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

    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).