Jackson FHA Loans

JACKSON, MS

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 117 lenders originated 2,838 FHA loans during 2021. The total origination value was $546,800,000, with an average FHA loan value of $192,671.

Jackson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Jackson averaged 5.45% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.35% and one month ago for the week of 2022-04-15, the average rate was 5.05%.

The average rate one year ago was 3.12%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.07%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Jackson level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Trustmark National Bank 451 2.82% $6,428
QUICKEN LOANS, LLC 276 2.70% $5,855
BancorpSouth Bank 253 2.92% $6,630
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 151 3.07% $6,888
OPEN MORTGAGE, LLC 148 3.39% $7,128
Community Bank of Mississippi 135 2.82% $6,364
PLANET HOME LENDING, LLC 65 3.44% $8,642
First Horizon Bank 63 2.79% $6,939
Regions Bank 51 2.98% $6,088
BankPlus 50 2.78% $4,657
Renasant Bank 49 2.97% $6,686
Mr. Cooper ( Nationstar Mortgage ) 46 3.28% $3,448
FREEDOM MORTGAGE CORPORATION 46 2.87% $3,936
PENNYMAC LOAN SERVICES, LLC 42 2.93% $4,749
LAKEVIEW LOAN SERVICING, LLC 42 3.08% $4,077
Origin Bank 36 3.01% $6,880
CALIBER HOME LOANS, INC. 34 2.72% $6,423
INTERLINC MORTGAGE SERVICES, LLC 29 3.30% $6,541
UNITED WHOLESALE MORTGAGE, LLC 27 2.73% $7,065
COMMUNITY MORTGAGE CORPORATION 25 2.75% $6,775
Hometown Lenders, Inc. 24 3.99% $10,227
ANGEL OAK HOME LOANS LLC 23 3.12% $7,691
Lakeview Community Capital, LLC 21 3.03% $4,090
LOANDEPOT.COM, LLC 19 3.37% $8,105
AMERISAVE MORTGAGE CORPORATION 18 3.19% $7,611
Magnolia Bank 15 2.86% $6,147
EVERETT FINANCIAL, INC. 15 3.67% $5,379
MOVEMENT MORTGAGE, LLC 14 3.28% $6,795
VILLAGE CAPITAL & INVESTMENT LLC 14 3.02% $2,060
EVANSVILLE TEACHERS 13 2.80% $6,773
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 11 3.10% $7,238
First Guaranty Mortgage Corporation 11 3.01% $5,485
Carrington Mortgage Services, LLC 11 3.31% $5,967
Bank of England 10 3.35% $8,787
HOME POINT FINANCIAL CORPORATION 10 2.57% $8,181
Nations Lending Corporation 9 3.17% $8,485
NEWREZ LLC 8 3.11% $5,082
Flagstar Bank, FSB 8 2.89% $7,046
BROKER SOLUTIONS, INC. 8 3.38% $8,572
CORNERSTONE HOME LENDING, INC. 8 3.31% $7,973
GUARANTY HOME MORTGAGE CORPORATION 7 2.63% $7,504
SUCCESS MORTGAGE PARTNERS, INC. 6 3.14% $7,750
FIDELITY BANK 5 3.30% $8,385
Paramount Residential Mortgage Group, Inc. 5 3.50% $7,356
Barrington Bank & Trust Company, N.A. 4 3.78% $6,109
Peoples Bank 4 3.19% $5,895
FIRST COMMUNITY MORTGAGE, INC. 4 2.84% $7,990
ROYAL UNITED MORTGAGE LLC 4 3.44% $6,811
GMFS LLC 4 2.69% $5,238
MUTUAL OF OMAHA MORTGAGE, INC. 4 3.50% $8,529
AMERICAN FINANCIAL RESOURCES, INC. 4 3.00% $9,371
CHURCHILL MORTGAGE CORPORATION 4 3.13% $6,939
Citizens Bank 4 2.38% $6,934
MORTGAGE INVESTORS GROUP, INC. 3 2.96% $7,277
ACADEMY MORTGAGE CORPORATION 3 3.92% $8,516
FINANCE OF AMERICA MORTGAGE LLC 3 2.46% $10,179
U.S. Bank 3 2.79% $6,150
Blue Ridge Bank 3 2.67% $5,590
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.83% $5,911
The Federal Savings Bank 3 2.75% $6,226
Austin Capital Bank SSB 3 3.75% $6,220
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 4.08% $11,297
KEESLER 3 3.00% $7,100
Mortgage Research Center, LLC 3 3.08% $4,930
Colonial Savings, F.A. 3 3.38% $4,589
AMERICAN FINANCIAL NETWORK, INC. 2 3.00% $13,348
CRESCENT MORTGAGE COMPANY 2 3.00% $6,245
MORTGAGE ACCESS CORP. 2 3.00% $5,783
Evolve Bank & Trust 2 3.44% $6,125
Hamilton Mortgage Corporation 2 2.88% $8,090
Equity Prime Mortgage LLC 2 3.13% $5,543
The Huntington National Bank 2 3.25% $7,211
BAYSHORE MORTGAGE FUNDING, LLC 2 3.38% $6,931
Wells Fargo Bank 2 3.25% $8,128
AMCAP MORTGAGE, LTD. 2 3.75% $12,079
Wolfe Financial, Inc 1 3.63% $8,392
ACOPIA, LLC 1 3.25% $6,037
AMERICAN FINANCING CORPORATION 1 3.25% $3,899
Assurance Financial Group, L.L.C. 1 3.13% $8,691
BECKAM FUNDING CORP. 1 4.25% $11,019
Century Mortgage Company DBA Century Lending Company 1 3.25% $8,404
CIS Financial Services, Inc. 1 3.13% $11,713
CMG MORTGAGE, INC. 1 2.75% $8,100
CROSSCOUNTRY MORTGAGE, LLC 1 3.88% $7,849
DATA MORTGAGE, INC. 1 3.25% $10,777
DELMAR FINANCIAL COMPANY 1 3.13% $7,827
EMBRACE HOME LOANS, INC. 1 2.99% $7,114
First Home Bank 1 2.88% $7,635
Gateway First Bank 1 3.50% $7,832
Grand Bank for Savings, FSB 1 2.75% $4,394
GUARANTEED RATE AFFINITY, LLC 1 2.50% $10,621
GUILD MORTGAGE COMPANY 1 3.63% $9,160
HOMESTAR FINANCIAL CORPORATION 1 2.88% $7,819
HOPE FEDERAL CREDIT UNION 1 3.00% $5,537
INLANTA MORTGAGE, INC. 1 3.25% $6,509
Ixonia Bank 1 2.75% $6,682
KELLER MORTGAGE, LLC 1 2.75% $4,255
LAND HOME FINANCIAL SERVICES, INC. 1 3.50% $11,145
LEADERONE FINANCIAL CORPORATION 1 5.38% $4,746
LHM FINANCIAL CORPORATION 1 2.99% $8,141
MICHIGAN MUTUAL, INC. 1 3.63% $10,220
MID AMERICA MORTGAGE, INC. 1 3.13% $5,193
MORIA DEVELOPMENT, INC. 1 3.00% $7,340
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.50% $8,776
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.13% $8,900
PHH Mortgage Corporation 1 3.13% $4,302
PREMIA MORTGAGE, LLC 1 3.25% $5,979
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.75% $8,952
Republic State Mortgage Co. 1 4.25% $2,115
RUOFF MORTGAGE COMPANY, INC. 1 3.38% $3,593
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 2.88% $6,928
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $6,583
SUN WEST MORTGAGE COMPANY, INC. 1 2.50% $4,879
SWBC MORTGAGE CORPORATION 1 3.25% $3,842
Truist Bank 1 2.75% $11,350
UNITED SECURITY FINANCIAL CORP 1 3.13% $10,675
VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.38% $5,333

The top Jackson FHA lender as defined by loan originations is Trustmark National Bank, with 451 FHA loans originated. Their average total fees are $6,428, which is $573 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Jackson FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,060), Mr. Cooper ( Nationstar Mortgage ) ($3,448), FREEDOM MORTGAGE CORPORATION ($3,936), LAKEVIEW LOAN SERVICING, LLC ($4,077) and Lakeview Community Capital, LLC ($4,090).

The lowest rate Jackson FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.57%), QUICKEN LOANS, LLC (2.70%), CALIBER HOME LOANS, INC. (2.72%), UNITED WHOLESALE MORTGAGE, LLC (2.73%) and COMMUNITY MORTGAGE CORPORATION (2.75%).

Jackson FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
JACKSON, MS COPIAH 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS HINDS 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS HOLMES 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS MADISON 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS RANKIN 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS SIMPSON 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS YAZOO 2022 $420,680 $538,650 $651,050 $809,150

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).