Jackson FHA Loan Rates, Closing Costs & Stats
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 105 lenders originated 1,863 FHA
loans during 2023. The total origination value was $417,945,000, with an average FHA loan value of
$224,340.
Jackson FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Jackson
averaged
6.27%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Jackson's average FHA mortgage closing costs are $6,709.
The average rate for the prior week (2024-10-18) was
6.36% and
one month ago for the week of 2024-09-20, the
average rate was 5.98%.
The average rate one year ago was 7.32%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.31%.
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 |
Trustmark National Bank
|
283
|
6.57%
|
$7,490
|
BancorpSouth
|
195
|
6.28%
|
$8,687
|
QUICKEN LOANS, LLC
|
168
|
6.21%
|
$9,666
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
150
|
6.60%
|
$8,679
|
OPEN MORTGAGE, LLC
|
132
|
6.73%
|
$9,987
|
UNITED WHOLESALE MORTGAGE, LLC
|
60
|
6.43%
|
$10,914
|
Community Bank of Mississippi
|
56
|
6.55%
|
$8,228
|
STOCKTON MORTGAGE CORPORATION
|
39
|
6.79%
|
$11,825
|
SWBC MORTGAGE CORPORATION
|
38
|
6.60%
|
$7,134
|
Renasant Bank
|
37
|
6.37%
|
$7,838
|
ACOPIA, LLC
|
34
|
7.12%
|
$10,120
|
Regions Bank
|
32
|
6.33%
|
$8,608
|
Origin Bank
|
31
|
6.45%
|
$8,111
|
PLANET HOME LENDING, LLC
|
30
|
6.82%
|
$11,466
|
BankPlus
|
26
|
6.23%
|
$6,686
|
FREEDOM MORTGAGE CORPORATION
|
21
|
6.74%
|
$11,619
|
Bank of England
|
15
|
6.87%
|
$12,341
|
LOANDEPOT.COM, LLC
|
15
|
6.57%
|
$9,564
|
CORNERSTONE HOME LENDING, INC.
|
13
|
6.86%
|
$11,549
|
AMERISAVE MORTGAGE CORPORATION
|
12
|
5.80%
|
$12,185
|
BROKER SOLUTIONS, INC.
|
12
|
6.97%
|
$11,369
|
Mr. Cooper ( Nationstar Mortgage )
|
12
|
6.17%
|
$11,122
|
MORTGAGE INVESTORS GROUP, INC.
|
12
|
7.05%
|
$8,761
|
CROSSCOUNTRY MORTGAGE, LLC
|
11
|
6.81%
|
$10,094
|
NEWREZ LLC
|
11
|
6.31%
|
$8,939
|
Flagstar Bank, FSB
|
10
|
6.23%
|
$11,124
|
KEESLER
|
10
|
5.95%
|
$8,724
|
UNION HOME MORTGAGE CORP.
|
10
|
6.90%
|
$9,146
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
9
|
6.92%
|
$13,609
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
9
|
6.87%
|
$11,807
|
EVANSVILLE TEACHERS
|
9
|
7.07%
|
$8,539
|
Carrington Mortgage Services, LLC
|
8
|
6.09%
|
$9,951
|
PENNYMAC LOAN SERVICES, LLC
|
7
|
6.18%
|
$10,540
|
FIDELITY BANK
|
7
|
6.59%
|
$11,994
|
Equity Prime Mortgage LLC
|
7
|
6.68%
|
$9,155
|
Magnolia Bank
|
7
|
6.96%
|
$9,932
|
Mortgage Research Center, LLC
|
7
|
7.30%
|
$6,079
|
Plains Commerce Bank
|
6
|
6.42%
|
$13,166
|
MOVEMENT MORTGAGE, LLC
|
6
|
6.48%
|
$9,057
|
AMERICAN FINANCIAL NETWORK, INC.
|
5
|
7.22%
|
$11,780
|
HOMESIDE FINANCIAL, LLC
|
4
|
7.06%
|
$12,124
|
GMFS LLC
|
4
|
6.00%
|
$8,040
|
First Horizon Bank
|
4
|
6.47%
|
$9,353
|
MID AMERICA MORTGAGE, INC.
|
4
|
7.47%
|
$6,878
|
CARDINAL FINANCIAL
|
4
|
6.19%
|
$11,788
|
GUILD MORTGAGE COMPANY
|
3
|
6.54%
|
$11,841
|
FIRST COMMUNITY MORTGAGE, INC.
|
3
|
6.63%
|
$10,115
|
Barrington Bank & Trust Company, N.A.
|
3
|
7.04%
|
$7,708
|
ZILLOW HOME LOANS, LLC
|
2
|
6.13%
|
$10,277
|
AMERICAN FINANCIAL RESOURCES, INC.
|
2
|
5.75%
|
$13,527
|
Assurance Financial Group, L.L.C.
|
2
|
6.88%
|
$9,403
|
GUARANTEED RATE, INC.
|
2
|
6.69%
|
$6,792
|
LAKEVIEW LOAN SERVICING, LLC
|
2
|
6.62%
|
$10,412
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
2
|
7.19%
|
$8,691
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
2
|
7.25%
|
$10,995
|
RESIDENTIAL BANCORP
|
2
|
7.00%
|
$9,182
|
SeaTrust Mortgage Company
|
2
|
6.88%
|
$11,626
|
The Federal Savings Bank
|
2
|
6.50%
|
$9,732
|
Towne Bank
|
2
|
7.13%
|
$8,027
|
Merchants & Marine Bank
|
1
|
6.75%
|
$11,817
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
1
|
5.13%
|
$12,458
|
MORTGAGE ACCESS CORP.
|
1
|
6.75%
|
$15,666
|
Hancock Whitney Bank
|
1
|
6.13%
|
$9,740
|
GUARANTEED RATE AFFINITY, LLC
|
1
|
7.50%
|
$13,203
|
GSF Mortgage Corporation
|
1
|
6.13%
|
$13,031
|
GENEVA FINANCIAL, LLC
|
1
|
7.50%
|
$15,195
|
Gateway First Bank
|
1
|
6.25%
|
$10,540
|
GARDNER FINANCIAL SERVICES, LTD.
|
1
|
7.13%
|
$17,876
|
FirstBank
|
1
|
6.63%
|
$7,675
|
Northpointe Bank
|
1
|
5.38%
|
$5,449
|
OCEANSIDE MORTGAGE COMPANY
|
1
|
6.00%
|
$5,989
|
OCMBC, INC.
|
1
|
6.50%
|
$12,924
|
EMM LOANS LLC
|
1
|
5.50%
|
$11,959
|
DRAPER AND KRAMER MORTGAGE CORP.
|
1
|
6.39%
|
$6,354
|
Paramount Residential Mortgage Group, Inc.
|
1
|
7.50%
|
$6,123
|
DHI MORTGAGE COMPANY, LTD.
|
1
|
5.50%
|
$8,728
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
5.88%
|
$4,273
|
DELMAR FINANCIAL COMPANY
|
1
|
6.50%
|
$9,419
|
CONTOUR MORTGAGE CORPORATION
|
1
|
7.13%
|
$10,832
|
PREMIA MORTGAGE, LLC
|
1
|
7.13%
|
$6,775
|
ACADEMY MORTGAGE CORPORATION
|
1
|
6.50%
|
$11,963
|
BOKF
|
1
|
6.63%
|
$8,574
|
Prosperity Home Mortgage, LLC
|
1
|
7.88%
|
$16,678
|
COMMUNITY MORTGAGE CORPORATION
|
1
|
7.54%
|
$5,835
|
Colonial Savings, F.A.
|
1
|
6.50%
|
$13,452
|
RELIANCE FIRST CAPITAL, LLC
|
1
|
6.00%
|
$10,084
|
CMG MORTGAGE, INC.
|
1
|
7.50%
|
$18,652
|
AmeriHome Mortgage Company, LLC
|
1
|
6.63%
|
$8,198
|
ROYAL UNITED MORTGAGE LLC
|
1
|
6.75%
|
$6,054
|
RUOFF MORTGAGE COMPANY, INC.
|
1
|
5.25%
|
$13,656
|
AMERICAN FINANCING CORPORATION
|
1
|
6.25%
|
$5,867
|
Sierra Pacific Mortgage Company, Inc.
|
1
|
7.00%
|
$5,294
|
STANDARD MORTGAGE CORPORATION
|
1
|
5.75%
|
$7,470
|
Citizens Bank
|
1
|
5.13%
|
$13,866
|
SUCCESS MORTGAGE PARTNERS, INC.
|
1
|
6.13%
|
$8,676
|
Century Mortgage Company DBA Century Lending Company
|
1
|
7.25%
|
$7,616
|
Wells Fargo Bank
|
1
|
6.13%
|
$6,651
|
The First, A National Banking Association
|
1
|
6.63%
|
$10,142
|
JPMorgan Chase Bank
|
1
|
6.13%
|
$2,279
|
The Loan Store, Inc.
|
1
|
6.88%
|
$15,448
|
LAND HOME FINANCIAL SERVICES, INC.
|
1
|
6.75%
|
$10,930
|
LEADERONE FINANCIAL CORPORATION
|
1
|
7.25%
|
$9,068
|
Hometown Equity Mortgage, LLC
|
1
|
6.25%
|
$7,183
|
HOMESTAR FINANCIAL CORPORATION
|
1
|
7.63%
|
$11,820
|
MEMBER FIRST MORTGAGE, LLC
|
1
|
7.50%
|
$9,299
|
The top Jackson FHA lender as defined by loan originations is Trustmark National Bank, with
283 FHA loans originated. Their average total fees are
$7,490, which is $1,197
lower than the next largest lender,
BancorpSouth.
The lowest fee Jackson FHA lenders (with over 10 loans originated) are
BankPlus ($6,686), SWBC MORTGAGE CORPORATION ($7,134), Trustmark National Bank ($7,490), Renasant Bank ($7,838) and Origin Bank ($8,111).
The lowest rate Jackson FHA lenders (with over 10 loans originated) are
AMERISAVE MORTGAGE CORPORATION (5.80%), KEESLER (5.95%), Mr. Cooper ( Nationstar Mortgage ) (6.17%), QUICKEN LOANS, LLC (6.21%) and Flagstar Bank, FSB (6.23%).
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 |
JACKSON, MS |
COPIAH |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
JACKSON, MS |
HINDS |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
JACKSON, MS |
HOLMES |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
JACKSON, MS |
MADISON |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
JACKSON, MS |
RANKIN |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
JACKSON, MS |
SIMPSON |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
JACKSON, MS |
YAZOO |
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).