Jackson FHA Loan Rates, Closing Costs & Stats

JACKSON, MS

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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 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 6.87% 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 $6,709.

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.83%.

    The average rate one year ago was 6.46%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.31%.

    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

    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 $230,950 (7.5%) $293,197 (2.4%) 0.86 2,456
    2018-02-01 $229,975 (4.3%) $290,380 (0.2%) 0.83 2,550
    2018-03-01 $235,000 (3.6%) $295,824 (0.7%) 0.82 2,687
    2018-04-01 $239,250 (4.5%) $301,497 (2.6%) 0.81 2,844
    2018-05-01 $252,925 (10.1%) $326,327 (11.9%) 0.84 2,312
    2018-06-01 $259,000 (12.6%) $329,107 (12.2%) 0.86 2,332
    2018-07-01 $252,500 (9.8%) $328,095 (12.0%) 0.84 2,319
    2018-08-01 $249,700 (6.6%) $321,979 (9.6%) 0.84 2,336
    2018-09-01 $244,900 (4.8%) $316,100 (6.8%) 0.82 2,336
    2018-10-01 $238,325 (2.6%) $304,020 (2.9%) 0.81 2,340
    2018-11-01 $238,063 (3.6%) $307,286 (4.8%) 0.81 2,254
    2018-12-01 $235,000 (0.3%) $306,020 (3.3%) 0.81 2,178
    2019-01-01 $234,950 (1.7%) $306,046 (4.4%) 0.81 2,031
    2019-02-01 $239,925 (4.3%) $315,425 (8.6%) 0.81 2,006
    2019-03-01 $246,407 (4.9%) $320,941 (8.5%) 0.81 2,033
    2019-04-01 $255,475 (6.8%) $325,745 (8.0%) 0.81 2,085
    2019-05-01 $256,250 (1.3%) $327,379 (0.3%) 0.80 2,103
    2019-06-01 $255,250 (-1.5%) $329,593 (0.2%) 0.80 2,111
    2019-07-01 $252,350 (-0.1%) $324,965 (-1.0%) 0.79 2,136
    2019-08-01 $251,273 (0.6%) $324,730 (0.9%) 0.80 2,100
    2019-09-01 $250,557 (2.3%) $324,344 (2.6%) 0.80 2,062
    2019-10-01 $249,750 (4.8%) $322,970 (6.2%) 0.81 2,033
    2019-11-01 $248,900 (4.6%) $317,423 (3.3%) 0.82 2,030
    2019-12-01 $249,900 (6.3%) $315,581 (3.1%) 0.83 1,954
    2020-01-01 $252,500 (7.5%) $318,751 (4.2%) 0.84 1,777
    2020-02-01 $252,850 (5.4%) $314,422 (-0.3%) 0.83 1,760
    2020-03-01 $259,950 (5.5%) $321,087 (0.1%) 0.81 1,767
    2020-04-01 $263,700 (3.2%) $318,347 (-2.3%) 0.83 1,715
    2020-05-01 $269,900 (5.3%) $332,012 (1.4%) 0.82 1,605
    2020-06-01 $283,500 (11.1%) $346,806 (5.2%) 0.84 1,483
    2020-07-01 $298,300 (18.2%) $354,131 (9.0%) 0.86 1,357
    2020-08-01 $301,900 (20.2%) $362,077 (11.5%) 0.87 1,268
    2020-09-01 $303,500 (21.1%) $381,771 (17.7%) 0.87 1,155
    2020-10-01 $294,000 (17.7%) $378,092 (17.1%) 0.84 1,089
    2020-11-01 $285,000 (14.5%) $378,551 (19.3%) 0.83 1,028
    2020-12-01 $277,200 (10.9%) $370,118 (17.3%) 0.82 924
    2021-01-01 $275,000 (8.9%) $369,056 (15.8%) 0.82 831
    2021-02-01 $278,925 (10.3%) $369,733 (17.6%) 0.81 785
    2021-03-01 $274,825 (5.7%) $364,027 (13.4%) 0.78 709
    2021-04-01 $277,225 (5.1%) $387,251 (21.6%) 0.75 597
    2021-05-01 $279,900 (3.7%) $394,713 (18.9%) 0.74 591
    2021-06-01 $269,425 (-5.0%) $386,790 (11.5%) 0.71 640
    2021-07-01 $275,000 (-7.8%) $379,297 (7.1%) 0.73 708
    2021-08-01 $272,000 (-9.9%) $369,804 (2.1%) 0.73 755
    2021-09-01 $273,725 (-9.8%) $375,416 (-1.7%) 0.73 728
    2021-10-01 $299,000 (1.7%) $402,227 (6.4%) 0.80 712
    2021-11-01 $269,925 (-5.3%) $386,607 (2.1%) 0.72 691
    2021-12-01 $265,500 (-4.2%) $378,482 (2.3%) 0.72 639
    2022-01-01 $271,500 (-1.3%) $382,040 (3.5%) 0.73 562
    2022-02-01 $299,800 (7.5%) $385,599 (4.3%) 0.78 537
    2022-03-01 $312,450 (13.7%) $401,443 (10.3%) 0.78 587
    2022-04-01 $307,450 (10.9%) $409,000 (5.6%) 0.73 623
    2022-05-01 $284,825 (1.8%) $388,155 (-1.7%) 0.65 716
    2022-06-01 $284,875 (5.7%) $375,351 (-3.0%) 0.63 791
    2022-07-01 $310,000 (12.7%) $389,374 (2.7%) 0.70 904
    2022-08-01 $300,025 (10.3%) $379,382 (2.6%) 0.69 966
    2022-09-01 $297,875 (8.8%) $367,443 (-2.1%) 0.70 1,018
    2022-10-01 $299,000 (0.0%) $356,427 (-11.4%) 0.70 1,107
    2022-11-01 $305,957 (13.4%) $357,104 (-7.6%) 0.74 1,127
    2022-12-01 $325,000 (22.4%) $366,806 (-3.1%) 0.80 1,114
    2023-01-01 $320,000 (17.9%) $352,788 (-7.7%) 0.79 1,046
    2023-02-01 $324,850 (8.4%) $360,172 (-6.6%) 0.78 1,054
    2023-03-01 $299,450 (-4.2%) $349,331 (-13.0%) 0.71 1,141
    2023-04-01 $284,889 (-7.3%) $342,584 (-16.2%) 0.66 1,135
    2023-05-01 $289,900 (1.8%) $350,752 (-9.6%) 0.66 1,100
    2023-06-01 $289,625 (1.7%) $352,781 (-6.0%) 0.65 1,162
    2023-07-01 $284,325 (-8.3%) $338,738 (-13.0%) 0.65 1,225
    2023-08-01 $287,000 (-4.3%) $341,419 (-10.0%) 0.66 1,313
    2023-09-01 $288,500 (-3.2%) $344,536 (-6.2%) 0.67 1,380
    2023-10-01 $284,224 (-4.9%) $341,919 (-4.1%) 0.67 1,445
    2023-11-01 $284,225 (-7.1%) $345,195 (-3.3%) 0.68 1,508
    2023-12-01 $285,000 (-12.3%) $349,581 (-4.7%) 0.70 1,471
    2024-01-01 $292,425 (-8.6%) $350,291 (-0.7%) 0.71 1,361
    2024-02-01 $297,175 (-8.5%) $349,967 (-2.8%) 0.72 1,304
    2024-03-01 $299,999 (0.2%) $358,446 (2.6%) 0.71 1,365
    Jackson's median listing price for 2024-03-01 was $299,999, a difference of $549 (0.2%) versus the prior year and $2,824 versus the prior month.

    Jackson's median listing price comes in at 71% of the national average.

    Jackson's average listing price for 2024-03-01 was $358,446, a difference of $9,115 (2.6%) versus the prior year and $8,479 versus the prior month.

    For the 2024-03-01 period, Jackson had 1,365 MLS listings, a difference of 61 listings (5%) versus the prior month and 224 listings (20%) 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 93 days 2,183 sqft
    2018-02-01 91 days 2,153 sqft
    2018-03-01 74 days 2,198 sqft
    2018-04-01 64 days 2,207 sqft
    2018-05-01 65 days 2,364 sqft
    2018-06-01 67 days 2,392 sqft
    2018-07-01 70 days 2,379 sqft
    2018-08-01 72 days 2,339 sqft
    2018-09-01 77 days 2,292 sqft
    2018-10-01 82 days 2,225 sqft
    2018-11-01 90 days 2,240 sqft
    2018-12-01 95 days 2,228 sqft
    2019-01-01 102 days 2,212 sqft
    2019-02-01 100 days 2,262 sqft
    2019-03-01 82 days 2,296 sqft
    2019-04-01 64 days 2,331 sqft
    2019-05-01 63 days 2,338 sqft
    2019-06-01 71 days 2,341 sqft
    2019-07-01 74 days 2,283 sqft
    2019-08-01 79 days 2,272 sqft
    2019-09-01 79 days 2,279 sqft
    2019-10-01 81 days 2,282 sqft
    2019-11-01 83 days 2,267 sqft
    2019-12-01 90 days 2,257 sqft
    2020-01-01 97 days 2,257 sqft
    2020-02-01 94 days 2,254 sqft
    2020-03-01 72 days 2,307 sqft
    2020-04-01 74 days 2,301 sqft
    2020-05-01 78 days 2,342 sqft
    2020-06-01 75 days 2,401 sqft
    2020-07-01 65 days 2,429 sqft
    2020-08-01 64 days 2,426 sqft
    2020-09-01 63 days 2,421 sqft
    2020-10-01 61 days 2,351 sqft
    2020-11-01 61 days 2,347 sqft
    2020-12-01 71 days 2,272 sqft
    2021-01-01 82 days 2,287 sqft
    2021-02-01 70 days 2,301 sqft
    2021-03-01 58 days 2,311 sqft
    2021-04-01 52 days 2,443 sqft
    2021-05-01 37 days 2,368 sqft
    2021-06-01 37 days 2,227 sqft
    2021-07-01 43 days 2,326 sqft
    2021-08-01 41 days 2,246 sqft
    2021-09-01 47 days 2,320 sqft
    2021-10-01 52 days 2,355 sqft
    2021-11-01 22 days 2,240 sqft
    2021-12-01 50 days 2,186 sqft
    2022-01-01 57 days 2,179 sqft
    2022-02-01 44 days 2,195 sqft
    2022-03-01 32 days 2,135 sqft
    2022-04-01 35 days 2,216 sqft
    2022-05-01 37 days 2,146 sqft
    2022-06-01 40 days 2,107 sqft
    2022-07-01 43 days 2,200 sqft
    2022-08-01 50 days 2,129 sqft
    2022-09-01 56 days 2,126 sqft
    2022-10-01 56 days 2,114 sqft
    2022-11-01 60 days 2,128 sqft
    2022-12-01 71 days 2,150 sqft
    2023-01-01 78 days 2,115 sqft
    2023-02-01 74 days 2,107 sqft
    2023-03-01 54 days 2,063 sqft
    2023-04-01 53 days 2,000 sqft
    2023-05-01 59 days 2,002 sqft
    2023-06-01 60 days 1,998 sqft
    2023-07-01 57 days 1,974 sqft
    2023-08-01 56 days 2,006 sqft
    2023-09-01 54 days 2,015 sqft
    2023-10-01 58 days 1,998 sqft
    2023-11-01 65 days 2,009 sqft
    2023-12-01 70 days 2,006 sqft
    2024-01-01 78 days 2,007 sqft
    2024-02-01 77 days 2,025 sqft
    2024-03-01 56 days 2,052 sqft
    Jackson's median listing age (time on market) for 2024-03-01 was 56 days. This is 5% longer than the same period one year ago.

    Jackson's median square footage for active listings during the 2024-03-01 period was 2,052 sqft. One year prior, the average listing was 2,063 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).