Jackson FHA Loan Rates, Closing Costs & Stats

Jackson, OH

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 34 lenders originated 99 FHA loans during 2023. The total origination value was $16,735,000, with an average FHA loan value of $169,040.

Jackson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Jackson averaged 6.3% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

Jackson's average FHA mortgage closing costs are $7,102.

The average rate for the prior week (2024-12-06) was 6.37% and one month ago for the week of 2024-11-08, the average rate was 6.34%.

The average rate one year ago was 6.95%.

For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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
RAPID MORTGAGE COMPANY 20 7.16% $9,578
Paramount Residential Mortgage Group, Inc. 10 6.60% $8,962
QUICKEN LOANS, LLC 7 6.14% $7,883
WesBanco 5 6.35% $7,996
GUARANTEED RATE, INC. 4 6.50% $8,799
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 7.25% $8,203
DEVELOPER'S MORTGAGE COMPANY 3 6.29% $7,165
RUOFF MORTGAGE COMPANY, INC. 3 6.54% $2,956
UNION HOME MORTGAGE CORP. 3 7.00% $8,579
NFM, INC. 3 6.88% $11,015
DAS Acquisition Company, LLC 2 7.38% $9,332
AMERISAVE MORTGAGE CORPORATION 2 6.38% $9,734
PLANET HOME LENDING, LLC 2 6.62% $8,515
FREEDOM MORTGAGE CORPORATION 2 7.00% $8,913
MOVEMENT MORTGAGE, LLC 2 6.75% $9,821
The Huntington National Bank 1 7.75% $4,148
TOP FLITE FINANCIAL, INC. 1 6.88% $10,469
VILLAGE CAPITAL MORTGAGE 1 5.75% $9,556
ALLIED MORTGAGE GROUP, INC. 1 5.75% $9,710
Wyndham Capital Mortgage, Inc. 1 6.63% $9,363
Carrington Mortgage Services, LLC 1 6.13% $8,962
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $12,798
EMM LOANS LLC 1 7.00% $17,870
GSF Mortgage Corporation 1 7.13% $8,787
LAND HOME FINANCIAL SERVICES, INC. 1 7.25% $6,445
LOANDEPOT.COM, LLC 1 6.13% $9,641
Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $9,834
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $12,082
MYCUMORTGAGE, LLC 1 6.63% $6,589
Nations Lending Corporation 1 6.88% $9,305
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.25% $13,061
Peoples Bank 1 7.63% $6,842
POLARIS HOME FUNDING CORP. 1 6.88% $14,977
SOUTHWEST STAGE FUNDING, LLC 1 6.63% $4,672

The top Jackson FHA lender as defined by loan originations is RAPID MORTGAGE COMPANY, with 20 FHA loans originated. Their average total fees are $9,578, which is $616 higher than the next largest lender, Paramount Residential Mortgage Group, Inc..

The lowest fee Jackson FHA lenders (with over 10 loans originated) are Paramount Residential Mortgage Group, Inc. ($8,962), RAPID MORTGAGE COMPANY ($9,578), .

The lowest rate Jackson FHA lenders (with over 10 loans originated) are Paramount Residential Mortgage Group, Inc. (6.60%), RAPID MORTGAGE COMPANY (7.16%), .

Jackson FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
JACKSON, OH JACKSON 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, OH 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 $105,300 (21.7%) $148,400 (6.0%) 0.00 145
2018-02-01 $114,900 (22.7%) $150,495 (5.1%) 0.00 148
2018-03-01 $119,500 (31.0%) $153,672 (15.0%) 0.00 157
2018-04-01 $119,900 (26.3%) $160,398 (10.8%) 0.00 159
2018-05-01 $117,300 (18.1%) $177,184 (17.9%) 0.00 157
2018-06-01 $114,900 (6.9%) $171,353 (14.5%) 0.00 162
2018-07-01 $114,900 (18.5%) $167,774 (18.2%) 0.00 159
2018-08-01 $119,100 (17.8%) $171,596 (16.2%) 0.00 170
2018-09-01 $119,000 (40.0%) $169,904 (20.3%) 0.00 173
2018-10-01 $123,825 (19.0%) $168,842 (10.8%) 0.00 177
2018-11-01 $122,388 (6.5%) $171,601 (12.9%) 0.00 171
2018-12-01 $119,700 (19.8%) $170,575 (16.0%) 0.00 172
2019-01-01 $111,800 (6.2%) $155,190 (4.6%) 0.00 158
2019-02-01 $118,625 (3.2%) $157,366 (4.6%) 0.00 148
2019-03-01 $122,043 (2.1%) $168,663 (9.8%) 0.00 133
2019-04-01 $118,343 (-1.3%) $177,587 (10.7%) 0.00 120
2019-05-01 $117,600 (0.3%) $182,201 (2.8%) 0.00 118
2019-06-01 $124,900 (8.7%) $178,201 (4.0%) 0.00 130
2019-07-01 $117,850 (2.6%) $168,655 (0.5%) 0.00 121
2019-08-01 $115,245 (-3.2%) $157,479 (-8.2%) 0.00 118
2019-09-01 $117,864 (-1.0%) $147,752 (-13.0%) 0.00 119
2019-10-01 $119,900 (-3.2%) $141,196 (-16.4%) 0.00 122
2019-11-01 $110,000 (-10.1%) $146,369 (-14.7%) 0.00 130
2019-12-01 $119,900 (0.2%) $179,658 (5.3%) 0.00 108
2020-01-01 $112,475 (0.6%) $176,175 (13.5%) 0.00 87
2020-02-01 $110,000 (-7.3%) $170,202 (8.2%) 0.00 95
2020-03-01 $128,925 (5.6%) $183,922 (9.1%) 0.00 97
2020-04-01 $146,425 (23.7%) $196,374 (10.6%) 0.00 95
2020-05-01 $154,450 (31.3%) $200,431 (10.0%) 0.00 84
2020-06-01 $124,675 (-0.2%) $180,448 (1.3%) 0.00 80
2020-07-01 $128,225 (8.8%) $187,355 (11.1%) 0.00 84
2020-08-01 $149,900 (30.1%) $223,494 (41.9%) 0.00 93
2020-09-01 $145,000 (23.0%) $230,214 (55.8%) 0.00 87
2020-10-01 $143,700 (19.9%) $215,713 (52.8%) 0.00 85
2020-11-01 $127,100 (15.6%) $201,281 (37.5%) 0.00 95
2020-12-01 $126,750 (5.7%) $202,793 (12.9%) 0.00 101
2021-01-01 $140,000 (24.5%) $206,321 (17.1%) 0.00 94
2021-02-01 $157,750 (43.4%) $214,087 (25.8%) 0.00 83
2021-03-01 $155,000 (20.2%) $182,852 (-0.6%) 0.00 76
2021-04-01 $155,000 (5.9%) $180,514 (-8.1%) 0.00 61
2021-05-01 $159,900 (3.5%) $195,868 (-2.3%) 0.00 52
2021-06-01 $141,225 (13.3%) $186,277 (3.2%) 0.00 50
2021-07-01 $154,000 (20.1%) $187,363 (0.0%) 0.00 56
2021-08-01 $154,000 (2.7%) $200,085 (-10.5%) 0.00 62
2021-09-01 $160,750 (10.9%) $214,934 (-6.6%) 0.00 60
2021-10-01 $150,000 (4.4%) $206,818 (-4.1%) 0.00 66
2021-11-01 $149,875 (17.9%) $200,029 (-0.6%) 0.00 62
2021-12-01 $157,250 (24.1%) $210,114 (3.6%) 0.00 61
2022-01-01 $157,000 (12.1%) $209,079 (1.3%) 0.00 56
2022-02-01 $149,475 (-5.3%) $212,972 (-0.5%) 0.00 55
2022-03-01 $158,000 (1.9%) $227,173 (24.2%) 0.00 50
2022-04-01 $159,000 (2.6%) $221,086 (22.5%) 0.00 47
2022-05-01 $172,750 (8.0%) $233,374 (19.2%) 0.00 50
2022-06-01 $182,900 (29.5%) $230,215 (23.6%) 0.00 66
2022-07-01 $199,000 (29.2%) $248,638 (32.7%) 0.00 64
2022-08-01 $218,000 (41.6%) $270,575 (35.2%) 0.00 69
2022-09-01 $205,375 (27.8%) $252,409 (17.4%) 0.00 79
2022-10-01 $195,400 (30.3%) $244,742 (18.3%) 0.00 85
2022-11-01 $224,000 (49.5%) $244,318 (22.1%) 0.00 96
2022-12-01 $209,900 (33.5%) $246,457 (17.3%) 0.00 93
2023-01-01 $190,900 (21.6%) $242,988 (16.2%) 0.00 79
2023-02-01 $219,000 (46.5%) $252,647 (18.6%) 0.00 74
2023-03-01 $217,975 (38.0%) $262,848 (15.7%) 0.00 67
2023-04-01 $219,000 (37.7%) $259,259 (17.3%) 0.00 55
2023-05-01 $237,450 (37.5%) $265,962 (14.0%) 0.00 63
2023-06-01 $234,950 (28.5%) $280,849 (22.0%) 0.00 72
2023-07-01 $229,000 (15.1%) $275,894 (11.0%) 0.00 76
2023-08-01 $226,725 (4.0%) $267,447 (-1.2%) 0.00 75
2023-09-01 $219,900 (7.1%) $280,692 (11.2%) 0.00 77
2023-10-01 $229,950 (17.7%) $302,990 (23.8%) 0.00 72
2023-11-01 $199,950 (-10.7%) $294,634 (20.6%) 0.00 70
2023-12-01 $199,950 (-4.7%) $292,725 (18.8%) 0.00 61
2024-01-01 $204,500 (7.1%) $291,331 (19.9%) 0.00 57
2024-02-01 $202,950 (-7.3%) $294,136 (16.4%) 0.00 60
2024-03-01 $199,900 (-8.3%) $274,365 (4.4%) 0.00 55
2024-04-01 $207,950 (-5.1%) $235,657 (-9.1%) 0.00 68
2024-05-01 $239,450 (0.8%) $260,958 (-1.9%) 0.00 74
2024-06-01 $249,900 (6.4%) $279,314 (-0.6%) 0.00 78
2024-07-01 $246,975 (7.9%) $261,434 (-5.2%) 0.00 81
2024-08-01 $239,450 (5.6%) $264,680 (-1.0%) 0.00 80
2024-09-01 $249,925 (13.7%) $272,637 (-2.9%) 0.00 91
2024-10-01 $235,725 (2.5%) $266,289 (-12.1%) 0.00 95
2024-11-01 $222,000 (11.0%) $271,724 (-7.8%) 0.00 87
Jackson's median listing price for 2024-11-01 was $222,000, a difference of $22,050 (11.0%) versus the prior year and $-13,725 versus the prior month.

Jackson's median listing price comes in at 0% of the national average.

Jackson's average listing price for 2024-11-01 was $271,724, a difference of $-22,910 (-7.8%) versus the prior year and $5,435 versus the prior month.

For the 2024-11-01 period, Jackson had 87 MLS listings, a difference of -8 listings (-8%) versus the prior month and 17 listings (24%) 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 0 days 1,511 sqft
2018-02-01 0 days 1,521 sqft
2018-03-01 0 days 1,524 sqft
2018-04-01 0 days 1,527 sqft
2018-05-01 0 days 1,537 sqft
2018-06-01 0 days 1,520 sqft
2018-07-01 0 days 1,513 sqft
2018-08-01 0 days 1,544 sqft
2018-09-01 0 days 1,544 sqft
2018-10-01 0 days 1,607 sqft
2018-11-01 0 days 1,633 sqft
2018-12-01 0 days 1,514 sqft
2019-01-01 0 days 1,507 sqft
2019-02-01 0 days 1,512 sqft
2019-03-01 0 days 1,566 sqft
2019-04-01 0 days 1,566 sqft
2019-05-01 0 days 1,574 sqft
2019-06-01 0 days 1,662 sqft
2019-07-01 0 days 1,628 sqft
2019-08-01 0 days 1,491 sqft
2019-09-01 0 days 1,494 sqft
2019-10-01 0 days 1,497 sqft
2019-11-01 0 days 1,528 sqft
2019-12-01 0 days 1,620 sqft
2020-01-01 0 days 1,603 sqft
2020-02-01 0 days 1,503 sqft
2020-03-01 0 days 1,556 sqft
2020-04-01 0 days 1,727 sqft
2020-05-01 0 days 1,680 sqft
2020-06-01 0 days 1,607 sqft
2020-07-01 0 days 1,536 sqft
2020-08-01 0 days 1,578 sqft
2020-09-01 0 days 1,619 sqft
2020-10-01 0 days 1,526 sqft
2020-11-01 0 days 1,526 sqft
2020-12-01 0 days 1,606 sqft
2021-01-01 0 days 1,622 sqft
2021-02-01 0 days 1,640 sqft
2021-03-01 0 days 1,589 sqft
2021-04-01 0 days 1,602 sqft
2021-05-01 0 days 1,634 sqft
2021-06-01 0 days 1,600 sqft
2021-07-01 0 days 1,637 sqft
2021-08-01 0 days 1,650 sqft
2021-09-01 0 days 1,658 sqft
2021-10-01 0 days 1,602 sqft
2021-11-01 0 days 1,597 sqft
2021-12-01 0 days 1,597 sqft
2022-01-01 0 days 1,590 sqft
2022-02-01 0 days 1,589 sqft
2022-03-01 0 days 1,516 sqft
2022-04-01 0 days 1,456 sqft
2022-05-01 0 days 1,542 sqft
2022-06-01 0 days 1,534 sqft
2022-07-01 0 days 1,563 sqft
2022-08-01 0 days 1,696 sqft
2022-09-01 0 days 1,580 sqft
2022-10-01 0 days 1,579 sqft
2022-11-01 0 days 1,671 sqft
2022-12-01 0 days 1,638 sqft
2023-01-01 0 days 1,637 sqft
2023-02-01 0 days 1,631 sqft
2023-03-01 0 days 1,654 sqft
2023-04-01 0 days 1,700 sqft
2023-05-01 0 days 1,699 sqft
2023-06-01 0 days 1,734 sqft
2023-07-01 0 days 1,796 sqft
2023-08-01 0 days 1,798 sqft
2023-09-01 0 days 1,774 sqft
2023-10-01 0 days 1,766 sqft
2023-11-01 0 days 1,605 sqft
2023-12-01 0 days 1,584 sqft
2024-01-01 0 days 1,613 sqft
2024-02-01 0 days 1,666 sqft
2024-03-01 0 days 1,680 sqft
2024-04-01 0 days 1,697 sqft
2024-05-01 0 days 1,730 sqft
2024-06-01 0 days 1,717 sqft
2024-07-01 0 days 1,722 sqft
2024-08-01 0 days 1,564 sqft
2024-09-01 0 days 1,652 sqft
2024-10-01 0 days 1,581 sqft
2024-11-01 0 days 1,527 sqft
Jackson's median listing age (time on market) for 2024-11-01 was 0 days.

Jackson's median square footage for active listings during the 2024-11-01 period was 1,527 sqft. One year prior, the average listing was 1,605 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).