Jackson FHA Loan Rates, Closing Costs & Stats

JACKSON, TN

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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 85 lenders originated 629 FHA loans during 2023. The total origination value was $124,355,000, with an average FHA loan value of $197,703.

    Jackson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jackson averaged 6.33% 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 $6,537.

    The average rate for the prior week (2024-11-01) was 6.51% and one month ago for the week of 2024-10-04, the average rate was 5.63%.

    The average rate one year ago was 7.07%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.73%.

    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
    Leaders Credit Union 63 6.61% $6,021
    MORTGAGE INVESTORS GROUP, INC. 63 6.15% $8,492
    FIRST COMMUNITY MORTGAGE, INC. 58 6.42% $10,314
    QUICKEN LOANS, LLC 56 6.23% $9,414
    Simmons Bank 26 6.39% $7,484
    Regions Bank 25 6.31% $8,125
    UNITED WHOLESALE MORTGAGE, LLC 23 6.05% $10,938
    Bank of England 18 6.33% $9,437
    EVERETT FINANCIAL, INC. 16 6.56% $6,472
    STOCKTON MORTGAGE CORPORATION 11 6.42% $10,666
    FirstBank 11 6.44% $7,648
    AMERISAVE MORTGAGE CORPORATION 10 6.23% $10,420
    BancorpSouth 9 6.40% $6,040
    FREEDOM MORTGAGE CORPORATION 8 6.88% $11,629
    CMG MORTGAGE, INC. 8 6.36% $9,011
    Carrington Mortgage Services, LLC 7 6.45% $9,263
    PENNYMAC LOAN SERVICES, LLC 7 6.46% $13,616
    Mr. Cooper ( Nationstar Mortgage ) 6 5.96% $11,243
    CARDINAL FINANCIAL 6 5.75% $8,565
    First Citizens National Bank 6 6.25% $7,112
    NEWREZ LLC 5 6.77% $6,014
    Paramount Residential Mortgage Group, Inc. 5 6.45% $10,398
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.13% $11,411
    Equity Prime Mortgage LLC 4 7.03% $10,617
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.50% $9,716
    LOANDEPOT.COM, LLC 4 6.84% $9,010
    CROSSCOUNTRY MORTGAGE, LLC 3 6.85% $11,197
    GUARANTEED RATE, INC. 3 6.32% $13,025
    Plains Commerce Bank 3 6.50% $9,075
    Citizens Bank 3 6.13% $9,086
    ISERVE RESIDENTIAL LENDING, LLC 3 6.54% $9,455
    LOANPAL, LLC 3 5.92% $10,067
    LEADERONE FINANCIAL CORPORATION 3 6.58% $8,933
    EMM LOANS LLC 3 6.25% $12,816
    VILLAGE CAPITAL MORTGAGE 3 5.83% $12,944
    BROKER SOLUTIONS, INC. 2 6.50% $9,546
    AmeriHome Mortgage Company, LLC 2 6.38% $9,003
    COMMUNITY MORTGAGE CORPORATION 2 6.50% $8,648
    LAKEVIEW LOAN SERVICING, LLC 2 6.38% $11,910
    MID AMERICA MORTGAGE, INC. 2 7.06% $12,595
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.00% $9,982
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $10,824
    Orion Federal Credit Union 2 5.81% $13,063
    RELIANCE FIRST CAPITAL, LLC 2 5.94% $11,585
    The First National Bank of Middle Tennessee 2 6.69% $11,439
    TOP FLITE FINANCIAL, INC. 2 6.69% $16,141
    GUARANTEED RATE AFFINITY, LLC 1 7.75% $8,437
    Franklin Loan Corporation 1 6.13% $13,709
    F&M Bank 1 6.25% $7,315
    TOWNE MORTGAGE COMPANY 1 6.25% $6,539
    MILEND, INC. 1 6.75% $12,617
    FLAT BRANCH MORTGAGE, INC. 1 7.13% $8,646
    United Community Bank 1 6.00% $4,384
    MOVEMENT MORTGAGE, LLC 1 6.13% $11,288
    FirstTrust Home Loans, Inc. 1 7.25% $6,372
    M&T Bank 1 6.25% $9,399
    AMERICAN FINANCING CORPORATION 1 7.13% $12,796
    Nations Lending Corporation 1 6.25% $8,543
    Evolve Bank & Trust 1 6.00% $8,652
    NP, Inc. 1 7.13% $11,178
    VAN DYK MORTGAGE CORPORATION 1 7.88% $5,598
    ENDEAVOR CAPITAL, LLC. 1 6.50% $16,051
    COMPASS MORTGAGE, INC. 1 6.63% $9,943
    Commerce Home Mortgage, Inc. 1 7.00% $10,890
    Prosperity Home Mortgage, LLC 1 6.12% $10,394
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $8,436
    AMCAP MORTGAGE, LTD. 1 6.75% $10,398
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $7,741
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $9,026
    SeaTrust Mortgage Company 1 7.75% $9,499
    Assurance Financial Group, L.L.C. 1 6.75% $10,867
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.25% $11,784
    American Mortgage & Equity Consultants, Inc. 1 6.75% $23,486
    SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $13,144
    The Federal Savings Bank 1 6.25% $16,710
    Wells Fargo Bank 1 6.63% $8,345
    THE MORTGAGE FIRM, INC. 1 5.50% $9,191
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.00% $10,015
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.38% $10,421
    HOMESIDE FINANCIAL, LLC 1 6.75% $6,786
    Hometown Equity Mortgage, LLC 1 6.50% $12,939
    GUILD MORTGAGE COMPANY 1 6.00% $5,327
    JPMorgan Chase Bank 1 6.25% $7,891
    ZILLOW HOME LOANS, LLC 1 7.25% $6,751
    GUARANTY HOME MORTGAGE CORPORATION 1 6.00% $5,002

    The top Jackson FHA lender as defined by loan originations is Leaders Credit Union, with 63 FHA loans originated. Their average total fees are $6,021, which is $2,471 lower than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

    The lowest fee Jackson FHA lenders (with over 10 loans originated) are Leaders Credit Union ($6,021), EVERETT FINANCIAL, INC. ($6,472), Simmons Bank ($7,484), FirstBank ($7,648) and Regions Bank ($8,125).

    The lowest rate Jackson FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.05%), MORTGAGE INVESTORS GROUP, INC. (6.15%), AMERISAVE MORTGAGE CORPORATION (6.23%), QUICKEN LOANS, LLC (6.23%) and Regions Bank (6.31%).

    Jackson FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JACKSON, TN CHESTER 2022 $420,680 $538,650 $651,050 $809,150
    JACKSON, TN CROCKETT 2022 $420,680 $538,650 $651,050 $809,150
    JACKSON, TN GIBSON 2022 $420,680 $538,650 $651,050 $809,150
    JACKSON, TN MADISON 2022 $420,680 $538,650 $651,050 $809,150
    JACKSON, TN CHESTER 2023 $472,030 $604,400 $730,525 $907,900
    JACKSON, TN CROCKETT 2023 $472,030 $604,400 $730,525 $907,900
    JACKSON, TN GIBSON 2023 $472,030 $604,400 $730,525 $907,900
    JACKSON, TN MADISON 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).