Jackson FHA Loan Rates, Closing Costs & Stats

JACKSON, TN

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 -0.09% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Jackson's average FHA mortgage closing costs are $6,537.

The average rate for the prior week (2024-11-22) was 6.6% and one month ago for the week of 2024-10-25, the average rate was 6.28%.

The average rate one year ago was 6.77%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.21%.

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

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 $129,900 (11.1%) $178,863 (13.0%) 0.00 657
2018-02-01 $127,900 (9.6%) $178,849 (13.8%) 0.00 652
2018-03-01 $133,000 (13.9%) $183,765 (16.2%) 0.00 644
2018-04-01 $132,400 (14.9%) $182,614 (16.6%) 0.00 599
2018-05-01 $132,975 (10.9%) $190,763 (18.1%) 0.00 604
2018-06-01 $132,450 (6.0%) $187,285 (13.9%) 0.00 623
2018-07-01 $139,450 (8.9%) $188,503 (13.1%) 0.00 648
2018-08-01 $142,450 (12.7%) $193,408 (15.8%) 0.00 679
2018-09-01 $139,999 (8.1%) $191,191 (9.3%) 0.00 695
2018-10-01 $135,450 (5.5%) $185,089 (4.0%) 0.00 726
2018-11-01 $139,325 (8.3%) $185,963 (5.2%) 0.00 711
2018-12-01 $137,500 (5.9%) $184,855 (3.5%) 0.00 637
2019-01-01 $139,900 (7.7%) $186,838 (4.5%) 0.00 580
2019-02-01 $141,925 (11.0%) $190,278 (6.4%) 0.00 539
2019-03-01 $148,186 (11.4%) $195,823 (6.6%) 0.00 531
2019-04-01 $153,438 (15.9%) $203,194 (11.3%) 0.00 533
2019-05-01 $165,900 (24.8%) $212,939 (11.6%) 0.00 530
2019-06-01 $164,900 (24.5%) $210,393 (12.3%) 0.00 556
2019-07-01 $152,900 (9.7%) $202,878 (7.6%) 0.00 582
2019-08-01 $144,509 (1.5%) $195,760 (1.2%) 0.00 597
2019-09-01 $147,598 (5.4%) $196,475 (2.8%) 0.00 607
2019-10-01 $149,975 (10.7%) $197,458 (6.7%) 0.00 613
2019-11-01 $154,900 (11.2%) $200,066 (7.6%) 0.00 585
2019-12-01 $156,900 (14.1%) $201,438 (9.0%) 0.00 503
2020-01-01 $149,975 (7.2%) $198,804 (6.4%) 0.00 482
2020-02-01 $154,900 (9.1%) $200,752 (5.5%) 0.00 438
2020-03-01 $159,375 (7.6%) $205,129 (4.8%) 0.00 455
2020-04-01 $165,925 (8.1%) $208,242 (2.5%) 0.00 459
2020-05-01 $169,000 (1.9%) $210,491 (-1.2%) 0.00 412
2020-06-01 $174,675 (5.9%) $219,883 (4.5%) 0.00 358
2020-07-01 $177,450 (16.1%) $223,953 (10.4%) 0.00 336
2020-08-01 $179,900 (24.5%) $226,178 (15.5%) 0.00 306
2020-09-01 $179,900 (21.9%) $233,286 (18.7%) 0.00 277
2020-10-01 $175,000 (16.7%) $236,913 (20.0%) 0.00 248
2020-11-01 $169,900 (9.7%) $239,191 (19.6%) 0.00 261
2020-12-01 $184,500 (17.6%) $250,931 (24.6%) 0.00 241
2021-01-01 $182,400 (21.6%) $263,285 (32.4%) 0.00 198
2021-02-01 $179,600 (16.0%) $273,387 (36.2%) 0.00 156
2021-03-01 $169,225 (6.2%) $248,708 (21.2%) 0.00 139
2021-04-01 $173,700 (4.7%) $245,756 (18.0%) 0.00 127
2021-05-01 $169,900 (0.5%) $260,591 (23.8%) 0.00 134
2021-06-01 $180,725 (3.5%) $269,887 (22.7%) 0.00 149
2021-07-01 $195,000 (9.9%) $266,873 (19.2%) 0.00 176
2021-08-01 $202,450 (12.5%) $262,580 (16.1%) 0.00 194
2021-09-01 $194,750 (8.3%) $256,756 (10.1%) 0.00 210
2021-10-01 $197,450 (12.8%) $258,848 (9.3%) 0.00 210
2021-11-01 $199,450 (17.4%) $262,304 (9.7%) 0.00 208
2021-12-01 $199,900 (8.4%) $256,616 (2.3%) 0.00 211
2022-01-01 $199,000 (9.1%) $259,920 (-1.3%) 0.00 186
2022-02-01 $182,325 (1.5%) $245,486 (-10.2%) 0.00 173
2022-03-01 $184,675 (9.1%) $244,403 (-1.7%) 0.00 163
2022-04-01 $199,900 (15.1%) $253,242 (3.1%) 0.00 170
2022-05-01 $232,350 (36.8%) $281,072 (7.9%) 0.00 179
2022-06-01 $224,950 (24.5%) $289,044 (7.1%) 0.00 228
2022-07-01 $242,500 (24.4%) $296,127 (11.0%) 0.00 291
2022-08-01 $249,450 (23.2%) $303,280 (15.5%) 0.00 298
2022-09-01 $264,175 (35.7%) $310,675 (21.0%) 0.00 340
2022-10-01 $269,000 (36.2%) $316,963 (22.5%) 0.00 364
2022-11-01 $264,900 (32.8%) $313,672 (19.6%) 0.00 370
2022-12-01 $264,900 (32.5%) $319,994 (24.7%) 0.00 350
2023-01-01 $269,450 (35.4%) $328,924 (26.6%) 0.00 336
2023-02-01 $274,900 (50.8%) $333,327 (35.8%) 0.00 307
2023-03-01 $293,225 (58.8%) $334,448 (36.8%) 0.00 302
2023-04-01 $295,000 (47.6%) $340,243 (34.4%) 0.00 290
2023-05-01 $300,450 (29.3%) $351,314 (25.0%) 0.00 280
2023-06-01 $309,675 (37.7%) $361,631 (25.1%) 0.00 294
2023-07-01 $299,950 (23.7%) $363,434 (22.7%) 0.00 319
2023-08-01 $298,950 (19.8%) $370,055 (22.0%) 0.00 311
2023-09-01 $299,000 (13.2%) $382,510 (23.1%) 0.00 314
2023-10-01 $294,350 (9.4%) $367,475 (15.9%) 0.00 376
2023-11-01 $289,900 (9.4%) $361,853 (15.4%) 0.00 386
2023-12-01 $289,900 (9.4%) $338,844 (5.9%) 0.00 397
2024-01-01 $285,150 (5.8%) $332,953 (1.2%) 0.00 384
2024-02-01 $287,400 (4.6%) $337,634 (1.3%) 0.00 369
2024-03-01 $297,900 (1.6%) $348,410 (4.2%) 0.00 377
2024-04-01 $299,900 (1.7%) $361,073 (6.1%) 0.00 404
2024-05-01 $304,950 (1.5%) $366,458 (4.3%) 0.00 422
2024-06-01 $300,000 (-3.1%) $363,149 (0.4%) 0.00 449
2024-07-01 $299,900 (0.0%) $362,759 (-0.2%) 0.00 486
2024-08-01 $299,900 (0.3%) $363,895 (-1.7%) 0.00 511
2024-09-01 $296,225 (-0.9%) $352,828 (-7.8%) 0.00 582
2024-10-01 $289,900 (-1.5%) $355,120 (-3.4%) 0.00 574
Jackson's median listing price for 2024-10-01 was $289,900, a difference of $-4,450 (-1.5%) versus the prior year and $-6,325 versus the prior month.

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

Jackson's average listing price for 2024-10-01 was $355,120, a difference of $-12,355 (-3.4%) versus the prior year and $2,292 versus the prior month.

For the 2024-10-01 period, Jackson had 574 MLS listings, a difference of -8 listings (-1%) versus the prior month and 198 listings (53%) 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 1,864 sqft
2018-02-01 0 days 1,840 sqft
2018-03-01 0 days 1,883 sqft
2018-04-01 0 days 1,866 sqft
2018-05-01 0 days 1,889 sqft
2018-06-01 0 days 1,850 sqft
2018-07-01 0 days 1,863 sqft
2018-08-01 0 days 1,938 sqft
2018-09-01 0 days 1,972 sqft
2018-10-01 0 days 1,883 sqft
2018-11-01 0 days 1,881 sqft
2018-12-01 0 days 1,904 sqft
2019-01-01 0 days 1,878 sqft
2019-02-01 0 days 1,881 sqft
2019-03-01 0 days 1,889 sqft
2019-04-01 0 days 1,911 sqft
2019-05-01 0 days 2,016 sqft
2019-06-01 0 days 1,964 sqft
2019-07-01 0 days 1,913 sqft
2019-08-01 0 days 1,873 sqft
2019-09-01 0 days 1,865 sqft
2019-10-01 0 days 1,859 sqft
2019-11-01 0 days 1,894 sqft
2019-12-01 0 days 1,891 sqft
2020-01-01 0 days 1,868 sqft
2020-02-01 0 days 1,926 sqft
2020-03-01 0 days 1,917 sqft
2020-04-01 0 days 1,953 sqft
2020-05-01 0 days 1,956 sqft
2020-06-01 0 days 1,981 sqft
2020-07-01 0 days 2,003 sqft
2020-08-01 0 days 1,965 sqft
2020-09-01 0 days 1,967 sqft
2020-10-01 0 days 1,938 sqft
2020-11-01 0 days 1,981 sqft
2020-12-01 0 days 1,958 sqft
2021-01-01 0 days 1,950 sqft
2021-02-01 0 days 1,940 sqft
2021-03-01 0 days 1,779 sqft
2021-04-01 0 days 1,870 sqft
2021-05-01 0 days 1,852 sqft
2021-06-01 0 days 1,746 sqft
2021-07-01 0 days 1,810 sqft
2021-08-01 0 days 1,818 sqft
2021-09-01 0 days 1,821 sqft
2021-10-01 0 days 1,800 sqft
2021-11-01 0 days 1,726 sqft
2021-12-01 0 days 1,718 sqft
2022-01-01 0 days 1,714 sqft
2022-02-01 0 days 1,665 sqft
2022-03-01 0 days 1,683 sqft
2022-04-01 0 days 1,726 sqft
2022-05-01 0 days 1,753 sqft
2022-06-01 0 days 1,808 sqft
2022-07-01 0 days 1,901 sqft
2022-08-01 0 days 1,892 sqft
2022-09-01 0 days 1,890 sqft
2022-10-01 0 days 1,919 sqft
2022-11-01 0 days 1,991 sqft
2022-12-01 0 days 1,961 sqft
2023-01-01 0 days 1,924 sqft
2023-02-01 0 days 1,917 sqft
2023-03-01 0 days 1,965 sqft
2023-04-01 0 days 1,962 sqft
2023-05-01 0 days 1,975 sqft
2023-06-01 0 days 2,063 sqft
2023-07-01 0 days 2,061 sqft
2023-08-01 0 days 2,077 sqft
2023-09-01 0 days 2,000 sqft
2023-10-01 0 days 1,969 sqft
2023-11-01 0 days 1,933 sqft
2023-12-01 0 days 1,911 sqft
2024-01-01 0 days 1,896 sqft
2024-02-01 0 days 1,897 sqft
2024-03-01 0 days 1,988 sqft
2024-04-01 0 days 2,016 sqft
2024-05-01 0 days 2,077 sqft
2024-06-01 0 days 2,061 sqft
2024-07-01 0 days 2,031 sqft
2024-08-01 0 days 2,055 sqft
2024-09-01 0 days 1,979 sqft
2024-10-01 0 days 1,926 sqft
Jackson's median listing age (time on market) for 2024-10-01 was 0 days.

Jackson's median square footage for active listings during the 2024-10-01 period was 1,926 sqft. One year prior, the average listing was 1,969 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).