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 86 lenders originated 640 FHA loans during 2022. The total origination value was $129,540,000, with an average FHA loan value of $202,406.

Jackson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Jackson averaged 6.31% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Jackson's average FHA mortgage closing costs are $6,104.

The average rate for the prior week (2024-02-09) was 6.32% and one month ago for the week of 2024-01-12, the average rate was 6.06%.

The average rate one year ago was 5.9%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.26%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 69 4.56% $8,524
MORTGAGE INVESTORS GROUP, INC. 65 4.65% $7,377
Leaders Credit Union 61 5.37% $6,114
FIRST COMMUNITY MORTGAGE, INC. 52 4.73% $9,841
Regions Bank 33 4.94% $7,560
Simmons Bank 24 5.23% $7,776
CALIBER HOME LOANS, INC. 17 5.30% $9,515
PENNYMAC LOAN SERVICES, LLC 16 4.35% $9,821
EVERETT FINANCIAL, INC. 16 4.97% $4,103
STOCKTON MORTGAGE CORPORATION 15 5.59% $9,410
LOANDEPOT.COM, LLC 14 4.09% $9,158
BancorpSouth 11 5.13% $6,218
Bank of England 11 5.03% $9,175
Mr. Cooper ( Nationstar Mortgage ) 9 4.56% $8,477
LAKEVIEW LOAN SERVICING, LLC 9 4.04% $6,427
BROKER SOLUTIONS, INC. 8 5.15% $8,102
AMERISAVE MORTGAGE CORPORATION 8 4.88% $10,100
Carrington Mortgage Services, LLC 8 5.17% $9,437
FREEDOM MORTGAGE CORPORATION 8 5.15% $8,283
UNITED WHOLESALE MORTGAGE, LLC 8 4.91% $11,094
CARDINAL FINANCIAL 7 4.09% $9,148
Paramount Residential Mortgage Group, Inc. 7 5.29% $13,039
Nations Lending Corporation 6 5.23% $12,076
LEADERONE FINANCIAL CORPORATION 6 5.35% $7,009
FirstBank 5 4.73% $7,773
CROSSCOUNTRY MORTGAGE, LLC 4 5.72% $7,464
COMMUNITY MORTGAGE CORPORATION 4 4.75% $6,697
TOP FLITE FINANCIAL, INC. 4 6.03% $11,261
CMG MORTGAGE, INC. 4 4.59% $10,952
Sierra Pacific Mortgage Company, Inc. 4 3.47% $7,156
NEWREZ LLC 4 5.19% $6,905
Equity Prime Mortgage LLC 2 6.31% $21,658
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.93% $12,894
VILLAGE CAPITAL MORTGAGE 2 5.25% $11,309
GENEVA FINANCIAL, LLC 2 4.44% $10,221
HOME POINT FINANCIAL CORPORATION 2 5.56% $10,173
HOMESIDE FINANCIAL, LLC 2 5.06% $8,392
Citizens Bank 2 4.38% $7,732
LOANPAL, LLC 2 3.63% $11,328
PLANET HOME LENDING, LLC 2 5.37% $7,744
AmeriHome Mortgage Company, LLC 2 5.38% $8,537
RELIANCE FIRST CAPITAL, LLC 2 4.88% $13,108
SOUTHWEST FUNDING, LP 2 4.69% $11,206
SOVEREIGN LENDING GROUP INCORPORATED 2 5.06% $12,890
SWBC MORTGAGE CORPORATION 2 7.25% $7,613
Trustmark National Bank 2 6.88% $6,915
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 3.75% $12,682
MID AMERICA MORTGAGE, INC. 1 5.63% $4,320
Midwest BankCentre 1 5.13% $7,416
AMERICAN FINANCING CORPORATION 1 4.50% $12,824
Mortgage Research Center, LLC 1 5.63% $7,496
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $17,789
MOVEMENT MORTGAGE, LLC 1 5.25% $13,143
Blue Ridge Bank 1 4.25% $7,039
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $8,079
NETWORK CAPITAL FUNDING CORPORATION 1 5.13% $7,173
NEW DAY FINANCIAL, LLC 1 7.25% $11,081
Flagstar Bank, FSB 1 4.75% $7,853
North American Savings Bank, F.S.B. 1 3.25% $8,049
Origin Bank 1 5.63% $10,035
Orion Federal Credit Union 1 5.75% $7,161
First Internet Bank of Indiana 1 4.50% $10,080
Patriot Bank 1 4.75% $7,269
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.63% $5,926
Peoples Bank 1 5.63% $11,814
PHH Mortgage Corporation 1 7.13% $8,378
FINANCE OF AMERICA MORTGAGE LLC 1 5.50% $7,569
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.25% $5,404
ARC HOME LLC 1 5.63% $7,507
The First National Bank of Middle Tennessee 1 6.63% $7,783
The Home Loan Expert LLC 1 4.88% $12,681
Renasant Bank 1 5.00% $8,204
ROYAL UNITED MORTGAGE LLC 1 6.25% $12,983
First Horizon Bank 1 3.00% $5,480
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $6,533
SIRVA MORTGAGE, INC. 1 5.50% $8,458
First Citizens National Bank 1 5.25% $6,916
Hometown Lenders, Inc. 1 4.63% $9,465
INTERLINC MORTGAGE SERVICES, LLC 1 3.63% $5,841
JLB CORPORATION 1 5.13% $6,686
JPMorgan Chase Bank 1 4.99% $5,871
Evolve Bank & Trust 1 6.25% $11,013
Hometown Equity Mortgage, LLC 1 5.63% $15,544
CASTLE & COOKE MORTGAGE, LLC 1 6.25% $7,508
LIBERTY HOME MORTGAGE CORPORATION 1 4.63% $4,678
Home Federal Bank 1 5.50% $10,433

The top Jackson FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 69 FHA loans originated. Their average total fees are $8,524, which is $1,147 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

The lowest fee Jackson FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($4,103), Leaders Credit Union ($6,114), BancorpSouth ($6,218), MORTGAGE INVESTORS GROUP, INC. ($7,377) and Regions Bank ($7,560).

The lowest rate Jackson FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (4.09%), PENNYMAC LOAN SERVICES, LLC (4.35%), QUICKEN LOANS, LLC (4.56%), MORTGAGE INVESTORS GROUP, INC. (4.65%) and FIRST COMMUNITY MORTGAGE, INC. (4.73%).

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 (11.5%) $178,727 (13.0%) 0.00 659
2018-02-01 $126,900 (9.0%) $178,613 (13.7%) 0.00 654
2018-03-01 $133,000 (14.0%) $183,526 (16.1%) 0.00 646
2018-04-01 $132,400 (15.1%) $182,464 (16.6%) 0.00 600
2018-05-01 $133,500 (11.3%) $190,583 (18.0%) 0.00 605
2018-06-01 $133,450 (6.9%) $187,233 (14.0%) 0.00 624
2018-07-01 $139,450 (9.6%) $188,670 (13.3%) 0.00 651
2018-08-01 $142,450 (13.1%) $193,576 (16.1%) 0.00 680
2018-09-01 $140,000 (8.1%) $191,391 (9.6%) 0.00 696
2018-10-01 $135,450 (5.5%) $185,293 (4.2%) 0.00 727
2018-11-01 $139,450 (8.4%) $186,172 (5.4%) 0.00 712
2018-12-01 $137,500 (5.9%) $185,070 (3.6%) 0.00 638
2019-01-01 $139,900 (7.7%) $187,066 (4.7%) 0.00 581
2019-02-01 $142,450 (12.3%) $190,521 (6.7%) 0.00 540
2019-03-01 $148,186 (11.4%) $195,962 (6.8%) 0.00 532
2019-04-01 $153,438 (15.9%) $203,194 (11.4%) 0.00 533
2019-05-01 $165,525 (24.0%) $212,806 (11.7%) 0.00 531
2019-06-01 $164,900 (23.6%) $210,393 (12.4%) 0.00 556
2019-07-01 $152,900 (9.7%) $202,878 (7.5%) 0.00 582
2019-08-01 $146,836 (3.1%) $195,750 (1.1%) 0.00 598
2019-09-01 $149,741 (7.0%) $196,464 (2.7%) 0.00 608
2019-10-01 $150,677 (11.2%) $197,446 (6.6%) 0.00 614
2019-11-01 $155,400 (11.4%) $199,999 (7.4%) 0.00 586
2019-12-01 $157,400 (14.5%) $201,362 (8.8%) 0.00 504
2020-01-01 $150,000 (7.2%) $198,846 (6.3%) 0.00 483
2020-02-01 $157,400 (10.5%) $200,907 (5.5%) 0.00 440
2020-03-01 $159,350 (7.5%) $205,008 (4.6%) 0.00 457
2020-04-01 $164,900 (7.5%) $207,845 (2.3%) 0.00 462
2020-05-01 $167,900 (1.4%) $210,014 (-1.3%) 0.00 415
2020-06-01 $171,975 (4.3%) $219,005 (4.1%) 0.00 362
2020-07-01 $176,675 (15.6%) $223,276 (10.1%) 0.00 339
2020-08-01 $179,900 (22.5%) $225,433 (15.2%) 0.00 308
2020-09-01 $179,900 (20.1%) $233,069 (18.6%) 0.00 277
2020-10-01 $175,000 (16.1%) $236,615 (19.8%) 0.00 248
2020-11-01 $169,900 (9.3%) $239,191 (19.6%) 0.00 261
2020-12-01 $184,500 (17.2%) $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 (14.1%) $273,387 (36.1%) 0.00 156
2021-03-01 $169,225 (6.2%) $248,708 (21.3%) 0.00 139
2021-04-01 $173,700 (5.3%) $245,756 (18.2%) 0.00 127
2021-05-01 $169,900 (1.2%) $260,591 (24.1%) 0.00 134
2021-06-01 $180,725 (5.1%) $269,887 (23.2%) 0.00 149
2021-07-01 $197,000 (11.5%) $266,873 (19.5%) 0.00 176
2021-08-01 $202,450 (12.5%) $262,580 (16.5%) 0.00 194
2021-09-01 $194,625 (8.2%) $256,622 (10.1%) 0.00 210
2021-10-01 $197,450 (12.8%) $258,848 (9.4%) 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 (23.1%) $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 (21.1%) 0.00 340
2022-10-01 $269,000 (36.2%) $316,963 (22.5%) 0.00 365
2022-11-01 $264,900 (32.8%) $313,837 (19.7%) 0.00 371
2022-12-01 $264,900 (32.5%) $319,940 (24.7%) 0.00 351
2023-01-01 $269,700 (35.5%) $328,843 (26.5%) 0.00 337
2023-02-01 $274,925 (50.8%) $333,228 (35.7%) 0.00 308
2023-03-01 $294,175 (59.3%) $334,394 (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%) $369,756 (21.9%) 0.00 312
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 (15.3%) 0.00 386
2023-12-01 $289,900 (9.4%) $338,844 (5.9%) 0.00 397
Jackson's median listing price for 2023-12-01 was $289,900, a difference of $25,000 (9.4%) versus the prior year and $0 versus the prior month.

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

Jackson's average listing price for 2023-12-01 was $338,844, a difference of $18,904 (5.9%) versus the prior year and $-23,009 versus the prior month.

For the 2023-12-01 period, Jackson had 397 MLS listings, a difference of 11 listings (3%) versus the prior month and 46 listings (13%) 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 1,866 sqft
2018-02-01 0 days 1,835 sqft
2018-03-01 0 days 1,880 sqft
2018-04-01 0 days 1,866 sqft
2018-05-01 0 days 1,893 sqft
2018-06-01 0 days 1,851 sqft
2018-07-01 0 days 1,865 sqft
2018-08-01 0 days 1,940 sqft
2018-09-01 0 days 1,972 sqft
2018-10-01 0 days 1,885 sqft
2018-11-01 0 days 1,881 sqft
2018-12-01 0 days 1,905 sqft
2019-01-01 0 days 1,878 sqft
2019-02-01 0 days 1,884 sqft
2019-03-01 0 days 1,891 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 1,877 sqft
2019-09-01 0 days 1,867 sqft
2019-10-01 0 days 1,858 sqft
2019-11-01 0 days 1,894 sqft
2019-12-01 0 days 1,889 sqft
2020-01-01 0 days 1,864 sqft
2020-02-01 0 days 1,926 sqft
2020-03-01 0 days 1,917 sqft
2020-04-01 0 days 1,952 sqft
2020-05-01 0 days 1,954 sqft
2020-06-01 0 days 1,978 sqft
2020-07-01 0 days 2,001 sqft
2020-08-01 0 days 1,954 sqft
2020-09-01 0 days 1,966 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 1,811 sqft
2021-08-01 0 days 1,818 sqft
2021-09-01 0 days 1,817 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 1,996 sqft
2022-12-01 0 days 1,962 sqft
2023-01-01 0 days 1,926 sqft
2023-02-01 0 days 1,921 sqft
2023-03-01 0 days 1,969 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
Jackson's median listing age (time on market) for 2023-12-01 was 0 days.

Jackson's median square footage for active listings during the 2023-12-01 period was 1,911 sqft. One year prior, the average listing was 1,962 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).