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 89 lenders originated 697 FHA loans during 2024. The total origination value was $148,055,000, with an average FHA loan value of $212,418.

    Jackson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jackson averaged 0.05% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Jackson's average FHA mortgage closing costs are $6,913.

    The average rate for the prior week (2025-06-13) was 6.83% and one month ago for the week of 2025-05-16, the average rate was 6.79%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.07%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    FIRST COMMUNITY MORTGAGE, INC. 73 6.53% $11,357
    Leaders Credit Union 73 6.65% $5,919
    QUICKEN LOANS, LLC 62 6.27% $9,685
    MORTGAGE INVESTORS GROUP, INC. 45 6.16% $9,153
    UNITED WHOLESALE MORTGAGE, LLC 31 6.20% $11,500
    Simmons Bank 28 6.29% $8,288
    Regions Bank 24 6.57% $7,876
    Bank of England 22 6.52% $9,818
    FREEDOM MORTGAGE CORPORATION 18 6.46% $10,974
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.46% $11,436
    FirstBank 11 6.42% $7,922
    Legends Bank 10 6.36% $8,731
    LOANDEPOT.COM, LLC 10 6.52% $9,406
    MID AMERICA MORTGAGE, INC. 10 6.64% $8,698
    Equity Prime Mortgage LLC 9 6.49% $8,633
    BancorpSouth 9 6.53% $6,860
    PENNYMAC LOAN SERVICES, LLC 9 6.14% $10,773
    LOANPAL, LLC 8 5.75% $9,659
    EVERETT FINANCIAL, INC. 7 6.63% $9,448
    Orion Federal Credit Union 6 5.92% $6,351
    VILLAGE CAPITAL MORTGAGE 6 6.71% $6,015
    Carrington Mortgage Services, LLC 6 6.50% $8,378
    BROKER SOLUTIONS, INC. 5 7.18% $9,497
    RELIANCE FIRST CAPITAL, LLC 5 6.75% $8,620
    Plains Commerce Bank 5 6.38% $8,433
    Paramount Residential Mortgage Group, Inc. 4 6.44% $9,463
    MILEND, INC. 4 6.72% $11,658
    NEWREZ LLC 4 6.50% $7,325
    AmeriHome Mortgage Company, LLC 4 6.59% $5,634
    STOCKTON MORTGAGE CORPORATION 4 6.50% $7,693
    Ixonia Bank 4 6.38% $7,527
    DHI MORTGAGE COMPANY, LTD. 3 4.49% $7,150
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.37% $7,022
    CMG MORTGAGE, INC. 3 6.63% $10,121
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.46% $11,992
    Patriot Bank 3 5.92% $8,383
    Mortgage Research Center, LLC 3 6.71% $7,736
    GMFS LLC 3 7.25% $5,593
    Citizens Bank 2 6.63% $6,572
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $10,515
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.00% $8,264
    SUN WEST MORTGAGE COMPANY, INC. 2 5.88% $13,784
    First Citizens National Bank 2 6.00% $7,996
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.50% $12,378
    The First National Bank of Middle Tennessee 2 5.88% $10,062
    CROSSCOUNTRY MORTGAGE, LLC 2 6.22% $10,680
    CARDINAL FINANCIAL 2 6.44% $15,092
    Old National Bank 1 6.13% $6,360
    American Mortgage & Equity Consultants, Inc. 1 6.13% $13,985
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $11,878
    AMERISAVE MORTGAGE CORPORATION 1 6.63% $10,364
    Arvest Bank 1 6.00% $8,449
    Century Mortgage Company DBA Century Lending Company 1 5.75% $11,249
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $10,528
    Core Bank 1 6.63% $11,188
    Cornerstone First Mortgage, Inc 1 5.63% $29,843
    DELMAR FINANCIAL COMPANY 1 5.38% $12,933
    EMM LOANS LLC 1 5.88% $13,737
    ENDEAVOR CAPITAL, LLC. 1 7.25% $7,545
    FIRST COLONY MORTGAGE CORPORATION 1 6.25% $7,334
    First Horizon Bank 1 5.25% $21,212
    Flagstar Bank, FSB 1 6.25% $12,467
    GERSHMAN INVESTMENT CORP. 1 6.25% $5,177
    GUARANTEED RATE AFFINITY, LLC 1 6.53% $11,297
    HOMESIDE FINANCIAL, LLC 1 6.38% $15,262
    INTELLILOAN, INC. 1 5.63% $7,867
    Legacy Home Loans, LLC 1 6.38% $7,938
    Magnolia Bank 1 6.50% $11,836
    MICHIGAN MUTUAL, INC. 1 7.25% $5,560
    MORTGAGE ACCESS CORP. 1 5.75% $6,941
    Nations Lending Corporation 1 6.75% $11,861
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $14,943
    PHH Mortgage Corporation 1 6.63% $9,919
    Pinnacle Bank 1 6.25% $8,813
    PLANET HOME LENDING, LLC 1 6.50% $9,069
    PLAZA HOME MORTGAGE, INC. 1 6.38% $6,833
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.38% $5,028
    Prosperity Home Mortgage, LLC 1 5.63% $9,919
    Renasant Bank 1 6.63% $8,292
    ROYAL UNITED MORTGAGE LLC 1 6.13% $11,583
    SeaTrust Mortgage Company 1 6.50% $10,347
    SOUTHWEST FUNDING, LP 1 7.63% $8,533
    SUMMIT FUNDING, INC. 1 6.63% $18,030
    Texana Bank 1 5.88% $16,057
    The Federal Savings Bank 1 7.75% $10,977
    The Huntington National Bank 1 6.25% $13,167
    Trustmark National Bank 1 6.75% $9,828
    UNION HOME MORTGAGE CORP. 1 6.63% $12,502
    U.S. Bank 1 6.25% $6,635

    The top Jackson FHA lender as defined by loan originations is FIRST COMMUNITY MORTGAGE, INC., with 73 FHA loans originated. Their average total fees are $11,357, which is $5,438 higher than the next largest lender, Leaders Credit Union.

    The lowest fee Jackson FHA lenders (with over 10 loans originated) are Leaders Credit Union ($5,919), Regions Bank ($7,876), FirstBank ($7,922), Simmons Bank ($8,288) and MID AMERICA MORTGAGE, INC. ($8,698).

    The lowest rate Jackson FHA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. (6.16%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), QUICKEN LOANS, LLC (6.27%), Simmons Bank (6.29%) and Legends Bank (6.36%).

    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).