Jackson FHA Loan Rates, Closing Costs & Stats

Jackson, WY-ID

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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 5 lenders originated 10 FHA loans during 2023. The total origination value was $26,940,000, with an average FHA loan value of $2,694,000.

    Jackson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jackson averaged 6.78% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Jackson's average FHA mortgage closing costs are $12,464.

    The average rate for the prior week (2024-04-12) was 6.78% and one month ago for the week of 2024-03-15, the average rate was 6.54%.

    The average rate one year ago was 6.37%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    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
    BELEM SERVICING LLC 1 7.75% $15,401
    FIRST COLONY MORTGAGE CORPORATION 1 6.13% $27,913
    GUILD MORTGAGE COMPANY 1 6.13% $18,862
    The Central Trust Bank 1 7.00% $14,307
    VILLAGE CAPITAL MORTGAGE 1 5.25% $24,125

    The top Jackson FHA lender as defined by loan originations is BELEM SERVICING LLC, with 1 FHA loans originated. Their average total fees are $15,401, which is $12,511 lower than the next largest lender, FIRST COLONY MORTGAGE CORPORATION.

    The lowest fee Jackson FHA lenders (with over 10 loans originated) are .

    The lowest rate Jackson FHA lenders (with over 10 loans originated) are .

    Jackson FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JACKSON, WY-ID TETON 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    JACKSON, WY-ID TETON 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    JACKSON, WY-ID TETON 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    JACKSON, WY-ID TETON 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200

    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 $895,000 (6.3%) $2,184,338 (14.9%) 0.00 324
    2018-02-01 $907,000 (2.4%) $2,285,970 (13.3%) 0.00 318
    2018-03-01 $875,000 (-2.2%) $2,172,776 (9.3%) 0.00 330
    2018-04-01 $775,000 (-13.4%) $2,062,057 (4.6%) 0.00 308
    2018-05-01 $753,825 (-10.4%) $1,996,259 (3.2%) 0.00 345
    2018-06-01 $775,000 (-7.3%) $1,973,687 (0.3%) 0.00 382
    2018-07-01 $843,500 (1.6%) $2,133,646 (5.1%) 0.00 430
    2018-08-01 $849,750 (0.0%) $2,139,967 (3.8%) 0.00 426
    2018-09-01 $895,000 (12.0%) $2,291,889 (21.8%) 0.00 421
    2018-10-01 $953,500 (19.3%) $2,452,510 (29.4%) 0.00 391
    2018-11-01 $923,000 (12.5%) $2,389,366 (15.3%) 0.00 366
    2018-12-01 $895,000 (0.0%) $2,370,878 (9.8%) 0.00 348
    2019-01-01 $895,000 (0.0%) $2,353,797 (7.8%) 0.00 336
    2019-02-01 $976,000 (7.6%) $2,511,896 (9.9%) 0.00 321
    2019-03-01 $985,857 (12.7%) $2,477,474 (14.0%) 0.00 312
    2019-04-01 $993,857 (28.2%) $2,416,510 (17.2%) 0.00 306
    2019-05-01 $1,048,750 (39.1%) $2,441,183 (22.3%) 0.00 311
    2019-06-01 $1,125,000 (45.2%) $2,499,933 (26.7%) 0.00 378
    2019-07-01 $1,175,000 (39.3%) $2,778,434 (30.2%) 0.00 440
    2019-08-01 $1,207,045 (42.1%) $2,756,710 (28.8%) 0.00 458
    2019-09-01 $1,255,114 (40.2%) $2,837,008 (23.8%) 0.00 436
    2019-10-01 $1,283,409 (34.6%) $2,890,923 (17.9%) 0.00 412
    2019-11-01 $1,250,000 (35.4%) $2,896,644 (21.2%) 0.00 374
    2019-12-01 $1,322,500 (47.8%) $3,105,785 (31.0%) 0.00 341
    2020-01-01 $1,349,500 (50.8%) $3,158,016 (34.2%) 0.00 302
    2020-02-01 $1,350,000 (38.3%) $3,239,960 (29.0%) 0.00 301
    2020-03-01 $1,386,250 (40.6%) $3,233,113 (30.5%) 0.00 307
    2020-04-01 $1,319,500 (32.8%) $3,137,375 (29.8%) 0.00 313
    2020-05-01 $1,250,000 (19.2%) $2,930,018 (20.0%) 0.00 335
    2020-06-01 $1,292,500 (14.9%) $2,865,830 (14.6%) 0.00 367
    2020-07-01 $1,199,750 (2.1%) $2,956,780 (6.4%) 0.00 360
    2020-08-01 $1,170,000 (-3.1%) $2,823,195 (2.4%) 0.00 305
    2020-09-01 $1,372,500 (9.4%) $3,225,126 (13.7%) 0.00 244
    2020-10-01 $1,292,500 (0.7%) $3,173,351 (9.8%) 0.00 200
    2020-11-01 $1,383,750 (10.7%) $3,515,814 (21.4%) 0.00 158
    2020-12-01 $1,456,250 (10.1%) $3,720,521 (19.8%) 0.00 143
    2021-01-01 $1,850,000 (37.1%) $3,950,814 (25.1%) 0.00 111
    2021-02-01 $1,992,500 (47.6%) $4,040,948 (24.7%) 0.00 100
    2021-03-01 $2,225,000 (60.5%) $4,300,557 (33.0%) 0.00 99
    2021-04-01 $2,100,000 (59.2%) $4,748,174 (51.3%) 0.00 91
    2021-05-01 $2,150,000 (72.0%) $4,391,881 (49.9%) 0.00 120
    2021-06-01 $2,375,000 (83.8%) $4,426,983 (54.5%) 0.00 135
    2021-07-01 $2,400,000 (100.0%) $4,639,707 (56.9%) 0.00 168
    2021-08-01 $2,300,000 (96.6%) $4,248,217 (50.5%) 0.00 184
    2021-09-01 $2,495,000 (81.8%) $4,599,151 (42.6%) 0.00 176
    2021-10-01 $2,395,000 (85.3%) $3,984,352 (25.6%) 0.00 155
    2021-11-01 $2,361,000 (70.6%) $4,178,371 (18.9%) 0.00 126
    2021-12-01 $2,612,500 (79.4%) $4,397,172 (18.2%) 0.00 115
    2022-01-01 $2,400,000 (29.7%) $4,205,656 (6.5%) 0.00 108
    2022-02-01 $2,687,500 (34.9%) $4,119,412 (1.9%) 0.00 80
    2022-03-01 $2,568,750 (15.5%) $3,786,009 (-12.0%) 0.00 79
    2022-04-01 $2,212,500 (5.4%) $3,388,397 (-28.6%) 0.00 84
    2022-05-01 $1,967,500 (-8.5%) $2,987,810 (-32.0%) 0.00 124
    2022-06-01 $2,024,250 (-14.8%) $3,066,017 (-30.7%) 0.00 193
    2022-07-01 $1,995,000 (-16.9%) $3,431,982 (-26.0%) 0.00 289
    2022-08-01 $2,133,750 (-7.2%) $3,603,892 (-15.2%) 0.00 308
    2022-09-01 $2,295,000 (-8.0%) $4,026,723 (-12.5%) 0.00 285
    2022-10-01 $1,900,000 (-20.7%) $3,774,887 (-5.3%) 0.00 284
    2022-11-01 $1,724,750 (-27.0%) $3,504,027 (-16.1%) 0.00 247
    2022-12-01 $1,700,000 (-34.9%) $3,471,664 (-21.1%) 0.00 240
    2023-01-01 $1,799,750 (-25.0%) $3,918,446 (-6.8%) 0.00 216
    2023-02-01 $1,760,000 (-34.5%) $3,874,466 (-6.0%) 0.00 206
    2023-03-01 $1,718,750 (-33.1%) $3,830,064 (1.2%) 0.00 188
    2023-04-01 $1,625,000 (-26.6%) $3,582,401 (5.7%) 0.00 169
    2023-05-01 $1,488,750 (-24.3%) $3,076,533 (3.0%) 0.00 196
    2023-06-01 $1,493,500 (-26.2%) $3,090,583 (0.8%) 0.00 252
    2023-07-01 $1,695,000 (-15.0%) $3,653,260 (6.5%) 0.00 304
    2023-08-01 $1,698,000 (-20.4%) $3,697,900 (2.6%) 0.00 340
    2023-09-01 $2,000,000 (-12.9%) $4,029,883 (0.1%) 0.00 339
    2023-10-01 $2,100,000 (10.5%) $4,141,257 (9.7%) 0.00 290
    2023-11-01 $1,800,750 (4.4%) $3,706,678 (5.8%) 0.00 260
    2023-12-01 $1,335,000 (-21.5%) $3,172,686 (-8.6%) 0.00 253
    2024-01-01 $1,781,250 (-1.0%) $3,731,867 (-4.8%) 0.00 222
    2024-02-01 $1,850,000 (5.1%) $3,905,799 (0.8%) 0.00 212
    2024-03-01 $1,862,000 (8.3%) $3,639,990 (-5.0%) 0.00 198
    Jackson's median listing price for 2024-03-01 was $1,862,000, a difference of $143,250 (8.3%) versus the prior year and $12,000 versus the prior month.

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

    Jackson's average listing price for 2024-03-01 was $3,639,990, a difference of $-190,074 (-5.0%) versus the prior year and $-265,809 versus the prior month.

    For the 2024-03-01 period, Jackson had 198 MLS listings, a difference of -14 listings (-7%) versus the prior month and 10 listings (5%) 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 2,543 sqft
    2018-02-01 0 days 2,640 sqft
    2018-03-01 0 days 2,429 sqft
    2018-04-01 0 days 2,376 sqft
    2018-05-01 0 days 2,369 sqft
    2018-06-01 0 days 2,373 sqft
    2018-07-01 0 days 2,428 sqft
    2018-08-01 0 days 2,394 sqft
    2018-09-01 0 days 2,564 sqft
    2018-10-01 0 days 2,656 sqft
    2018-11-01 0 days 2,535 sqft
    2018-12-01 0 days 2,464 sqft
    2019-01-01 0 days 2,449 sqft
    2019-02-01 0 days 2,455 sqft
    2019-03-01 0 days 2,482 sqft
    2019-04-01 0 days 2,505 sqft
    2019-05-01 0 days 2,499 sqft
    2019-06-01 0 days 2,571 sqft
    2019-07-01 0 days 2,640 sqft
    2019-08-01 0 days 2,564 sqft
    2019-09-01 0 days 2,591 sqft
    2019-10-01 0 days 2,620 sqft
    2019-11-01 0 days 2,625 sqft
    2019-12-01 0 days 2,622 sqft
    2020-01-01 0 days 2,563 sqft
    2020-02-01 0 days 2,535 sqft
    2020-03-01 0 days 2,586 sqft
    2020-04-01 0 days 2,491 sqft
    2020-05-01 0 days 2,496 sqft
    2020-06-01 0 days 2,560 sqft
    2020-07-01 0 days 2,440 sqft
    2020-08-01 0 days 2,342 sqft
    2020-09-01 0 days 2,385 sqft
    2020-10-01 0 days 2,594 sqft
    2020-11-01 0 days 2,537 sqft
    2020-12-01 0 days 2,546 sqft
    2021-01-01 0 days 2,781 sqft
    2021-02-01 0 days 2,493 sqft
    2021-03-01 0 days 2,577 sqft
    2021-04-01 0 days 2,678 sqft
    2021-05-01 0 days 2,659 sqft
    2021-06-01 0 days 2,747 sqft
    2021-07-01 0 days 2,607 sqft
    2021-08-01 0 days 2,406 sqft
    2021-09-01 0 days 2,561 sqft
    2021-10-01 0 days 2,561 sqft
    2021-11-01 0 days 2,499 sqft
    2021-12-01 0 days 2,673 sqft
    2022-01-01 0 days 2,673 sqft
    2022-02-01 0 days 2,798 sqft
    2022-03-01 0 days 2,771 sqft
    2022-04-01 0 days 2,780 sqft
    2022-05-01 0 days 2,429 sqft
    2022-06-01 0 days 2,438 sqft
    2022-07-01 0 days 2,372 sqft
    2022-08-01 0 days 2,412 sqft
    2022-09-01 0 days 2,508 sqft
    2022-10-01 0 days 2,400 sqft
    2022-11-01 0 days 2,285 sqft
    2022-12-01 0 days 2,252 sqft
    2023-01-01 0 days 2,296 sqft
    2023-02-01 0 days 2,278 sqft
    2023-03-01 0 days 2,181 sqft
    2023-04-01 0 days 2,173 sqft
    2023-05-01 0 days 2,092 sqft
    2023-06-01 0 days 2,097 sqft
    2023-07-01 0 days 2,328 sqft
    2023-08-01 0 days 2,304 sqft
    2023-09-01 0 days 2,366 sqft
    2023-10-01 0 days 2,375 sqft
    2023-11-01 0 days 2,078 sqft
    2023-12-01 0 days 1,818 sqft
    2024-01-01 0 days 1,969 sqft
    2024-02-01 0 days 1,984 sqft
    2024-03-01 0 days 1,854 sqft
    Jackson's median listing age (time on market) for 2024-03-01 was 0 days.

    Jackson's median square footage for active listings during the 2024-03-01 period was 1,854 sqft. One year prior, the average listing was 2,181 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).