Hanford FHA Loans

HANFORD-CORCORAN, CA

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.

Hanford's 73 lenders originated 806 FHA loans during 2021. The total origination value was $193,480,000, with an average FHA loan value of $240,050.

Hanford FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hanford averaged 5.09% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.2% and one month ago for the week of 2022-04-15, the average rate was 4.79%.

The average rate one year ago was 3.16%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.76%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Hanford FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Hanford level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
KINGS MORTGAGE SERVICES, INC. 95 2.91% $9,081
COUNTRY CLUB MORTGAGE, INC. 87 2.98% $10,296
QUICKEN LOANS, LLC 63 2.66% $6,452
FREEDOM MORTGAGE CORPORATION 43 2.75% $5,240
PENNYMAC LOAN SERVICES, LLC 31 2.92% $5,068
UNITED WHOLESALE MORTGAGE, LLC 23 2.69% $8,433
AMERICAN PACIFIC MORTGAGE CORPORATION 21 2.89% $9,800
HOMEBRIDGE FINANCIAL SERVICES, INC. 17 2.87% $8,538
CALIBER HOME LOANS, INC. 16 2.53% $7,492
Mr. Cooper ( Nationstar Mortgage ) 16 3.14% $5,291
Lakeview Community Capital, LLC 15 2.90% $4,690
HOME POINT FINANCIAL CORPORATION 14 2.93% $8,586
Sierra Pacific Mortgage Company, Inc. 13 2.88% $10,305
CROSSCOUNTRY MORTGAGE, LLC 12 3.03% $12,658
LAKEVIEW LOAN SERVICING, LLC 12 2.89% $4,985
RESIDENTIAL BANCORP. 10 3.20% $10,409
Carrington Mortgage Services, LLC 9 3.26% $7,801
NEWREZ LLC 8 2.83% $6,323
FINANCE OF AMERICA MORTGAGE LLC 8 2.70% $7,615
GUARANTEED RATE, INC. 7 2.88% $11,189
ALAMEDA MORTGAGE CORPORATION 7 3.34% $8,737
VERITAS FUNDING, LLC 7 2.98% $7,930
VILLAGE CAPITAL & INVESTMENT LLC 7 2.57% $2,663
Commerce Home Mortgage, Inc. 7 3.11% $9,628
AMERICAN FINANCIAL NETWORK, INC. 7 2.66% $11,432
Hometown Equity Mortgage, LLC 6 3.17% $10,532
AMERISAVE MORTGAGE CORPORATION 6 2.71% $10,250
NATIONS DIRECT MORTGAGE, LLC 5 2.48% $9,971
AmeriHome Mortgage Company, LLC 5 2.68% $5,127
SUN WEST MORTGAGE COMPANY, INC. 4 3.00% $6,948
MASON MCDUFFIE MORTGAGE CORPORATION 4 2.75% $8,582
InterContinental Capital Group, Inc 3 2.79% $5,454
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.21% $7,544
First Guaranty Mortgage Corporation 3 2.92% $4,387
Equity Prime Mortgage LLC 3 3.21% $10,764
LOANDEPOT.COM, LLC 3 4.08% $11,575
LOANPAL, LLC 3 3.08% $8,291
CMG MORTGAGE, INC. 3 3.25% $9,639
PLAZA HOME MORTGAGE, INC. 3 3.50% $8,066
GUILD MORTGAGE COMPANY 3 3.13% $7,229
MUFG Union Bank 2 2.38% $8,399
Paramount Residential Mortgage Group, Inc. 2 3.13% $6,580
UNITED SECURITY FINANCIAL CORP 2 2.69% $6,375
The Federal Savings Bank 2 2.63% $10,837
LADERA LENDING, INC. 2 2.50% $8,551
SUMMIT FUNDING, INC. 2 2.94% $10,956
MID AMERICA MORTGAGE, INC. 2 2.69% $4,331
BROKER SOLUTIONS, INC. 2 2.81% $7,274
Amerifirst Financial, Inc. 2 2.69% $8,961
WINNPOINTE CORPORATION 1 3.75% $4,066
ACADEMY MORTGAGE CORPORATION 1 3.75% $10,441
AMERICAN FINANCING CORPORATION 1 2.25% $8,990
Bank of America 1 2.50% $4,171
Bank of the West 1 3.88% $8,272
BAY EQUITY LLC 1 2.99% $12,293
DATA MORTGAGE, INC. 1 3.38% $9,582
HOMESIDE FINANCIAL, LLC 1 3.25% $8,022
Hometown Lenders, Inc. 1 3.50% $11,162
INTERCAP LENDING INC. 1 3.50% $6,752
LOANLEADERS OF AMERICA, INC. 1 3.25% $12,657
Low VA Rates, LLC 1 3.13% $2,935
MLD MORTGAGE INC. 1 3.00% $6,455
Mortgage Research Center, LLC 1 2.88% $8,631
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $6,330
North American Savings Bank, F.S.B. 1 2.75% $6,605
PREMIER MORTGAGE RESOURCES, L.L.C. 1 2.88% $8,694
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $11,233
SCENIC OAKS FUNDING, INC. 1 4.00% $10,156
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $9,801
STEARNS LENDING, LLC 1 3.25% $8,059
Strong Home Mortgage, LLC 1 2.50% $6,513
THE GOLDEN 1 1 2.88% $7,487
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.13% $9,957

The top Hanford FHA lender as defined by loan originations is KINGS MORTGAGE SERVICES, INC., with 95 FHA loans originated. Their average total fees are $9,081, which is $1,215 lower than the next largest lender, COUNTRY CLUB MORTGAGE, INC..

The lowest fee Hanford FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC ($4,690), LAKEVIEW LOAN SERVICING, LLC ($4,985), PENNYMAC LOAN SERVICES, LLC ($5,068), FREEDOM MORTGAGE CORPORATION ($5,240) and Mr. Cooper ( Nationstar Mortgage ) ($5,291).

The lowest rate Hanford FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (2.53%), QUICKEN LOANS, LLC (2.66%), UNITED WHOLESALE MORTGAGE, LLC (2.69%), FREEDOM MORTGAGE CORPORATION (2.75%) and HOMEBRIDGE FINANCIAL SERVICES, INC. (2.87%).

Hanford FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HANFORD-CORCORAN, CA KINGS 2022 $420,680 $538,650 $651,050 $809,150

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).