Hanford FHA Loans

HANFORD-CORCORAN, CA

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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.

    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).