Hanford FHA Loan Rates, Closing Costs & Stats

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 57 lenders originated 381 FHA loans during 2023. The total origination value was $120,075,000, with an average FHA loan value of $315,157.

    Hanford FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hanford averaged 6.51% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Hanford's average FHA mortgage closing costs are $9,498.

    The average rate for the prior week (2024-04-12) was 6.5% and one month ago for the week of 2024-03-15, the average rate was 6.47%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Hanford level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 59 6.24% $13,757
    QUICKEN LOANS, LLC 43 6.34% $13,883
    ALAMEDA MORTGAGE CORPORATION 41 6.68% $17,341
    AMERICAN PACIFIC MORTGAGE CORPORATION 22 6.88% $13,878
    VERITAS FUNDING, LLC 17 6.14% $14,627
    EAGLE HOME MORTGAGE, LLC 16 5.84% $12,996
    Century Mortgage Company DBA Century Lending Company 14 6.52% $13,697
    PENNYMAC LOAN SERVICES, LLC 14 6.15% $13,726
    CROSSCOUNTRY MORTGAGE, LLC 10 5.97% $12,972
    FREEDOM MORTGAGE CORPORATION 6 6.71% $13,270
    Sierra Pacific Mortgage Company, Inc. 6 6.35% $14,563
    AMERISAVE MORTGAGE CORPORATION 6 5.56% $13,176
    Equity Prime Mortgage LLC 5 6.58% $14,376
    Commerce Home Mortgage, Inc. 5 6.70% $12,880
    BROKER SOLUTIONS, INC. 4 6.56% $17,256
    BAY-VALLEY MORTGAGE GROUP 4 6.59% $15,393
    RESIDENTIAL BANCORP 4 6.06% $16,745
    NATIONS DIRECT MORTGAGE, LLC 4 6.78% $19,588
    AMERICAN FINANCIAL NETWORK, INC. 4 6.66% $15,188
    LOANDEPOT.COM, LLC 3 6.54% $11,210
    CARDINAL FINANCIAL 3 6.25% $15,228
    Flagstar Bank, FSB 3 6.67% $12,238
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.92% $15,470
    Hometown Equity Mortgage, LLC 3 7.46% $15,532
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.92% $15,746
    U.S. Bank 3 5.96% $10,507
    SUMMIT FUNDING, INC. 2 5.62% $16,127
    SUN WEST MORTGAGE COMPANY, INC. 2 7.94% $16,410
    The Federal Savings Bank 2 6.19% $14,528
    VILLAGE CAPITAL MORTGAGE 2 7.07% $6,220
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.31% $18,160
    MID AMERICA MORTGAGE, INC. 2 6.69% $11,163
    MLD MORTGAGE INC. 2 7.19% $14,051
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 2 6.13% $14,209
    LAKEVIEW LOAN SERVICING, LLC 2 6.19% $10,264
    PLANET HOME LENDING, LLC 1 6.75% $8,223
    Platinum Home Mortgage Corporation 1 6.75% $17,516
    PLAZA HOME MORTGAGE, INC. 1 6.25% $11,238
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $15,201
    COASTAL FUNDING SLC, INC. 1 5.50% $14,445
    CMG MORTGAGE, INC. 1 6.25% $11,057
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $12,254
    UNION HOME MORTGAGE CORP. 1 7.50% $9,114
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.00% $15,894
    ZILLOW HOME LOANS, LLC 1 6.50% $11,905
    HOMESIDE FINANCIAL, LLC 1 5.25% $18,484
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $13,978
    JMAC LENDING, INC. 1 5.75% $17,322
    INSPIRE HOME LOANS INC. 1 5.50% $10,551
    FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $10,309
    LOANPAL, LLC 1 6.99% $6,008
    ML Mortgage Corp. 1 6.25% $12,427
    Fidelity Bank 1 7.25% $8,527
    NEWREZ LLC 1 6.75% $10,948
    OCMBC, INC. 1 6.50% $13,658
    PANORAMA MORTGAGE GROUP, LLC 1 6.25% $15,293
    Plains Commerce Bank 1 6.25% $8,333

    The top Hanford FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 59 FHA loans originated. Their average total fees are $13,757, which is $125 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Hanford FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($12,972), EAGLE HOME MORTGAGE, LLC ($12,996), Century Mortgage Company DBA Century Lending Company ($13,697), PENNYMAC LOAN SERVICES, LLC ($13,726) and UNITED WHOLESALE MORTGAGE, LLC ($13,757).

    The lowest rate Hanford FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.84%), CROSSCOUNTRY MORTGAGE, LLC (5.97%), VERITAS FUNDING, LLC (6.14%), PENNYMAC LOAN SERVICES, LLC (6.15%) and UNITED WHOLESALE MORTGAGE, LLC (6.24%).

    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
    HANFORD-CORCORAN, CA KINGS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hanford (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 $247,000 (2.9%) $278,093 (4.9%) 0.00 230
    2018-02-01 $249,725 (4.5%) $279,119 (5.2%) 0.00 222
    2018-03-01 $248,900 (6.1%) $278,832 (6.1%) 0.00 216
    2018-04-01 $251,250 (6.0%) $282,186 (6.6%) 0.00 246
    2018-05-01 $249,950 (7.5%) $285,011 (10.2%) 0.00 243
    2018-06-01 $245,000 (4.3%) $291,579 (11.0%) 0.00 238
    2018-07-01 $259,219 (10.3%) $295,584 (11.4%) 0.00 247
    2018-08-01 $265,000 (16.7%) $305,949 (20.5%) 0.00 254
    2018-09-01 $267,500 (13.8%) $302,573 (14.9%) 0.00 265
    2018-10-01 $261,400 (10.7%) $289,780 (16.1%) 0.00 305
    2018-11-01 $256,750 (7.4%) $288,382 (15.3%) 0.00 307
    2018-12-01 $259,000 (7.9%) $293,425 (10.3%) 0.00 272
    2019-01-01 $259,800 (5.2%) $291,836 (4.9%) 0.00 261
    2019-02-01 $258,125 (3.4%) $279,220 (0.0%) 0.00 251
    2019-03-01 $264,313 (6.2%) $285,307 (2.3%) 0.00 287
    2019-04-01 $269,763 (7.4%) $290,559 (3.0%) 0.00 326
    2019-05-01 $265,333 (6.2%) $292,586 (2.7%) 0.00 321
    2019-06-01 $262,988 (7.3%) $297,043 (1.9%) 0.00 309
    2019-07-01 $269,713 (4.1%) $301,248 (1.9%) 0.00 297
    2019-08-01 $262,864 (-0.8%) $298,686 (-2.4%) 0.00 273
    2019-09-01 $261,197 (-2.4%) $294,353 (-2.7%) 0.00 239
    2019-10-01 $258,825 (-1.0%) $291,940 (0.8%) 0.00 216
    2019-11-01 $260,000 (1.3%) $300,064 (4.1%) 0.00 211
    2019-12-01 $263,524 (1.8%) $308,846 (5.3%) 0.00 215
    2020-01-01 $257,000 (-1.1%) $296,792 (1.7%) 0.00 195
    2020-02-01 $249,900 (-3.2%) $299,975 (7.4%) 0.00 171
    2020-03-01 $254,900 (-3.6%) $317,484 (11.3%) 0.00 160
    2020-04-01 $259,575 (-3.8%) $307,420 (5.8%) 0.00 168
    2020-05-01 $259,500 (-2.2%) $306,408 (4.7%) 0.00 145
    2020-06-01 $257,575 (-2.1%) $323,885 (9.0%) 0.00 118
    2020-07-01 $263,575 (-2.3%) $358,392 (19.0%) 0.00 102
    2020-08-01 $271,000 (3.1%) $402,403 (34.7%) 0.00 79
    2020-09-01 $281,200 (7.7%) $440,286 (49.6%) 0.00 96
    2020-10-01 $280,000 (8.2%) $436,021 (49.4%) 0.00 112
    2020-11-01 $268,000 (3.1%) $386,407 (28.8%) 0.00 126
    2020-12-01 $273,925 (4.0%) $409,999 (32.8%) 0.00 96
    2021-01-01 $269,000 (4.7%) $414,150 (39.5%) 0.00 89
    2021-02-01 $289,450 (15.8%) $435,718 (45.3%) 0.00 85
    2021-03-01 $295,750 (16.0%) $429,815 (35.4%) 0.00 95
    2021-04-01 $282,988 (9.0%) $1,404,998 (357.0%) 0.00 88
    2021-05-01 $299,000 (15.2%) $465,750 (52.0%) 0.00 77
    2021-06-01 $297,950 (15.7%) $478,099 (47.6%) 0.00 78
    2021-07-01 $300,950 (14.2%) $459,774 (28.3%) 0.00 96
    2021-08-01 $302,975 (11.8%) $398,361 (-1.0%) 0.00 116
    2021-09-01 $312,375 (11.1%) $399,732 (-9.2%) 0.00 132
    2021-10-01 $305,425 (9.1%) $394,269 (-9.6%) 0.00 128
    2021-11-01 $303,731 (13.3%) $382,101 (-1.1%) 0.00 122
    2021-12-01 $308,725 (12.7%) $377,603 (-7.9%) 0.00 112
    2022-01-01 $308,950 (14.9%) $387,489 (-6.4%) 0.00 100
    2022-02-01 $321,225 (11.0%) $391,428 (-10.2%) 0.00 86
    2022-03-01 $328,475 (11.1%) $408,258 (-5.0%) 0.00 85
    2022-04-01 $336,200 (18.8%) $399,561 (-71.6%) 0.00 98
    2022-05-01 $376,500 (25.9%) $414,744 (-11.0%) 0.00 122
    2022-06-01 $373,075 (25.2%) $414,419 (-13.3%) 0.00 147
    2022-07-01 $377,700 (25.5%) $410,236 (-10.8%) 0.00 168
    2022-08-01 $376,225 (24.2%) $403,526 (1.3%) 0.00 188
    2022-09-01 $382,450 (22.4%) $405,619 (1.5%) 0.00 186
    2022-10-01 $390,000 (27.7%) $427,628 (8.5%) 0.00 201
    2022-11-01 $376,750 (24.0%) $401,315 (5.0%) 0.00 227
    2022-12-01 $378,000 (22.4%) $398,256 (5.5%) 0.00 201
    2023-01-01 $368,000 (19.1%) $411,295 (6.1%) 0.00 179
    2023-02-01 $375,250 (16.8%) $435,739 (11.3%) 0.00 163
    2023-03-01 $387,450 (18.0%) $439,910 (7.8%) 0.00 153
    2023-04-01 $390,000 (16.0%) $470,751 (17.8%) 0.00 126
    2023-05-01 $397,375 (5.5%) $478,091 (15.3%) 0.00 116
    2023-06-01 $384,925 (3.2%) $482,907 (16.5%) 0.00 125
    2023-07-01 $398,500 (5.5%) $484,170 (18.0%) 0.00 124
    2023-08-01 $395,020 (5.0%) $437,210 (8.4%) 0.00 135
    2023-09-01 $382,885 (0.1%) $415,424 (2.4%) 0.00 144
    2023-10-01 $379,950 (-2.6%) $398,529 (-6.8%) 0.00 150
    2023-11-01 $368,725 (-2.1%) $406,898 (1.4%) 0.00 152
    2023-12-01 $359,900 (-4.8%) $408,730 (2.6%) 0.00 152
    2024-01-01 $367,450 (-0.2%) $407,732 (-0.9%) 0.00 149
    2024-02-01 $373,225 (-0.5%) $405,391 (-7.0%) 0.00 172
    2024-03-01 $378,500 (-2.3%) $428,995 (-2.5%) 0.00 163
    Hanford's median listing price for 2024-03-01 was $378,500, a difference of $-8,950 (-2.3%) versus the prior year and $5,275 versus the prior month.

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

    Hanford's average listing price for 2024-03-01 was $428,995, a difference of $-10,915 (-2.5%) versus the prior year and $23,604 versus the prior month.

    For the 2024-03-01 period, Hanford had 163 MLS listings, a difference of -9 listings (-5%) versus the prior month and 10 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hanford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,686 sqft
    2018-02-01 0 days 1,699 sqft
    2018-03-01 0 days 1,687 sqft
    2018-04-01 0 days 1,715 sqft
    2018-05-01 0 days 1,712 sqft
    2018-06-01 0 days 1,711 sqft
    2018-07-01 0 days 1,728 sqft
    2018-08-01 0 days 1,786 sqft
    2018-09-01 0 days 1,717 sqft
    2018-10-01 0 days 1,687 sqft
    2018-11-01 0 days 1,674 sqft
    2018-12-01 0 days 1,710 sqft
    2019-01-01 0 days 1,693 sqft
    2019-02-01 0 days 1,708 sqft
    2019-03-01 0 days 1,743 sqft
    2019-04-01 0 days 1,793 sqft
    2019-05-01 0 days 1,763 sqft
    2019-06-01 0 days 1,734 sqft
    2019-07-01 0 days 1,803 sqft
    2019-08-01 0 days 1,772 sqft
    2019-09-01 0 days 1,725 sqft
    2019-10-01 0 days 1,678 sqft
    2019-11-01 0 days 1,647 sqft
    2019-12-01 0 days 1,700 sqft
    2020-01-01 0 days 1,658 sqft
    2020-02-01 0 days 1,574 sqft
    2020-03-01 0 days 1,669 sqft
    2020-04-01 0 days 1,626 sqft
    2020-05-01 0 days 1,658 sqft
    2020-06-01 0 days 1,667 sqft
    2020-07-01 0 days 1,697 sqft
    2020-08-01 0 days 1,629 sqft
    2020-09-01 0 days 1,620 sqft
    2020-10-01 0 days 1,753 sqft
    2020-11-01 0 days 1,698 sqft
    2020-12-01 0 days 1,724 sqft
    2021-01-01 0 days 1,685 sqft
    2021-02-01 0 days 1,778 sqft
    2021-03-01 0 days 1,783 sqft
    2021-04-01 0 days 1,698 sqft
    2021-05-01 0 days 1,733 sqft
    2021-06-01 0 days 1,722 sqft
    2021-07-01 0 days 1,663 sqft
    2021-08-01 0 days 1,644 sqft
    2021-09-01 0 days 1,644 sqft
    2021-10-01 0 days 1,616 sqft
    2021-11-01 0 days 1,596 sqft
    2021-12-01 0 days 1,577 sqft
    2022-01-01 0 days 1,548 sqft
    2022-02-01 0 days 1,570 sqft
    2022-03-01 0 days 1,558 sqft
    2022-04-01 0 days 1,531 sqft
    2022-05-01 0 days 1,631 sqft
    2022-06-01 0 days 1,655 sqft
    2022-07-01 0 days 1,649 sqft
    2022-08-01 0 days 1,699 sqft
    2022-09-01 0 days 1,701 sqft
    2022-10-01 0 days 1,761 sqft
    2022-11-01 0 days 1,655 sqft
    2022-12-01 0 days 1,653 sqft
    2023-01-01 0 days 1,676 sqft
    2023-02-01 0 days 1,697 sqft
    2023-03-01 0 days 1,716 sqft
    2023-04-01 0 days 1,800 sqft
    2023-05-01 0 days 1,806 sqft
    2023-06-01 0 days 1,606 sqft
    2023-07-01 0 days 1,635 sqft
    2023-08-01 0 days 1,707 sqft
    2023-09-01 0 days 1,635 sqft
    2023-10-01 0 days 1,573 sqft
    2023-11-01 0 days 1,587 sqft
    2023-12-01 0 days 1,600 sqft
    2024-01-01 0 days 1,647 sqft
    2024-02-01 0 days 1,630 sqft
    2024-03-01 0 days 1,655 sqft
    Hanford's median listing age (time on market) for 2024-03-01 was 0 days.

    Hanford's median square footage for active listings during the 2024-03-01 period was 1,655 sqft. One year prior, the average listing was 1,716 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).