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 6.38% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.15% and one month ago for the week of 2024-10-04, the average rate was 5.57%.

    The average rate one year ago was 7.02%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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

    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).