Hanford FHA Loan Rates, Closing Costs & Stats

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 72 lenders originated 515 FHA loans during 2022. The total origination value was $150,955,000, with an average FHA loan value of $293,117.

Hanford FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hanford averaged 6.24% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Hanford's average FHA mortgage closing costs are $8,922.

The average rate for the prior week (2024-02-09) was 6.15% and one month ago for the week of 2024-01-12, the average rate was 6.09%.

The average rate one year ago was 5.94%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.36%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
KINGS MORTGAGE SERVICES, INC. 75 5.25% $12,318
COUNTRY CLUB MORTGAGE, INC. 65 5.32% $13,742
UNITED WHOLESALE MORTGAGE, LLC 40 4.76% $11,205
QUICKEN LOANS, LLC 34 4.29% $10,037
AMERICAN PACIFIC MORTGAGE CORPORATION 25 4.52% $10,755
HOME POINT FINANCIAL CORPORATION 23 4.55% $10,930
VERITAS FUNDING, LLC 21 4.91% $11,930
CROSSCOUNTRY MORTGAGE, LLC 18 5.54% $17,234
CALIBER HOME LOANS, INC. 11 4.39% $11,071
RESIDENTIAL BANCORP 11 5.12% $15,932
PENNYMAC LOAN SERVICES, LLC 10 4.00% $11,372
Sierra Pacific Mortgage Company, Inc. 9 5.54% $11,638
EAGLE HOME MORTGAGE, LLC 7 5.16% $14,394
FREEDOM MORTGAGE CORPORATION 6 4.96% $12,836
Pacific Lending LLC 6 4.12% $10,246
Commerce Home Mortgage, Inc. 6 4.94% $11,344
LOANDEPOT.COM, LLC 6 4.89% $11,331
NEWREZ LLC 5 4.27% $13,822
MOUNTAIN WEST FINANCIAL, INC. 5 5.58% $13,820
Hometown Equity Mortgage, LLC 4 5.56% $14,301
ALAMEDA MORTGAGE CORPORATION 4 5.50% $13,468
CARDINAL FINANCIAL 4 5.50% $14,361
Carrington Mortgage Services, LLC 4 5.47% $11,921
AMERISAVE MORTGAGE CORPORATION 4 4.50% $14,836
EVERETT FINANCIAL, INC. 3 5.63% $8,021
Century Mortgage Company DBA Century Lending Company 3 6.21% $15,595
BROKER SOLUTIONS, INC. 3 3.96% $9,465
GUILD MORTGAGE COMPANY 3 5.21% $13,688
NATIONS DIRECT MORTGAGE, LLC 3 3.66% $11,538
INTELLILOAN, INC. 3 4.33% $11,025
Mr. Cooper ( Nationstar Mortgage ) 3 4.42% $11,212
LENDING 3, INC. 2 5.50% $15,552
BAY EQUITY LLC 2 4.81% $14,469
CMG MORTGAGE, INC. 2 4.75% $9,799
FINANCE OF AMERICA MORTGAGE LLC 2 4.93% $20,271
Golden Empire Mortgage, Inc. 2 4.44% $9,818
GUARANTEED RATE, INC. 2 5.50% $15,688
Lakeview Community Capital, LLC 2 4.19% $9,448
MLD MORTGAGE INC. 2 4.88% $10,931
OCMBC, INC. 2 4.94% $13,472
SUN WEST MORTGAGE COMPANY, INC. 2 5.69% $10,493
THE GOLDEN 1 2 3.81% $6,423
MOVEMENT MORTGAGE, LLC 1 5.25% $12,712
iCore Lending, Inc. 1 5.50% $17,512
MUFG Union Bank 1 4.50% $12,370
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $12,133
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.99% $11,457
NBH Bank 1 4.75% $9,295
GENEVA FINANCIAL, LLC 1 3.25% $17,147
North American Savings Bank, F.S.B. 1 2.88% $10,158
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.13% $10,959
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $20,765
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.25% $13,617
Paramount Residential Mortgage Group, Inc. 1 7.13% $12,940
Equity Prime Mortgage LLC 1 3.38% $10,223
Peoples Bank 1 6.50% $20,704
Plains Commerce Bank 1 5.50% $7,668
PLANET HOME LENDING, LLC 1 5.50% $17,512
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.13% $13,709
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.50% $16,766
CALCON MUTUAL MORTGAGE LLC 1 7.63% $10,909
BEST CAPITAL FUNDING 1 3.25% $15,530
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 5.75% $13,599
SECURITYNATIONAL MORTGAGE COMPANY 1 4.75% $12,834
BECKAM FUNDING CORP. 1 6.25% $15,664
SNAPFI, INC. 1 3.75% $7,222
SOUTHWEST STAGE FUNDING, LLC 1 3.38% $9,535
Amerifirst Financial, Inc. 1 5.50% $12,424
Wells Fargo Bank 1 5.50% $8,005
Mortgage Research Center, LLC 1 4.63% $9,114
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.75% $13,709
JPMorgan Chase Bank 1 5.75% $6,832

The top Hanford FHA lender as defined by loan originations is KINGS MORTGAGE SERVICES, INC., with 75 FHA loans originated. Their average total fees are $12,318, which is $1,424 lower than the next largest lender, COUNTRY CLUB MORTGAGE, INC..

The lowest fee Hanford FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,037), AMERICAN PACIFIC MORTGAGE CORPORATION ($10,755), HOME POINT FINANCIAL CORPORATION ($10,930), CALIBER HOME LOANS, INC. ($11,071) and UNITED WHOLESALE MORTGAGE, LLC ($11,205).

The lowest rate Hanford FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.00%), QUICKEN LOANS, LLC (4.29%), CALIBER HOME LOANS, INC. (4.39%), AMERICAN PACIFIC MORTGAGE CORPORATION (4.52%) and HOME POINT FINANCIAL CORPORATION (4.55%).

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
Hanford's median listing price for 2023-12-01 was $359,900, a difference of $-18,100 (-4.8%) versus the prior year and $-8,825 versus the prior month.

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

Hanford's average listing price for 2023-12-01 was $408,730, a difference of $10,474 (2.6%) versus the prior year and $1,832 versus the prior month.

For the 2023-12-01 period, Hanford had 152 MLS listings, a difference of 0 listings (0%) versus the prior month and -49 listings (-24%) 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 1,673 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
Hanford's median listing age (time on market) for 2023-12-01 was 0 days.

Hanford's median square footage for active listings during the 2023-12-01 period was 1,600 sqft. One year prior, the average listing was 1,653 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).