Question 1

What's the minimum down payment for an FHA loan in Clovis?

Accepted Answer

You need 3.5% down with a credit score of 580 or higher. Scores between 500-579 require 10% down to qualify for FHA financing.

Question 2

Can I use gift money for my FHA down payment in Clovis?

Accepted Answer

Yes, FHA allows the entire down payment to come from gift funds. Gifts must come from family members, employers, or approved charitable organizations with proper documentation.

Question 3

How long does FHA mortgage insurance last on Clovis homes?

Accepted Answer

With less than 10% down, FHA mortgage insurance remains for the loan's life. Loans with 10% or more down have insurance that cancels after 11 years.

Question 4

What credit score do I need for an FHA loan in Fresno County?

Accepted Answer

The FHA minimum is 500, but most lenders require 580 or higher for best terms. Some Clovis lenders have overlays requiring 600 or above.

Question 5

Do all Clovis properties qualify for FHA financing?

Accepted Answer

Properties must meet FHA appraisal standards for safety and livability. Issues like peeling paint, roof damage, or foundation problems require repair before closing.

FHA Loans in Clovis: Low Down Payment Options for Central Valley Homebuyers