Question 1

Does Hanford qualify for USDA loans?

Accepted Answer

Parts of Kings County are USDA-eligible. The specific property address determines eligibility. We check the USDA map on every application.

Question 2

What credit score do I need for each loan?

Accepted Answer

FHA requires 580 for 3.5% down. Most USDA lenders want 640 or higher, though guidelines vary by lender.

Question 3

Which loan has lower mortgage insurance?

Accepted Answer

USDA's annual fee is typically lower than FHA's monthly MIP. Over 30 years, that difference is real money.

Question 4

Can I use gift funds for the FHA down payment?

Accepted Answer

Yes. FHA allows the full 3.5% down to come from a gift. The donor must provide a signed gift letter.

Question 5

Does USDA have a loan limit in Kings County?

Accepted Answer

USDA doesn't publish hard loan limits like FHA. Your purchase price is constrained by income limits and debt ratios instead.

Question 6

Which loan closes faster in Hanford?

Accepted Answer

FHA and USDA have similar timelines. USDA can add days if your file needs USDA Rural Development review and approval.

FHA vs USDA Loans in Hanford, CA