Loading
in Hanford, CA
Hanford buyers have two strong government-backed options. FHA and VA loans both offer low barriers to entry — but they serve very different borrowers.
VA loans are exclusively for veterans and active-duty service members. FHA is open to almost anyone who meets the credit and income requirements.
FHA loans require as little as 3.5% down with a 580 credit score. Drop below 580 and you'll need 10% down — but approval is still possible.
Every FHA loan carries mortgage insurance. You pay an upfront premium plus a monthly charge for the life of the loan in most cases.
VA loans let eligible borrowers buy with zero down and no monthly mortgage insurance. That combination is hard to beat anywhere in Kings County.
You'll pay a VA funding fee at closing — typically 2.15% for first-time use. Disabled veterans are often exempt from this fee entirely.
VA loans consistently price lower than FHA. No mortgage insurance means a lower monthly payment even at the same rate. Rates vary by borrower profile and market conditions.
FHA is more forgiving on credit. VA lenders typically want a 620 score minimum, though some go lower. FHA can work with scores down to 580.
If you served or are serving, VA is almost always the better loan. The savings on mortgage insurance alone add up fast over a 30-year term.
If you're a civilian buyer in Hanford with solid income but limited savings, FHA's 3.5% down requirement makes homeownership very accessible.
Yes. Active-duty service members qualify with a valid Certificate of Eligibility. Your lender will help you obtain one.
On most FHA loans originated after 2013, MIP stays for the life of the loan. Refinancing into a conventional loan later is the main exit.
VA typically wins. No mortgage insurance premium means a meaningfully lower payment. Rates vary by borrower profile and market conditions.
Yes, veterans can choose FHA. But without a strong reason, VA's no-down, no-MIP structure usually makes more financial sense.
Most VA lenders want 620 or higher. Some go lower, but options shrink fast below that threshold.
Yes. Both FHA and VA loan limits are set at the county level and are designed to cover most Hanford purchase prices.