Question 1

What is the conforming loan limit in Kings County for 2026?

Accepted Answer

The 2026 conforming limit is $832,750. Loans above that amount are jumbo and carry stricter requirements. Most Hanford homes fall within conforming range.

Question 2

Is Hanford an FHA high-cost area?

Accepted Answer

No. Hanford is not designated as an FHA high-cost area. FHA loans cap at $541,287 here, which covers many starter homes and modest properties.

Question 3

What credit score do I need to qualify for a conventional loan?

Accepted Answer

Most lenders require 620+ FICO for FHA and 640+ for conventional. Some programs go lower, but 680+ gives you better rates and terms. Check with your lender for their specific floor.

Question 4

How much do I need to put down on a conventional loan?

Accepted Answer

Conventional loans accept 3% to 5% down for qualified buyers. At 20% down you skip PMI entirely. Between 5% and 20%, mortgage insurance applies until you hit 78% LTV.

Question 5

Do I need to be a first-time buyer to get an FHA loan?

Accepted Answer

No. FHA loans are open to any buyer who meets credit and income requirements. First-time status doesn't matter. The 3.5% minimum down is the real advantage.

Question 6

What is PMI and when does it go away?

Accepted Answer

PMI is mortgage insurance required when you put down less than 20%. On conventional loans, it cancels automatically at 78% LTV and can be requested at 80% LTV. FHA MIP works differently—it lasts the life of the loan if you put down under 10%.

Question 7

Can I get a VA loan if I'm on active duty?

Accepted Answer

Yes. Active duty service members, veterans, and eligible surviving spouses can use VA loans. You'll need a Certificate of Eligibility. VA loans offer zero down and no PMI, though a funding fee applies.

Question 8

What is the VA funding fee?

Accepted Answer

The VA funding fee is 2.15% at zero down for first-time use. Subsequent VA loans cost 3.3%. Veterans with a 10% or higher disability rating are exempt. The fee rolls into your loan amount.

Question 9

Does Kings County have any income limits for USDA loans?

Accepted Answer

USDA loans are available in rural parts of Kings County and capped by household size. Income limits are set per household size and vary annually. Check USDA's published cap for this county to see if you qualify.

Question 10

What's the difference between FHA and conventional for Hanford buyers?

Accepted Answer

FHA requires 3.5% down and allows lower credit scores. Conventional typically needs 5%+ down and 640+ FICO. FHA MIP lasts the loan life; conventional PMI cancels at 78% LTV. Conventional works better above $541,287.

Question 11

How long does it take to close on a home in Hanford?

Accepted Answer

Most closings take 30 to 45 days from application to funding. Appraisal delays or title issues can extend that. Clear title and complete documentation speed things up.

Question 12

What happens if I want to refinance later?

Accepted Answer

Refinancing is available once you own the home. You'll need equity and decent credit. Rates and terms depend on market conditions at that time. No prepayment penalty on most loans.

Question 13

Are property taxes high in Kings County?

Accepted Answer

Kings County property taxes run about 0.76% of assessed value annually. Proposition 13 caps increases at 2% per year. Your actual bill depends on the home price and local assessments.

Question 14

What closing costs should I expect?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. They include appraisal, title, underwriting, and lender fees. Some sellers help cover costs in competitive markets. Ask your lender for a detailed estimate.

Hanford home loan questions answered