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FHA Loans in Lemoore
Lemoore sits next to Naval Air Station Lemoore, the largest naval aviation base on the West Coast. FHA loans work well here for civilians and non-qualifying military families who need flexible credit standards.
Most homes in Lemoore fall well below FHA's Kings County loan limit of $498,257. You can finance single-family homes with just 3.5% down if your credit score hits 580 or higher.
The base brings stable employment, but many buyers have limited savings or credit dings from PCS moves. FHA financing solves both problems without requiring perfect credit or massive down payments.
You need a 580 credit score for the 3.5% down payment option. Drop below 580 and you'll put down 10% instead. We see approvals at 600-620 regularly for buyers with stable income.
FHA allows debt-to-income ratios up to 43%, sometimes higher with compensating factors. Your total monthly debts including the new mortgage can't exceed 43% of gross monthly income.
Two years of steady employment helps, but job gaps get more forgiveness than conventional loans. Lenders want to see you've recovered from financial setbacks, not that you never had them.
Not all lenders price FHA loans the same. Some credit unions near the base offer competitive rates but move slowly on underwriting. Large banks often charge higher fees but close faster.
We shop your scenario across 200+ wholesale lenders to find the best rate and fee combination. Lender overlays matter—some won't touch credit scores under 620 even though FHA allows 580.
Mortgage insurance rates are identical across lenders since FHA sets them. The difference comes down to interest rate, origination fees, and how much the lender marks up third-party costs.
Lemoore buyers often underestimate closing costs. Plan for 2-3% of the purchase price beyond your down payment. Seller can contribute up to 6% toward your costs, which helps stretch limited savings.
The upfront mortgage insurance premium is 1.75% of the loan amount. You can roll this into the loan instead of paying cash. Annual MI runs 0.55% to 0.85% depending on your down payment and loan term.
FHA lets you buy a duplex, triplex, or fourplex as your primary residence. Rent from the other units can help you qualify. This works well in Lemoore where affordable multifamily properties exist.
VA loans beat FHA for active duty and veterans stationed at NAS Lemoore. No down payment, no mortgage insurance, and better rates. If you qualify for VA, use it instead.
Conventional loans require 3% down for first-time buyers but demand 620+ credit and charge higher MI until you hit 20% equity. FHA wins for credit scores between 580-680.
USDA loans work in parts of Kings County but not within Lemoore city limits. Check rural eligibility if you're buying outside town. Zero down beats 3.5% down when you qualify.
Appraisals in Lemoore move quickly since it's a small market. FHA appraisers look for health and safety issues more strictly than conventional. Peeling paint, broken windows, and missing handrails kill deals.
Many older homes near downtown need minor repairs before FHA approval. Negotiate inspection contingencies that let sellers fix issues or credit you at closing. Don't waive inspections in this market.
The base drives Lemoore's economy, which FHA underwriters view positively. Stable military presence means consistent housing demand and property values that don't swing wildly like coastal California markets.
You need 580 for 3.5% down or 500-579 for 10% down. Most lenders add overlays requiring 600-620, but we access lenders who approve at true FHA minimums.
Standard FHA requires the home move-in ready with no safety hazards. FHA 203(k) renovation loans let you finance repairs, but not all lenders offer them in Kings County.
You pay 1.75% upfront (usually financed) plus 0.55%-0.85% annually. Annual MI stays for the loan life if you put down less than 10%.
Yes, especially in this market. FHA buyers are common near military bases. Get preapproved and show you're serious to compete effectively.
Absolutely. You must live in one unit as your primary residence. Rental income from other units can help you qualify for the loan.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.