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Corning sits in Tehama County where the median household income of $61,834 stretches to cover homes in the $750K–$800K range. At 5.375%, a $750,000 FHA loan runs $4,200 monthly for principal and interest alone.
FHA loans let buyers start with as little as 3.5% down and a 580 FICO score. Corning's market rewards that flexibility — many local buyers can't save 20% for conventional financing.
5.375%
Interest Rate
$4,200
Monthly P&I
580
Minimum FICO
3.5%
Minimum Down
$750,000
Loan Amount
30 days
Lock Period
FHA Loans in Corning
FHA 30-year fixed requires a minimum 580 FICO score and 3.5% down. At $777,202 purchase price with $27,202 down (3.5%), you're at 96.5% LTV. That's well within FHA's envelope. Debt-to-income caps run 43–50% depending on compensating factors.
Tehama County's median household income of $61,834 supports a $750,000 loan comfortably if you're a two-income household or have stable self-employment. Single-income buyers at county median will need to show reserves or a co-borrower.
Local decision guide
Use this guide to connect fha loans eligibility, lender expectations, and local market factors before comparing payment options in Corning.
Corning sits in Tehama County where the median household income of $61,834 stretches to cover homes in the $750K–$800K range. At 5.375%, a $750,000 FHA loan runs $4,200 monthly for principal and interest alone.
FHA loans let buyers start with as little as 3.5% down and a 580 FICO score. Corning's market rewards that flexibility — many local buyers can't save 20% for conventional financing.
FHA 30-year fixed requires a minimum 580 FICO score and 3.5% down. At $777,202 purchase price with $27,202 down (3.5%), you're at 96.5% LTV. That's well within FHA's envelope. Debt-to-income caps run 43–50% depending on compensating factors.
FHA loans in California move through both retail banks and mortgage brokers. Brokers often close faster and offer more flexibility on compensating factors than big banks. Typical timeline is 30–45 days from application to closing.
Underwriting for FHA is tighter than it was five years ago. Lenders now scrutinize employment gaps, gift-fund sources, and cash reserves more closely. A 740 FICO with clean credit history and two years employment gets approved smoothly.
FHA makes sense in Corning when you're buying under $777K with less than 10% down. Above that price, conventional jumbo loans often run lower rates and no lifetime insurance.
The real edge for FHA here is credit flexibility. A 620 FICO buyer in Corning can get approved on FHA with 10% down when conventional demands 700+. That's the decision point — if your score is under 680, FHA is often the only path.
Conventional loans at this price run higher rates than FHA but carry no mortgage insurance at 20% down. If you have $155,440 to put down (20%), conventional pencils lower over 30 years. If you have $27,202 (3.5%), FHA is the only realistic option.
VA loans beat both if you're eligible — zero down, no mortgage insurance, no upfront MIP. Conventional requires 20% down to skip insurance. FHA requires insurance for life. VA funding fee replaces insurance but is a one-time cost.
Corning is a small agricultural town in the northern Sacramento Valley. Schools here serve a tight-knit community, and property values reflect stable, long-term ownership patterns.
The county's median household income of $61,834 means most Corning buyers are working families, not investors. FHA's gift-fund rules and lower credit floor fit this market.
At 5.375% interest, principal and interest run $4,200 monthly. Add property tax, insurance, and mortgage insurance (roughly $600–800 monthly), and your total housing payment lands around $5,200–5,400. This assumes 96.5% LTV and a 30-year term.
No. FHA allows 3.5% down. But mortgage insurance stays for the life of the loan if you put down less than 10%. With 10%+ down, MIP cancels after 11 years. At 3.5% down, you carry it forever unless you refinance to conventional.
Yes. FHA allows gift funds for the entire down payment. The donor must provide a letter stating the gift is not a loan. Lenders verify the funds sit in your account for two months before closing.
FHA's floor is 580 FICO. Lenders may require 600+ for the best rates. At 740 FICO, you qualify easily. Below 620, expect tighter scrutiny on employment and cash reserves.
You can refinance to conventional once you hit 78% LTV. On a $750,000 loan, that's roughly $585,000 remaining balance. Refinancing costs 2–3% of the loan amount, so run the math before pulling the trigger.