Bakersfield FHA Loan Rates, Closing Costs & Stats

BAKERSFIELD, CA

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Bakersfield's 169 lenders originated 3,752 FHA loans during 2022. The total origination value was $1,074,370,000, with an average FHA loan value of $286,346.

Bakersfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bakersfield averaged 6.79% for the week of 2023-09-15, compared to the national average (all FHA variants) of 6.991% for the same period.

Bakersfield's average FHA mortgage closing costs are $9,219.

The average rate for the prior week (2023-09-08) was 6.51% and one month ago for the week of 2023-08-11, the average rate was 6.47%.

The average rate one year ago was 5.47%.

For refis of the same type during the week of 2023-09-15, the average rate was 5.74%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Bakersfield FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bakersfield level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 421 4.79% $11,997
QUICKEN LOANS, LLC 248 4.39% $11,417
Sierra Pacific Mortgage Company, Inc. 184 4.67% $13,272
Golden Empire Mortgage, Inc. 109 4.98% $14,487
CALIBER HOME LOANS, INC. 105 4.46% $11,665
LOANDEPOT.COM, LLC 102 4.71% $12,151
HOME POINT FINANCIAL CORPORATION 102 4.13% $11,331
CROSSCOUNTRY MORTGAGE, LLC 92 5.66% $14,637
RESIDENTIAL BANCORP 73 5.15% $13,855
OCMBC, INC. 68 5.34% $13,603
DHI MORTGAGE COMPANY, LTD. 65 4.38% $11,032
Nations Lending Corporation 63 4.98% $13,344
HOMEBRIDGE FINANCIAL SERVICES, INC. 58 4.65% $12,721
Platinum Home Mortgage Corporation 55 4.76% $14,518
GUILD MORTGAGE COMPANY 53 4.62% $12,575
Hometown Lenders, Inc. 49 5.10% $13,232
PENNYMAC LOAN SERVICES, LLC 49 4.19% $11,636
BECKAM FUNDING CORP. 47 6.18% $18,105
MLD MORTGAGE INC. 46 5.22% $13,138
DIGNIFIED HOME LOANS, LLC 44 5.01% $11,258
Century Mortgage Company DBA Century Lending Company 44 5.66% $12,129
GUARANTEED RATE, INC. 41 4.53% $10,090
FREEDOM MORTGAGE CORPORATION 39 4.73% $10,429
Mr. Cooper ( Nationstar Mortgage ) 36 4.58% $12,330
EAGLE HOME MORTGAGE, LLC 33 5.01% $15,445
SUMMIT FUNDING, INC. 33 5.02% $13,322
BROKER SOLUTIONS, INC. 32 4.80% $12,086
SECURITYNATIONAL MORTGAGE COMPANY 31 5.06% $16,004
CARDINAL FINANCIAL 31 4.74% $14,268
Equity Prime Mortgage LLC 30 5.43% $13,462
Lakeview Community Capital, LLC 29 3.89% $8,923
Paramount Residential Mortgage Group, Inc. 29 5.48% $12,450
AMERICAN PACIFIC MORTGAGE CORPORATION 28 4.49% $13,778
CMG MORTGAGE, INC. 28 4.16% $11,764
KINGS MORTGAGE SERVICES, INC. 25 4.95% $11,476
AMERISAVE MORTGAGE CORPORATION 24 4.65% $13,455
FINANCE OF AMERICA MORTGAGE LLC 23 5.04% $11,532
Carrington Mortgage Services, LLC 22 5.09% $12,709
LAKEVIEW LOAN SERVICING, LLC 21 3.80% $6,782
NATIONS DIRECT MORTGAGE, LLC 20 4.44% $13,595
PRIMARY RESIDENTIAL MORTGAGE, INC. 20 4.80% $11,122
MICHIGAN MUTUAL, INC. 18 4.67% $13,841
ALAMEDA MORTGAGE CORPORATION 16 4.73% $11,194
COUNTRY CLUB MORTGAGE, INC. 16 5.81% $13,557
MOUNTAIN WEST FINANCIAL, INC. 16 4.48% $14,169
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 14 5.11% $16,197
MORTGAGE MANAGEMENT CONSULTANTS, INC. 14 5.18% $11,524
PLAZA HOME MORTGAGE, INC. 13 5.21% $10,323
Hometown Equity Mortgage, LLC 13 4.94% $14,583
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 5.32% $12,754
TOP FLITE FINANCIAL, INC. 13 5.32% $14,955
AUGUSTA FINANCIAL, INC. 12 4.40% $12,116
ROUNDPOINT MORTGAGE SERVICING CORPORATION 12 4.82% $13,445
CAMPOS FINANCIAL CORP. 11 4.48% $12,164
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 5.08% $13,280
Flagstar Bank, FSB 11 5.09% $9,845
LOANPAL, LLC 10 3.92% $13,225
SUN WEST MORTGAGE COMPANY, INC. 10 4.96% $12,398
MORIA DEVELOPMENT, INC. 10 5.08% $13,333
JPMorgan Chase Bank 10 4.95% $7,973
FBC MORTGAGE, LLC 10 4.55% $13,757
ON Q FINANCIAL, INC. 9 5.25% $10,337
DRAPER AND KRAMER MORTGAGE CORP. 9 4.18% $12,117
NEWREZ LLC 9 4.78% $10,533
CALCON MUTUAL MORTGAGE LLC 9 5.99% $15,671
Commerce Home Mortgage, Inc. 9 3.96% $11,183
EVERETT FINANCIAL, INC. 8 5.19% $7,886
CASTLE & COOKE MORTGAGE, LLC 8 4.86% $15,201
MOVEMENT MORTGAGE, LLC 8 4.95% $13,248
Bank of America 8 3.52% $7,489
DAS Acquisition Company, LLC 8 5.19% $11,218
HOME APPROVALS DIRECT, INC. 8 4.41% $14,435
Pacific Lending LLC 8 4.47% $12,319
VILLAGE CAPITAL MORTGAGE 8 3.83% $6,497
ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 4.94% $12,618
AMCAP MORTGAGE, LTD. 7 4.55% $12,678
PLANET HOME LENDING, LLC 7 3.61% $6,960
AMERICAN FINANCING CORPORATION 5 4.55% $9,604
MUTUAL OF OMAHA MORTGAGE, INC. 5 4.65% $11,821
BAY EQUITY LLC 5 5.30% $13,988
First Standard Financial Corp. 4 4.94% $12,618
MK LENDING CORP. 4 5.28% $18,295
LADERA LENDING, INC. 4 4.81% $14,794
JMJ FINANCIAL GROUP 4 5.03% $13,396
MUFG Union Bank 4 5.47% $9,088
iCore Lending, Inc. 4 5.31% $14,186
ZILLOW HOME LOANS, LLC 3 3.79% $10,382
CALCULATED RISK ANALYTICS LLC 3 4.17% $11,012
CHERRY CREEK MORTGAGE, LLC 3 5.04% $5,419
COASTAL FUNDING SLC, INC. 3 3.67% $9,346
CUSTOMER SERVICE MORTGAGE CORPORATION 3 4.25% $10,494
HOMESIDE FINANCIAL, LLC 3 4.79% $10,413
LOANLEADERS OF AMERICA, INC. 3 4.08% $13,895
MASON MCDUFFIE MORTGAGE CORPORATION 3 5.96% $13,198
MID AMERICA MORTGAGE, INC. 3 5.79% $5,213
ML Mortgage Corp. 3 4.50% $10,858
M&T Bank 3 3.58% $7,798
PACIFIC HOME LOANS, INC. 3 3.63% $5,627
PANORAMA MORTGAGE GROUP, LLC 3 6.58% $16,213
STEARNS LENDING, LLC 3 3.79% $8,294
Watermark Capital, Inc. 3 3.66% $9,653
Cornerstone First Mortgage, Inc 2 5.19% $15,214
GENEVA FINANCIAL, LLC 2 4.69% $15,375
The Federal Savings Bank 2 5.31% $20,436
ENVOY MORTGAGE, LTD 2 6.19% $8,236
Franklin Loan Corporation 2 5.13% $13,042
AMERIFIRST FINANCIAL CORPORATION 2 5.56% $12,645
OAKTREE FUNDING CORP. 2 5.88% $17,338
NBKC BANK 2 3.69% $8,499
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 4.69% $16,489
SNAPFI, INC. 2 5.13% $15,485
Wells Fargo Bank 2 3.50% $11,273
V.I.P. MORTGAGE, INC. 2 5.25% $14,752
Magnolia Bank 2 3.50% $9,920
VISION ONE MORTGAGE, INC. 2 5.63% $13,698
Wyndham Capital Mortgage, Inc. 2 3.69% $6,442
NETWORK CAPITAL FUNDING CORPORATION 2 4.63% $16,904
Willamette Valley Bank 2 5.19% $10,841
ACADEMY MORTGAGE CORPORATION 2 6.06% $11,968
HighTechLending Inc 2 5.38% $10,207
PREMIA MORTGAGE, LLC 1 3.25% $8,918
PREMIER MORTGAGE RESOURCES, L.L.C. 1 4.50% $23,194
Citizens Bank 1 4.75% $17,524
Prime Choice Funding Inc. 1 2.25% $10,539
Citibank 1 4.63% $9,768
CHURCHILL MORTGAGE CORPORATION 1 4.13% $11,726
RANLIFE, INC. 1 3.63% $15,566
RELIANCE FIRST CAPITAL, LLC 1 4.88% $16,532
CAPSTONE DIRECT, INC. 1 4.50% $9,527
BNC National Bank 1 4.63% $10,747
SCENIC OAKS FUNDING, INC. 1 2.25% $19,266
BEST CAPITAL FUNDING 1 4.25% $7,753
Mortgage Research Center, LLC 1 3.25% $8,054
SOVEREIGN LENDING GROUP INCORPORATED 1 4.99% $13,240
Strong Home Mortgage, LLC 1 4.25% $7,443
AXIA FINANCIAL, LLC 1 5.00% $19,266
Sunflower Bank 1 5.13% $12,945
AmeriHome Mortgage Company, LLC 1 3.50% $7,868
Texana Bank 1 4.63% $11,943
THE GOLDEN 1 1 3.50% $8,881
THRIVE MORTGAGE, LLC 1 5.75% $17,284
Umpqua Bank 1 4.00% $11,772
AMERICAN HERITAGE LENDING, INC. 1 4.25% $12,921
VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.75% $7,780
VERITAS FUNDING, LLC 1 5.75% $13,869
Alaska USA Mortgage Company LLC 1 5.75% $9,186
Ixonia Bank 1 4.75% $14,890
INTELLILOAN, INC. 1 4.88% $8,449
WALL FINANCIAL, INC. 1 3.00% $20,693
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $14,978
Barrington Bank & Trust Company, N.A. 1 4.63% $10,227
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $13,597
GUARANTEED RATE AFFINITY, LLC 1 5.88% $15,286
FLAT BRANCH MORTGAGE, INC. 1 4.38% $14,626
Mutual Federal Bank 1 3.75% $15,703
First Guaranty Mortgage Corporation 1 4.13% $13,854
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 3.63% $7,842
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.75% $19,615
EMM LOANS LLC 1 4.25% $14,540
NEXERA HOLDING LLC 1 4.50% $7,286
NMSI, INC. 1 5.63% $0
NOVA FINANCIAL & INVESTMENT CORPORATION 1 4.75% $6,361
EMBRACE HOME LOANS, INC. 1 5.88% $12,174
CORNERSTONE HOME LENDING, INC. 1 7.25% $10,863
Paramount Bank 1 5.13% $11,947
CONTOUR MORTGAGE CORPORATION 1 2.88% $14,044
Constant Investments, Inc. 1 3.25% $13,122
CITYWIDE HOME LOANS, LLC 1 5.25% $10,389
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.50% $12,683

The top Bakersfield FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 421 FHA loans originated. Their average total fees are $11,997, which is $580 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Bakersfield FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,782), JPMorgan Chase Bank ($7,973), Lakeview Community Capital, LLC ($8,923), Flagstar Bank, FSB ($9,845) and GUARANTEED RATE, INC. ($10,090).

The lowest rate Bakersfield FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.80%), Lakeview Community Capital, LLC (3.89%), LOANPAL, LLC (3.92%), HOME POINT FINANCIAL CORPORATION (4.13%) and CMG MORTGAGE, INC. (4.16%).

Bakersfield FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BAKERSFIELD, CA KERN 2022 $420,680 $538,650 $651,050 $809,150
BAKERSFIELD, CA KERN 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Bakersfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $236,097 (4.9%) $279,801 (2.8%) 0.88 2,062
2018-02-01 $239,950 (4.8%) $281,183 (1.9%) 0.87 2,098
2018-03-01 $250,000 (5.0%) $289,967 (2.3%) 0.88 2,130
2018-04-01 $259,450 (5.9%) $294,240 (1.4%) 0.88 2,228
2018-05-01 $262,271 (5.1%) $298,099 (2.7%) 0.88 2,230
2018-06-01 $263,000 (5.2%) $296,815 (2.7%) 0.88 2,344
2018-07-01 $259,900 (4.0%) $293,881 (2.1%) 0.87 2,443
2018-08-01 $256,500 (2.8%) $290,491 (1.7%) 0.86 2,511
2018-09-01 $254,900 (2.4%) $290,839 (2.3%) 0.86 2,561
2018-10-01 $250,000 (0.8%) $288,557 (1.1%) 0.85 2,495
2018-11-01 $249,900 (2.5%) $286,834 (1.3%) 0.85 2,437
2018-12-01 $249,000 (4.2%) $285,673 (0.8%) 0.86 2,274
2019-01-01 $245,000 (3.8%) $282,636 (1.0%) 0.85 2,087
2019-02-01 $245,000 (2.1%) $283,973 (1.0%) 0.83 2,072
2019-03-01 $252,400 (1.0%) $292,326 (0.8%) 0.83 2,108
2019-04-01 $261,308 (0.7%) $303,499 (3.2%) 0.83 2,189
2019-05-01 $262,750 (0.2%) $304,559 (2.2%) 0.82 2,273
2019-06-01 $264,900 (0.7%) $304,435 (2.6%) 0.83 2,354
2019-07-01 $266,875 (2.7%) $306,795 (4.4%) 0.84 2,388
2019-08-01 $262,818 (2.5%) $304,046 (4.7%) 0.83 2,345
2019-09-01 $259,545 (1.8%) $303,843 (4.5%) 0.83 2,245
2019-10-01 $258,114 (3.3%) $303,854 (5.3%) 0.83 2,171
2019-11-01 $258,900 (3.6%) $308,653 (7.6%) 0.85 2,033
2019-12-01 $258,500 (3.8%) $377,395 (32.1%) 0.86 1,860
2020-01-01 $259,450 (5.9%) $305,015 (7.9%) 0.87 1,646
2020-02-01 $259,900 (6.1%) $315,225 (11.0%) 0.85 1,582
2020-03-01 $269,950 (7.0%) $324,523 (11.0%) 0.85 1,607
2020-04-01 $269,450 (3.1%) $320,563 (5.6%) 0.84 1,669
2020-05-01 $269,900 (2.7%) $324,981 (6.7%) 0.82 1,595
2020-06-01 $271,238 (2.4%) $333,511 (9.6%) 0.80 1,413
2020-07-01 $279,950 (4.9%) $344,330 (12.2%) 0.81 1,286
2020-08-01 $295,000 (12.2%) $349,328 (14.9%) 0.85 1,139
2020-09-01 $300,000 (15.6%) $362,750 (19.4%) 0.86 1,172
2020-10-01 $299,900 (16.2%) $364,172 (19.9%) 0.86 1,163
2020-11-01 $299,900 (15.8%) $353,262 (14.5%) 0.88 1,074
2020-12-01 $287,000 (11.0%) $337,587 (-10.6%) 0.85 1,002
2021-01-01 $279,000 (7.5%) $330,098 (8.2%) 0.83 891
2021-02-01 $284,625 (9.5%) $345,256 (9.5%) 0.83 773
2021-03-01 $294,997 (9.3%) $353,539 (8.9%) 0.84 721
2021-04-01 $301,000 (11.7%) $354,078 (10.5%) 0.81 750
2021-05-01 $315,000 (16.7%) $374,155 (15.1%) 0.84 741
2021-06-01 $313,300 (15.5%) $380,310 (14.0%) 0.82 836
2021-07-01 $320,000 (14.3%) $381,028 (10.7%) 0.84 982
2021-08-01 $320,000 (8.5%) $379,709 (8.7%) 0.85 1,116
2021-09-01 $318,850 (6.3%) $379,643 (4.7%) 0.85 1,127
2021-10-01 $329,900 (10.0%) $389,873 (7.1%) 0.88 1,173
2021-11-01 $337,000 (12.4%) $399,366 (13.1%) 0.90 1,027
2021-12-01 $339,950 (18.5%) $407,211 (20.6%) 0.92 919
2022-01-01 $339,500 (21.7%) $406,001 (23.0%) 0.92 799
2022-02-01 $349,450 (22.8%) $417,944 (21.1%) 0.91 746
2022-03-01 $359,500 (21.9%) $424,585 (20.1%) 0.90 754
2022-04-01 $365,000 (21.3%) $434,600 (22.7%) 0.87 874
2022-05-01 $389,600 (23.7%) $444,991 (18.9%) 0.89 1,180
2022-06-01 $399,575 (27.5%) $440,796 (15.9%) 0.89 1,395
2022-07-01 $390,000 (21.9%) $435,074 (14.2%) 0.88 1,619
2022-08-01 $389,725 (21.8%) $430,270 (13.3%) 0.90 1,700
2022-09-01 $388,087 (21.7%) $431,106 (13.6%) 0.91 1,748
2022-10-01 $380,000 (15.2%) $426,859 (9.5%) 0.89 1,797
2022-11-01 $375,000 (11.3%) $427,974 (7.2%) 0.90 1,760
2022-12-01 $370,900 (9.1%) $425,582 (4.5%) 0.92 1,491
2023-01-01 $374,950 (10.4%) $424,171 (4.5%) 0.93 1,320
2023-02-01 $375,756 (7.5%) $424,653 (1.6%) 0.91 1,174
2023-03-01 $380,000 (5.7%) $431,281 (1.6%) 0.90 1,011
2023-04-01 $391,060 (7.1%) $446,458 (2.7%) 0.91 923
2023-05-01 $390,000 (0.1%) $450,601 (1.3%) 0.88 1,024
2023-06-01 $392,500 (-1.8%) $456,721 (3.6%) 0.88 1,063
2023-07-01 $399,000 (2.3%) $452,898 (4.1%) 0.91 1,129
2023-08-01 $389,963 (0.1%) $444,484 (3.3%) 0.90 1,243
Bakersfield's median listing price for 2023-08-01 was $389,963, a difference of $238 (0.1%) versus the prior year and $-9,037 versus the prior month.

Bakersfield's median listing price comes in at 90% of the national average.

Bakersfield's average listing price for 2023-08-01 was $444,484, a difference of $14,214 (3.3%) versus the prior year and $-8,414 versus the prior month.

For the 2023-08-01 period, Bakersfield had 1,243 MLS listings, a difference of 114 listings (10%) versus the prior month and -457 listings (-27%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Bakersfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 62 days 1,709 sqft
2018-02-01 41 days 1,714 sqft
2018-03-01 40 days 1,744 sqft
2018-04-01 43 days 1,759 sqft
2018-05-01 43 days 1,778 sqft
2018-06-01 44 days 1,773 sqft
2018-07-01 45 days 1,769 sqft
2018-08-01 46 days 1,740 sqft
2018-09-01 46 days 1,736 sqft
2018-10-01 53 days 1,703 sqft
2018-11-01 56 days 1,691 sqft
2018-12-01 64 days 1,680 sqft
2019-01-01 66 days 1,666 sqft
2019-02-01 51 days 1,667 sqft
2019-03-01 45 days 1,707 sqft
2019-04-01 43 days 1,746 sqft
2019-05-01 40 days 1,748 sqft
2019-06-01 44 days 1,736 sqft
2019-07-01 44 days 1,746 sqft
2019-08-01 46 days 1,724 sqft
2019-09-01 48 days 1,701 sqft
2019-10-01 51 days 1,688 sqft
2019-11-01 53 days 1,684 sqft
2019-12-01 58 days 1,676 sqft
2020-01-01 61 days 1,676 sqft
2020-02-01 42 days 1,684 sqft
2020-03-01 39 days 1,715 sqft
2020-04-01 46 days 1,701 sqft
2020-05-01 54 days 1,696 sqft
2020-06-01 47 days 1,704 sqft
2020-07-01 36 days 1,712 sqft
2020-08-01 33 days 1,762 sqft
2020-09-01 31 days 1,789 sqft
2020-10-01 34 days 1,759 sqft
2020-11-01 36 days 1,709 sqft
2020-12-01 39 days 1,628 sqft
2021-01-01 40 days 1,604 sqft
2021-02-01 32 days 1,601 sqft
2021-03-01 23 days 1,605 sqft
2021-04-01 22 days 1,617 sqft
2021-05-01 21 days 1,667 sqft
2021-06-01 22 days 1,648 sqft
2021-07-01 22 days 1,630 sqft
2021-08-01 27 days 1,639 sqft
2021-09-01 30 days 1,614 sqft
2021-10-01 31 days 1,654 sqft
2021-11-01 37 days 1,641 sqft
2021-12-01 40 days 1,660 sqft
2022-01-01 39 days 1,633 sqft
2022-02-01 26 days 1,644 sqft
2022-03-01 22 days 1,678 sqft
2022-04-01 22 days 1,702 sqft
2022-05-01 23 days 1,719 sqft
2022-06-01 26 days 1,764 sqft
2022-07-01 31 days 1,750 sqft
2022-08-01 38 days 1,743 sqft
2022-09-01 44 days 1,749 sqft
2022-10-01 46 days 1,729 sqft
2022-11-01 50 days 1,726 sqft
2022-12-01 61 days 1,729 sqft
2023-01-01 66 days 1,737 sqft
2023-02-01 49 days 1,716 sqft
2023-03-01 44 days 1,704 sqft
2023-04-01 39 days 1,749 sqft
2023-05-01 31 days 1,756 sqft
2023-06-01 32 days 1,751 sqft
2023-07-01 35 days 1,754 sqft
2023-08-01 38 days 1,741 sqft
Bakersfield's median listing age (time on market) for 2023-08-01 was 38 days. This is 0% longer than the same period one year ago.

Bakersfield's median square footage for active listings during the 2023-08-01 period was 1,741 sqft. One year prior, the average listing was 1,743 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).