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 176 lenders originated 5,921 FHA loans during 2021. The total origination value was $1,455,135,000, with an average FHA loan value of $245,758.
Bakersfield FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Bakersfield
averaged
6.14%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Bakersfield's average FHA mortgage closing costs are $8,587.
The average rate for the prior week (2023-01-20) was
6.31% and
one month ago for the week of 2022-12-23, the
average rate was 6.2%.
The average rate one year ago was 3.59%.
For refis of the same type during the week of 2023-01-27, the average rate
was 6.1%.
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.
The top Bakersfield FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
367 FHA loans originated. Their average total fees are
$6,834, which is $3,753
lower than the next largest lender,
Sierra Pacific Mortgage Company, Inc..
The lowest fee Bakersfield FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($3,055), AmeriHome Mortgage Company, LLC ($4,270), Mr. Cooper ( Nationstar Mortgage ) ($4,659), LAKEVIEW LOAN SERVICING, LLC ($4,801) and PLANET HOME LENDING, LLC ($4,905).
The lowest rate Bakersfield FHA lenders (with over 10 loans originated) are
WESTERN EXPRESS LENDING (2.51%), QUICKEN LOANS, LLC (2.64%), KINGS MORTGAGE SERVICES, INC. (2.69%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (2.69%) and DHI MORTGAGE COMPANY, LTD. (2.70%).
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 |
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 (2.2%) | 0.86 | 2,561 |
| 2018-10-01 | $250,000 (0.8%) | $288,423 (1.0%) | 0.84 | 2,495 |
| 2018-11-01 | $249,900 (2.5%) | $286,879 (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%) | $292,325 (0.8%) | 0.83 | 2,108 |
| 2019-04-01 | $261,308 (0.7%) | $303,498 (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%) | $304,436 (2.6%) | 0.83 | 2,354 |
| 2019-07-01 | $266,875 (2.7%) | $306,796 (4.4%) | 0.84 | 2,388 |
| 2019-08-01 | $262,818 (2.5%) | $304,049 (4.7%) | 0.83 | 2,345 |
| 2019-09-01 | $259,545 (1.8%) | $303,848 (4.5%) | 0.83 | 2,245 |
| 2019-10-01 | $258,114 (3.3%) | $303,857 (5.4%) | 0.83 | 2,172 |
| 2019-11-01 | $258,900 (3.6%) | $308,654 (7.6%) | 0.85 | 2,034 |
| 2019-12-01 | $258,500 (3.8%) | $377,329 (32.1%) | 0.86 | 1,862 |
| 2020-01-01 | $259,450 (5.9%) | $304,875 (7.9%) | 0.87 | 1,648 |
| 2020-02-01 | $259,900 (6.1%) | $315,069 (11.0%) | 0.85 | 1,584 |
| 2020-03-01 | $269,950 (7.0%) | $324,360 (11.0%) | 0.85 | 1,609 |
| 2020-04-01 | $269,450 (3.1%) | $320,408 (5.6%) | 0.84 | 1,671 |
| 2020-05-01 | $269,800 (2.7%) | $324,818 (6.7%) | 0.82 | 1,597 |
| 2020-06-01 | $270,850 (2.3%) | $333,325 (9.5%) | 0.80 | 1,415 |
| 2020-07-01 | $279,950 (4.9%) | $344,109 (12.2%) | 0.81 | 1,288 |
| 2020-08-01 | $295,000 (12.2%) | $349,076 (14.8%) | 0.85 | 1,141 |
| 2020-09-01 | $300,000 (15.6%) | $362,481 (19.3%) | 0.86 | 1,174 |
| 2020-10-01 | $299,900 (16.2%) | $363,899 (19.8%) | 0.86 | 1,165 |
| 2020-11-01 | $299,675 (15.8%) | $352,980 (14.4%) | 0.88 | 1,076 |
| 2020-12-01 | $287,000 (11.0%) | $337,308 (-10.6%) | 0.85 | 1,004 |
| 2021-01-01 | $279,000 (7.5%) | $329,820 (8.2%) | 0.83 | 893 |
| 2021-02-01 | $284,500 (9.5%) | $344,905 (9.5%) | 0.83 | 775 |
| 2021-03-01 | $294,873 (9.2%) | $353,163 (8.9%) | 0.84 | 723 |
| 2021-04-01 | $299,750 (11.3%) | $353,703 (10.4%) | 0.81 | 752 |
| 2021-05-01 | $315,000 (16.8%) | $373,734 (15.1%) | 0.83 | 743 |
| 2021-06-01 | $313,300 (15.7%) | $380,024 (14.0%) | 0.82 | 839 |
| 2021-07-01 | $320,000 (14.3%) | $380,806 (10.7%) | 0.84 | 983 |
| 2021-08-01 | $320,000 (8.5%) | $379,602 (8.7%) | 0.85 | 1,116 |
| 2021-09-01 | $318,413 (6.1%) | $379,459 (4.7%) | 0.85 | 1,129 |
| 2021-10-01 | $329,900 (10.0%) | $389,568 (7.1%) | 0.88 | 1,175 |
| 2021-11-01 | $337,000 (12.5%) | $399,001 (13.0%) | 0.90 | 1,029 |
| 2021-12-01 | $339,750 (18.4%) | $406,764 (20.6%) | 0.92 | 921 |
| 2022-01-01 | $339,500 (21.7%) | $405,725 (23.0%) | 0.92 | 801 |
| 2022-02-01 | $349,000 (22.7%) | $417,415 (21.0%) | 0.91 | 748 |
| 2022-03-01 | $358,000 (21.4%) | $424,061 (20.1%) | 0.90 | 756 |
| 2022-04-01 | $365,000 (21.8%) | $434,119 (22.7%) | 0.87 | 876 |
| 2022-05-01 | $389,487 (23.7%) | $444,706 (19.0%) | 0.89 | 1,180 |
| 2022-06-01 | $399,450 (27.5%) | $440,530 (15.9%) | 0.89 | 1,396 |
| 2022-07-01 | $390,000 (21.9%) | $434,766 (14.2%) | 0.88 | 1,620 |
| 2022-08-01 | $389,500 (21.7%) | $429,983 (13.3%) | 0.90 | 1,701 |
| 2022-09-01 | $387,000 (21.5%) | $430,834 (13.5%) | 0.91 | 1,749 |
| 2022-10-01 | $380,000 (15.2%) | $426,585 (9.5%) | 0.89 | 1,799 |
| 2022-11-01 | $375,000 (11.3%) | $427,698 (7.2%) | 0.90 | 1,762 |
| 2022-12-01 | $369,625 (8.8%) | $421,594 (3.7%) | 0.92 | 1,514 |
Bakersfield's median listing price comes in at 92% of the national average.
Bakersfield's average listing price for 2022-12-01 was $421,594, a difference of $14,830 (3.7%) versus the prior year and $-6,104 versus the prior month.
For the 2022-12-01 period, Bakersfield had 1,514 MLS listings, a difference of -248 listings (-14%) versus the prior month and 593 listings (64%) 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 | 63 days | 1,708 sqft |
| 2018-02-01 | 43 days | 1,713 sqft |
| 2018-03-01 | 43 days | 1,742 sqft |
| 2018-04-01 | 44 days | 1,758 sqft |
| 2018-05-01 | 44 days | 1,777 sqft |
| 2018-06-01 | 45 days | 1,772 sqft |
| 2018-07-01 | 47 days | 1,768 sqft |
| 2018-08-01 | 47 days | 1,740 sqft |
| 2018-09-01 | 48 days | 1,736 sqft |
| 2018-10-01 | 55 days | 1,703 sqft |
| 2018-11-01 | 58 days | 1,691 sqft |
| 2018-12-01 | 66 days | 1,681 sqft |
| 2019-01-01 | 68 days | 1,667 sqft |
| 2019-02-01 | 54 days | 1,667 sqft |
| 2019-03-01 | 45 days | 1,706 sqft |
| 2019-04-01 | 43 days | 1,745 sqft |
| 2019-05-01 | 43 days | 1,747 sqft |
| 2019-06-01 | 45 days | 1,736 sqft |
| 2019-07-01 | 46 days | 1,745 sqft |
| 2019-08-01 | 47 days | 1,723 sqft |
| 2019-09-01 | 49 days | 1,699 sqft |
| 2019-10-01 | 52 days | 1,687 sqft |
| 2019-11-01 | 56 days | 1,682 sqft |
| 2019-12-01 | 59 days | 1,674 sqft |
| 2020-01-01 | 63 days | 1,673 sqft |
| 2020-02-01 | 44 days | 1,680 sqft |
| 2020-03-01 | 40 days | 1,712 sqft |
| 2020-04-01 | 48 days | 1,699 sqft |
| 2020-05-01 | 57 days | 1,690 sqft |
| 2020-06-01 | 50 days | 1,703 sqft |
| 2020-07-01 | 37 days | 1,704 sqft |
| 2020-08-01 | 35 days | 1,760 sqft |
| 2020-09-01 | 32 days | 1,788 sqft |
| 2020-10-01 | 36 days | 1,759 sqft |
| 2020-11-01 | 38 days | 1,706 sqft |
| 2020-12-01 | 41 days | 1,625 sqft |
| 2021-01-01 | 42 days | 1,605 sqft |
| 2021-02-01 | 32 days | 1,593 sqft |
| 2021-03-01 | 24 days | 1,603 sqft |
| 2021-04-01 | 23 days | 1,615 sqft |
| 2021-05-01 | 22 days | 1,666 sqft |
| 2021-06-01 | 23 days | 1,646 sqft |
| 2021-07-01 | 22 days | 1,634 sqft |
| 2021-08-01 | 27 days | 1,639 sqft |
| 2021-09-01 | 30 days | 1,610 sqft |
| 2021-10-01 | 31 days | 1,645 sqft |
| 2021-11-01 | 37 days | 1,638 sqft |
| 2021-12-01 | 41 days | 1,657 sqft |
| 2022-01-01 | 40 days | 1,633 sqft |
| 2022-02-01 | 27 days | 1,643 sqft |
| 2022-03-01 | 23 days | 1,680 sqft |
| 2022-04-01 | 22 days | 1,702 sqft |
| 2022-05-01 | 23 days | 1,723 sqft |
| 2022-06-01 | 27 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 | 1,730 sqft |
| 2022-11-01 | 51 days | 1,726 sqft |
| 2022-12-01 | 64 days | 1,724 sqft |
Bakersfield's median square footage for active listings during the 2022-12-01 period was 1,724 sqft. One year prior, the average listing was 1,657 sqft.