Bakersfield FHA Loan Rates, Closing Costs & Stats

BAKERSFIELD, CA

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    • 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).