Bakersfield, CA Mortgage Guide
Mortgage Calculators & Home Loans
Understand your loan options, estimate your payment, and get pre-approved through My Mortgage Company — all in one place.
Standard Loan Programs
Government-backed and conventional options for primary residence purchases.
| Loan Type | Min Down | Min Credit | Insurance | Best For |
|---|---|---|---|---|
| FHA | 3.5% | 580 | MIP for life of loan | First-time buyers, lower credit scores |
| Conventional | 3% | 620 | PMI until 80% LTV | Strong credit, repeat buyers |
| VA | 0% | Varies | Funding fee (no monthly MI) | Veterans and active military |
| USDA | 0% | 640 | Annual guarantee fee | Rural & eligible suburban areas |
Specialty & Non-QM Loans
Alternative financing for self-employed borrowers, investors, and complex scenarios.
12-Month Bank Statement
Self-employed borrowers
12 months personal or business bank statements used to calculate income
Non-QM — no tax returns required
24-Month Bank Statement
Self-employed borrowers
24 months of statements for a more stable income average — often unlocks better rates
Non-QM — stronger qualification
DSCR Loan
Real estate investors
Qualifies on rental income of the property, not personal income. DSCR ≥ 1.0 typically required
No income docs or employment needed
Private / Hard Money
Investors, time-sensitive deals
Asset-based short-term financing. Closes in days, not weeks. LTV-focused underwriting
Bridge, acquisition, or rehab capital
Fix & Flip
Rehabbers & flippers
Funds purchase + renovation costs. Draws released as work progresses
Short-term; paired with our Fix & Flip calculator
Non-QM loans are not federally backed and carry different qualification standards. Contact My Mortgage Company for current program availability and rates.
Tips to Strengthen Your Application
Check Your Credit Early
Review your credit report 2–3 months before applying. Dispute errors and pay down revolving balances to improve your score.
Save for More Than Down Payment
Budget for closing costs (2–4% of purchase price), moving expenses, and a cash reserve of 2–3 months of mortgage payments.
Avoid Big Purchases
Don't open new credit cards, finance a car, or make large purchases during the loan process — it can change your DTI ratio and jeopardize approval.
Get Pre-Approved Today
My Mortgage Company can have your pre-approval letter ready in as little as one business day.
Run the Numbers First
Use our mortgage payment, affordability, closing costs, and Fix & Flip calculators — built with Bakersfield-specific defaults and current guidelines.
Frequently Asked Questions
What is the FHA loan limit in Kern County for 2026?
The FHA loan limit for Kern County is $524,225 for a single-family home. FHA requires a minimum 3.5% down payment with a credit score of 580+, or 10% down with a score of 500–579.
What is the difference between FHA and conventional loans?
FHA loans are government-backed with lower credit requirements (580+) and 3.5% down, but require mortgage insurance for the life of the loan. Conventional loans need higher credit (typically 620+) and 3–5% down, but PMI drops off at 80% LTV.
How long does mortgage pre-approval take?
My Mortgage Company can issue a pre-approval letter in as little as one business day. You will need to provide income documentation, bank statements, and authorize a credit check.
Does pre-approval guarantee I will get a loan?
Pre-approval is a strong conditional commitment — it means the lender has reviewed your finances and is willing to lend up to a specific amount. Final approval depends on the property appraisal and no major changes to your financial situation.
What credit score do I need to buy a home?
FHA loans accept scores as low as 580 (3.5% down) or 500 (10% down). Conventional loans typically require 620+. Higher scores unlock better interest rates and lower mortgage insurance costs.
What is a Bank Statement loan and who qualifies?
Bank Statement loans are designed for self-employed borrowers who cannot document income through traditional W-2s or tax returns. Lenders use 12 or 24 months of personal or business bank statements to calculate qualifying income. These are Non-QM (non-qualified mortgage) products with competitive rates for strong borrowers.
What is a DSCR loan?
A Debt Service Coverage Ratio (DSCR) loan qualifies the borrower based on the rental income of the property — not personal income. If the property's rental income covers the mortgage payment (DSCR ≥ 1.0), you may qualify. These are popular with real estate investors and landlords growing a portfolio.
What is the difference between Hard Money and Fix & Flip loans?
Both are asset-based, short-term loans. Hard Money loans are broadly used for investment acquisitions, bridge financing, or when speed is critical. Fix & Flip loans are specifically structured for rehab projects — they fund both the purchase and renovation costs, with draws released as work is completed.