CA Dream For All Closed — Bakersfield First-Time Buyers Still Have Options

Dream For All Closed — Now What?

If you were hoping to use CalHFA's Dream For All Shared Appreciation Loan in 2026, you missed this year's window. The program's application portal closed on March 16, after opening February 24. CalHFA made approximately $150–200 million available this cycle, helping an estimated 2,000 households — but demand far outpaced supply, as it has every year the program has run.

The good news: Dream For All isn't the only option for Bakersfield and Kern County first-time buyers. Several strong programs are still available right now.

What's Still Open: CalHFA Programs for 2026

MyHome Assistance Program

This is CalHFA's primary down payment assistance offering and it's currently available. MyHome provides a deferred-payment junior loan of up to 3.5% of the purchase price or appraised value (whichever is less) to cover down payment and/or closing costs.

Key details:

• Deferred loan — no monthly payments required until you sell, refinance, or pay off the first mortgage
• Must be paired with a CalHFA first mortgage
• Income limits apply based on county (check CalHFA's website for current Kern County limits)
• Borrower must complete a homebuyer education course

Zero Interest Program (ZIP)

ZIP covers closing costs through a zero-interest, deferred junior loan. It's designed to be paired with MyHome — the combination can significantly reduce the cash you need to bring to closing.

CalPlus Conventional and CalPlus FHA

These first mortgage options can be combined with ZIP for an even lower out-of-pocket entry point. Eligibility requires meeting CalHFA income and purchase price limits for your county.

FHA Loans: Still One of the Most Accessible Paths

Even without CalHFA layering, an FHA loan remains one of the strongest tools for Bakersfield first-time buyers. As of this week, FHA 30-year fixed rates are approximately 5.375% for qualified borrowers — a full point below the conventional benchmark.

FHA basics:

• Down payment: 3.5% with a 580+ credit score; 10% with a 500–579 score
• Debt-to-income ratio: More flexible than conventional underwriting in many cases
• Mortgage insurance: Required — both an upfront premium and annual premiums apply
• Loan limits: FHA loan limits in Kern County for 2026 are $524,225 for a single-family home

On a $419,000 home (Bakersfield's current median), a 3.5% FHA down payment is approximately $14,665 — before any assistance programs. Qualification depends on your credit, income, debt, and other factors.

VA Loans for Kern County Veterans

Bakersfield has a significant veteran population, and VA loans remain one of the most powerful financing options for those who've earned the benefit. No down payment is required, no private mortgage insurance is needed, and rates this week are approximately 5.375% for eligible borrowers.

VA loans are available to eligible veterans, active-duty service members, and surviving spouses. Eligibility is determined through the VA, and individual qualification depends on credit, income, and other underwriting factors.

The Layering Strategy: How to Maximize Assistance

Experienced loan officers in California know how to layer programs — combining a CalHFA first mortgage with MyHome, ZIP, or local city and county assistance to significantly reduce the cash needed at closing. Bakersfield and Kern County may have additional local housing trust fund programs depending on availability.

This is where working with a licensed mortgage broker — rather than a single direct lender — matters. A broker can access CalHFA programs, FHA and VA products, and compare terms across multiple funding sources to find the best combination for your situation.

What to Do Right Now

If you're a first-time buyer in Bakersfield, here's the action plan:

1. Get your credit in order — Pull your credit report and dispute any errors. If your score is below 580, ask a mortgage broker about rapid rescore strategies or a referral to a reputable credit counselor.
2. Document your income — CalHFA and FHA require standard income documentation. Self-employed borrowers should have two years of tax returns ready.
3. Estimate your target price — At a $419,000 median, a 3.5% FHA down payment is under $15,000. Know what range you're targeting before you apply.
4. Set a calendar reminder for Dream For All 2027 — The program typically opens in late January or February. Sign up for CalHFA email alerts at calhfa.ca.gov.
5. Talk to a licensed broker — Programs have income limits, purchase price caps, and geographic restrictions. Work with someone who can match you to what you actually qualify for.

Questions about down payment assistance options in Bakersfield? Contact Omar to review which programs fit your situation. Ready to run numbers? Try our mortgage calculators.