FHA Loans · My Mortgage Company
FHA Loans in Bakersfield, CA
Buy your first home — or your next one — with as little as 3.5% down and a 580 credit score. FHA loans are one of the most accessible mortgage programs available.
Why FHA
FHA Loan Benefits
3.5% Down Payment
One of the lowest down payment requirements available. On a $350,000 home, that is only $12,250 out of pocket.
580 Minimum Credit Score
More accessible than conventional loans. Borrowers with 500–579 credit may still qualify with 10% down.
Primary Residence Only
FHA loans are for owner-occupied primary residences — single-family homes, condos (FHA-approved), and 2–4 unit properties.
Gift Funds Allowed
Your entire down payment can come from a gift — from family, an employer, or a charitable organization.
Eligibility
FHA Loan Requirements
FHA loans have more flexible requirements than conventional loans, but you still need to meet certain thresholds for credit, income, and the property itself.
- Minimum 580 credit score for 3.5% down (500–579 with 10% down)
- Debt-to-income ratio (DTI) up to 47% — or up to 57% with compensating factors
- Stable 2-year employment history
- Property must be your primary residence
- Property must meet FHA minimum property standards (MPS)
- Loan limits: $498,257 (Kern County, 2024) for single-family
- Mortgage Insurance Premium (MIP): 1.75% upfront + 0.55%/year (for most)
Common Questions
FHA Loan FAQ
What is an FHA loan and how does it work?
An FHA loan is a mortgage insured by the Federal Housing Administration. Because the government guarantees the loan, FHA lenders can offer more flexible qualification requirements — lower credit scores and smaller down payments — than conventional loans. The borrower pays mortgage insurance premiums (MIP) that protect the lender if the borrower defaults.
How long does FHA mortgage insurance last?
For FHA loans originated after June 2013 with less than 10% down, MIP lasts the entire life of the loan. If you put 10% or more down, MIP cancels after 11 years. This is a key difference from conventional loans, where PMI can be removed at 80% LTV.
Can I use an FHA loan to buy a multi-unit property?
Yes. FHA loans allow you to purchase 2-, 3-, and 4-unit properties as long as you occupy one unit as your primary residence. This is a popular strategy for house-hackers — you live in one unit and rent the others to offset your mortgage payment.
What is the FHA loan limit in Bakersfield, CA?
The FHA loan limit for Kern County (Bakersfield) is $498,257 for a single-family home in 2024. Limits are higher for 2–4 unit properties. If the home you want exceeds this limit, you would need a Jumbo or Conventional loan.
Ready to Apply for an FHA Loan?
Get pre-approved today and take the first step toward homeownership in Bakersfield.
My Mortgage Company, Inc. · CA DRE #02168831 · NMLS #2269164 · Broker: Omar L. Ortiz, NMLS #951384, DRE #02056548. Loans subject to credit approval. Not all applicants qualify. Interest rates and program availability subject to change without notice. FHA loan limits are set annually by HUD. All figures, rates, fee ranges, and examples shown on this page are for informational purposes only and are not a guarantee of rates, fees, loan terms, or qualification. This is not a commitment to lend.