FHA Loans

 FHA Loans
Minimum down payment financing is available with your Bakersfield FHA purchase. 3.5% down payment required on purchases.  If you currently have an Bakersfield FHA loan you can refinance on an FHA streamlined program with min closing cost.  

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FHA Loan:

FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA loans are an attractive option, especially for first-time homeowners:

  • Generally easier to qualify for than conventional loans.
  • Lower down payment requirements.
  • Cannot exceed statutory loan limits.

Learn more about FHA loans. (Department of Housing and Urban Developme

Anyone is eligible for an FHA loan on a 1-4 residence for owner occupied property.  The upfront MIP is currently (8/30/10) at 2.25% of your loan amount and is financed in your mortgage if you choose or can be paid in cash as part of your closing costs.  The monthly MMI is calculated at .55% of your new loan and is paid monthly. (ie: on a $100,000 loan $2,250 will be added for your new mortgage and your MI will be an additional monthly fee at $45.55/mo