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Bakersfield is one of California's most affordable major cities. That makes conventional financing a realistic option here — not just for high earners.
HousingWire flagged that the 30-year fixed hit 6.57% and applications dropped over 10% week-over-week. For Bakersfield buyers, that rate still beats what many ARM borrowers are seeing. Rates vary by borrower profile and market conditions.
620
Min Credit Score
3% (primary home)
Min Down Payment
~45%
Max DTI
6.57% (market ref)
30-Yr Fixed (as of Apr 2026)
20% equity
PMI Cancels At
Conventional Loans in Bakersfield
Most lenders want a 620 credit score minimum for conventional. But 740+ is where you get the best pricing — lower rate, lower PMI cost.
You need 3% down on a fixed-rate conventional if it's your primary home. Investment properties require at least 15%. Debt-to-income ratio should stay under 45%.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Bakersfield.
Bakersfield is one of California's most affordable major cities. That makes conventional financing a realistic option here — not just for high earners.
HousingWire flagged that the 30-year fixed hit 6.57% and applications dropped over 10% week-over-week. For Bakersfield buyers, that rate still beats what many ARM borrowers are seeing. Rates vary by borrower profile and market conditions.
Most lenders want a 620 credit score minimum for conventional. But 740+ is where you get the best pricing — lower rate, lower PMI cost.
SRK CAPITAL works with 200+ wholesale lenders. That means we're not stuck with one bank's guidelines or rate sheet.
Conventional loans have the widest lender competition of any product. More competition means more room to negotiate pricing — especially in a market like Bakersfield.
Most Bakersfield deals fall well under the conforming loan limit. That keeps you in conventional territory — no jumbo headaches.
PMI is the number buyers hate. But at 20% down, it disappears entirely. At 10% down with good credit, it's often cheaper than FHA's mortgage insurance.
FHA requires 3.5% down and charges an upfront 1.75% mortgage insurance premium. Conventional skips that fee entirely.
Once you hit 20% equity, conventional PMI cancels automatically. FHA mortgage insurance stays for the life of the loan on most cases. That's a meaningful long-term cost difference.
Kern County's oil and agriculture economy means many borrowers have variable or seasonal income. Lenders want two years of tax returns to average that out.
Bakersfield's price range keeps most purchases inside conforming loan limits. That's good — conforming conventional loans get the best rates and the most lender options.
Lenders require a 620 minimum. But you want 740+ to get the best rates and lowest PMI tier.
Yes, on a primary residence with a fixed rate. Investment properties and second homes require more down.
Conventional PMI cancels at 20% equity. FHA mortgage insurance typically stays for the full loan term.
Yes, but lenders average your last two years of tax returns. High write-offs can reduce your qualifying income.
Kern County uses the standard conforming limit, not a high-cost limit. Most Bakersfield purchases fall within it.