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VA Loans in Bakersfield
Bakersfield offers veterans and active-duty military members strong purchasing power through VA loans. The zero down payment benefit allows service members to buy homes without the typical cash barrier that affects many first-time buyers.
Kern County's housing market provides diverse options from suburban neighborhoods to rural properties. VA loans work across all property types here, from starter homes to larger family residences, giving military families flexibility in their home search.
Local lenders in Bakersfield understand the military community's needs and process VA loans regularly. The area's proximity to Edwards Air Force Base and Naval Air Weapons Station China Lake means many local professionals have deep experience with VA financing.
Veterans who served 90 consecutive days during wartime or 181 days during peacetime typically qualify. Active-duty members become eligible after 90 days of service, while National Guard and Reserve members need six years of service.
You'll need a Certificate of Eligibility from the VA to prove your service record. Most borrowers need a minimum credit score of 620, though some lenders accept lower scores with compensating factors like strong income or cash reserves.
The property must meet VA minimum property requirements and serve as your primary residence. Investment properties and vacation homes don't qualify for VA financing, but you can use your benefit multiple times throughout your life.
Bakersfield has numerous lenders approved to originate VA loans, from national banks to local credit unions. Not all lenders offer the same expertise or efficiency with VA paperwork, so experience with military lending matters.
The VA funding fee ranges from 1.4% to 3.6% depending on your service type, down payment, and whether you've used the benefit before. Disabled veterans and surviving spouses receive a funding fee exemption, reducing closing costs significantly.
Working with a mortgage broker gives you access to multiple VA-approved lenders simultaneously. This competition often results in better rates and terms than approaching a single lender directly, especially in Bakersfield's competitive lending environment.
Many Bakersfield veterans don't realize they can buy above conventional loan limits without switching to a jumbo loan. The 2024 VA loan limit in Kern County is $766,550 with zero down, though qualified borrowers can go higher with a partial down payment.
Timing your purchase around your military housing allowance can strengthen your application. Lenders count BAH as stable income, which helps offset Bakersfield's property costs and improves your debt-to-income ratio.
The VA appraisal protects you from overpaying but can slow closings if repairs are required. Getting a pre-inspection before making offers helps identify potential VA appraisal issues early, keeping your timeline on track in Bakersfield's market.
Compared to FHA loans, VA financing eliminates monthly mortgage insurance entirely. On a typical Bakersfield home, this saves veterans $150-300 monthly compared to FHA's mandatory insurance premiums that last the loan's lifetime.
Conventional loans require 3-5% down minimum and charge private mortgage insurance until you reach 20% equity. VA loans skip both requirements, letting you preserve cash for moving costs, furniture, or emergency reserves after closing.
USDA loans also offer zero down payment but limit you to designated rural areas and impose income caps. VA loans have no income limits and work throughout Bakersfield, from downtown to county outskirts, giving you broader choices.
Bakersfield's climate affects VA appraisals differently than coastal California cities. HVAC systems must be functional year-round, and appraisers check cooling equipment carefully given summer temperatures regularly exceeding 100 degrees.
Kern County has both incorporated city areas and unincorporated county pockets. VA loans work in both, but septic systems and well water in rural areas require additional inspections that can add time to your closing process.
The local veteran community in Bakersfield is substantial and active. Many real estate agents here understand VA financing nuances and know how to structure offers that appeal to sellers while protecting your zero down payment advantage.
Yes, if the home is permanently affixed to land you own and meets HUD code requirements. The VA has specific guidelines for manufactured homes that differ from site-built properties, but many Bakersfield manufactured homes qualify.
You'll prepay property taxes at closing like any mortgage, typically 3-6 months into an escrow account. Kern County property taxes run about 1.1% annually, which your lender will calculate into your monthly payment.
The property must meet minimum safety and habitability standards at purchase. For major renovations, consider the VA renovation loan program, which lets you finance both purchase and approved improvements in one mortgage.
Most VA loans close in 30-45 days with experienced lenders. Getting your Certificate of Eligibility early and having clean credit documentation speeds the process significantly.
Yes, if you've sold your previous VA-financed home or have remaining entitlement available. Many veterans maintain multiple VA loans simultaneously by having sufficient entitlement to cover the liability on each property.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.