Buying a Home in Bakersfield: A Clear Guide to Mortgage Options

Buying a home is one of the biggest financial decisions most people make, and the mortgage you choose plays a major role in how comfortable that decision feels long after you get the keys. For buyers navigating the Bakersfield real estate market and surrounding Kern County communities, understanding your loan options and knowing which ones align with your goals can make the process far more manageable. A little preparation goes a long way.

Below is a breakdown of some of the most common home loan types, explained in straightforward terms.

Fixed-Rate ( aka Conventional) Mortgage

This is one of the most common and straightforward loan types. A fixed-rate mortgage keeps the same interest rate for the life of the loan, which means your principal and interest payment remains consistent from month to month.

While property taxes and insurance can change over time, the predictability of the interest rate makes this loan appealing to many buyers.

Who’s it for?
Buyers with solid credit, stable income, and the ability to make a down payment who plan to stay in their home for several years.

Adjustable-Rate Mortgage (ARM)

An adjustable-rate mortgage typically starts with a lower interest rate for an initial period, followed by adjustments at set intervals based on market conditions. While this can mean lower payments early on, the rate can increase later.

Because future payments are less predictable, this option requires careful consideration.

Who’s it for?
Buyers who expect to sell or refinance before the adjustable period begins and are comfortable with potential payment changes.

Federal Housing Administration (FHA) Loan

FHA loans are government-backed loans designed to make homeownership more accessible. They allow for lower down payments and more flexible credit requirements than conventional loans, though they do require mortgage insurance.

Who’s it for?
First-time buyers or buyers with limited savings or lower credit scores who want a more flexible path into homeownership.

Veterans Affairs (VA) Loan

VA loans are available to eligible veterans, active-duty service members, and some surviving spouses. These loans are backed by the U.S. Department of Veterans Affairs and often come with favorable terms, including no down payment and no monthly mortgage insurance.

Who’s it for?
Eligible service members and veterans looking for competitive interest rates and reduced upfront costs.

CalVet Home Loan

A CalVet loan is a California-specific benefit offered through the California Department of Veterans Affairs. Unlike a traditional VA loan, CalVet acts as the lender and can offer competitive rates and unique program features for qualifying veterans purchasing homes in California. CalVet loan fees are typically lower than fees charged for other government or conventional loans. 

Who’s it for?
Eligible California veterans who want to explore a state-backed alternative to a traditional VA loan. This may be a strong option for buyers with credit challenges, need more leniency, or have been denied for a VA loan.

CalHFA Loan Programs

Loans offered through CalHFA are designed to help buyers with down payment and closing cost assistance. These programs are often paired with a first mortgage and come with income limits and occupancy requirements.

Because guidelines can change, it is important to understand eligibility before relying on these programs in your planning.

Who’s it for?
First-time or moderate-income buyers in California who need assistance with upfront costs and meet program guidelines.

U.S. Department of Agriculture (USDA) Loan

USDA loans are designed to support homeownership in eligible rural and suburban areas. These loans often allow for zero down payment and offer competitive interest rates, though income limits and location requirements apply.

Who’s it for?
Buyers purchasing in eligible areas who meet income guidelines and want a low-down-payment option. A few rural areas in Kern County that often qualify are Tehachapi, Shafter, Arvin, Delano and Lamont - just to name a few!

Choosing the Right Loan

There is no single “best” mortgage. The right loan depends on your financial picture, long-term plans, and comfort level with monthly payments. The options above are some of the most common, but they are not the only ones, which is why it helps to understand the differences before you commit. What works well for one buyer may not be the best fit for another.

A thoughtful loan choice can make homeownership feel manageable, predictable, and aligned with your goals.

Ready to Talk Through Your Options?

Choosing the right mortgage is easier when you understand how each option fits into the overall home-buying process. If you are considering buying a home in Bakersfield or anywhere in Kern County, The McCarty Group can help guide you through the real estate side of the transaction and connect you with trusted local lenders.

Reach out to The McCarty Group to start a conversation and take the next step toward confident homeownership in Kern County.