Are you a Kern County resident looking to buy your first home? Perhaps you are looking to purchase a vacation or investment property. Whatever your desire, Kern Schools is proud to help our Members experience the joy of home ownership.

As part of your community, our experienced home loan professionals will ensure you get the information you need to make a financing decision just right for you and your family.

Take the first step. Get pre-approved today!

APPLY ONLINE

You can also get pre-approved by visiting our Home Loan Center or calling (661) 833-7926 or (800) 221-3311 (if outside of Bakersfield).

Loan Types and Rates

Kern Schools is an Equal Housing Lender.

Conventional First Mortgage

Buying a home is one of life’s most exciting milestones. Not only are you making decisions about a new neighborhood, available schools, shopping and entertainment, but you are also navigating the home buying process. Kern Schools is proud to partner with you in this journey. Our Conventional First Mortgages are ideal for those who are looking for a fixed rate and have the ability to put a down payment of at least five percent (5%). Features we offer include:

  • Interest is fixed for the life of the loan.
  • Financing available up to 95% of the property value.
  • Loan amounts up to $424,100.
  • Free 60-day rate lock.
  • No obligation pre-approval.
  • Upon approval, appraisal fee and a non-refundable application fee of $100 will be collected.
Conventional First Mortgage Rates


Rates Effective As Of 3/21/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Upon underwriting approval, the appraisal fee and a non-refundable application fee of $100 will be collected before the appraisal will be ordered.

Loan Term* Rate Points Annual Percentage Rate
30 Year 4.250% 0.250% 4.314%
20 Year 4.000% 0.250% 4.087%
15 Year 3.625% 0.250% 3.736%
10 Year 3.500% 0.250% 3.659%


*Conventional Payment Example:  A loan amount of $424,100 for 30 years at 4.314% APR would have a monthly payment of $2,086.00. This example does not include taxes and insurance. Your actual payment obligation will be higher.



Annual Percentage Rates (APR) are based on loan amounts of $424,100 for conforming loans plus pre-paid fees and 95% loan-to-value (LTV) ratio. PMI is required on loans over 80% LTV.

Investment Home Loan

If you’re ready to buy a rental, this is the loan for you. The Investment Home Loan lets you purchase or refinance a property that is not being used as a primary residence.

  • Non-owner occupied single family residence, condos, Planned Unit Development (PUD) and 2-4 units available.
  • Loan amounts from $70,000 to $424,100.
  • Free 60-day rate lock.
  • No obligation pre-approval.

FHA Home Loan

FHA loans are insured by the Federal Housing Administration, have less stringent standards than a Conventional First Mortgage and require a smaller down payment. These loans are ideal for first-time homebuyers, but may appeal to others as well. FHA specs include:

  • Owner-occupied Primary Residence.
  • Low 3.50% down payment.
  • Single-family home loan limit of $275,665.
  • Requires mortgage insurance.

Rates Effective As Of 3/21/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Loan Term* Rate Points** Annual Percentage Rate
30 Year 4.500% 2.250% 4.764%
15 Year 3.875% 2.250% 4.323%

*Investment Payment Example: A $424,100 loan for 30 years at 4.764% APR would have a monthly payment of $2,148.85. This example does not include taxes and insurance. Your actual payment obligation will be higher.


Minimum 20% down payment is required on 1 unit properties. Minimum 25% down payment is required on 2-4 unit properties

Annual Percentage Rates (APR) are based on loan amounts of $424,100 for conforming loans plus pre-paid fees and 80% loan-to-value (LTV) ratio. PMI is required on loans over 80% LTV.

**Base point structures listed are for loan-to-values up to 75%. If you are applying for a loan that has a loan-to-value between 75-80%, then the base point structure is increased by 1.000% additional points.


Rates Effective As Of 3/17/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Loan Term* Rate Points Annual Percentage Rate
30 Year 3.750% 0.125% 3.943%
15 Year 3.500% 0.125% 3.839%

*FHA Payment Example: A $275,665 loan for 30 years at 3.943% APR would have a monthly payment of $1,276.65. This example does not include taxes and insurance. Your actual payment obligation will be higher.


MIP is required on all FHA loans for life regardless of the loan to value.
FHA Maximum Loan Amounts: 1 unit=$275,665 | 2 unit = $352,950 | 3 unit = $426,625 | 4 unit = $530,150
Annual Percentage Rates (APR) are based on loan amount of $275,665


Veterans Affairs (VA) Loan

Guaranteed by the Department of Veterans Affairs, VA loans are offered to veterans, service members and their families. The VA Loan offers affordable features such as:

  • No down payment required.
  • Loan amounts up to $424,100.
  • Requires a VA “Certificate of Eligibility.”

Manufactured Housing Loans

Choose a manufactured home for your next primary residence or vacation home and enjoy the great low rates Kern Schools has to offer.

  • Financing available up to 95% for primary residence.
  • Loan amounts up to $424,100.
  • Free 60-day rate lock.
  • No obligation pre-approval.

Rates Effective As Of 3/17/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Loan Term* Rate Points Annual Percentage Rate
30 Year 3.750% 0.125% 3.908%
15 Year 3.500% 0.125% 3.839%

*VA Payment Example: A $424,100 loan for 30 years at 3.908% APR would have a monthly payment of $1,964.07. This example does not include taxes and insurance. Your actual payment obligation will be higher.


Annual Percentage Rates (APR) based on loan amount of $368,750


Rates Effective As Of 3/21/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Loan Term* Rate Points Annual Percentage Rate
30 Year 4.250% 0.750% 4.384%
20 Year 4.125% 0.750% 4.308%

*Manufactured Payment Example: A $424,100 loan for 30 years at 4.384% APR would have a monthly payment of $2,086.32. This example does not include taxes and insurance. Your actual payment obligation will be higher.


Annual Percentage Rates (APR) are based on loan amounts of $424,100 for conforming loans plus pre-paid fees and 95% loan-to-value (LTV) ratio. PMI is required on loans over 80% LTV.

Manufactured homes must be on a permanent foundation and a recorded “Notice of Manufactured Home, Mobile Home, or Commercial Coach Installation on a Foundation system”, also known as 433A, must be presented to us prior to approval. (Primary Residence and Vacation Homes).



Adjustable Rate* Home Loans

Adjustable Rate Mortgage (ARM) loans are ideal for Members who want to afford more home and expect an increase in income. Our 5/1 ARM program is available on Conventional and Jumbo home purchases.

5/5 ARM: This program offers a 5-year fixed initial rate and will change once every 5 years thereafter. Both purchase and refinances are available on single-family primary residence and vacation homes. Rates are tied to the five-year Treasury Securities.

5/5 Adjustable Rate* Loans

  • 5/5 ARM amortized over 30 years.
  • Financing available up to 90% loan-to-value (LTV) of the purchase price or appraised value, whichever is less. Private Mortgage Insurance (PMI) is required on LTVs greater than 80%.
  • Conforming Loan amounts to $424,100; Jumbo Loan amounts from $424,101 and up.
  • Free 60-day rate lock.
  • No obligation pre-approval.
  • Upon approval, appraisal fee and a non-refundable application fee of $100 will be collected.
5/5 ARM Conforming and Jumbo Loan Rates

Rates Effective As Of 3/01/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Loan Program Loan Term Rate Points Adjustable Annual Percentage Rate
5/5 Conforming Adjustable Margin 1.75%
Cap 2/5
30 Year 3.75% 0.00% 3.791%

5/5 ARM Conforming Loan Payment Example: A $424,100 loan for 30 years at 3.791% APR would have a monthly payment of $1,964.00. This example does not include taxes and insurance. Your actual payment obligation will be higher.

Loan Program Loan Term Rate Points Adjustable Annual Percentage Rate
5/5 Jumbo Adjustable Margin 1.75%
Cap 2/5
30 Year 3.75% 0.00% 3.782%

5/5 Jumbo ARM Loan Payment Example: A $750,000 loan for 30 years at 3.782% APR would have a monthly payment of $3,473.00. This example does not include taxes and insurance. Your actual payment obligation will be higher.

Jumbo Loans are loan amounts starting at $424,101. Minimum 10% down required.

Annual Percentage Rates (APR) are based on loan amounts of $750,000 for Jumbo loans plus pre-paid fees and 80% loan-to-value (LTV) ratio.

*Additional Information about our Adjustable Rate Mortgages (ARM) – The APR, interest rate and principal and interest payment are subject to increase/decrease and will change after the loan is closed due to market-driven changes to the index.

5/1 ARM: This program offers a 5-year fixed rate initial term and may adjust annually thereafter. Rate is tied to the one-year Treasury Securities Index.

7/1 ARM: This program offers a 7-year fixed rate initial term and may adjust annually thereafter. Rate is tied to the one-year Treasury Securities Index.

Jumbo Adjustable Rate* Loans

Finance or refinance a single-family primary residence, second, or vacation home of your dreams with our Jumbo Loan. The Jumbo 5/1 ARM program offers a 5-year fixed rate initial term and may adjust annually thereafter. Our Jumbo 7/1 ARM program offers a 7-year fixed rate initial term and may adjust annually thereafter. Rates are tied to the one-year Treasury Securities Index.

  • Jumbo 5/1 ARM and 7/1 ARMs amortized over 30 years
  • Financing available up to 80% of the property value
  • Loan Amounts from $424,101 and up
  • Free 60-day rate lock
  • No obligation pre-approval
  • Upon approval, appraisal fee and a non-refundable application fee of $100 will be collected
Jumbo Loan Rates

Rates Effective As Of 12/15/2016. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Loan Program Loan Term Rate Points Adjustable Annual Percentage Rate
5/1 Adjustable Margin 2.500%
Cap 2/5
30 Year 3.875% 0.250% 3.486%
7/1 Adjustable Margin 2.625%
Cap 5/2/5
30 Year 4.000% 0.250% 3.697%

Jumbo Loan Payment Example: A $750,000 loan for 30 years at 3.486% APR would have a monthly payment of $3,526.78. This example does not include taxes and insurance. Your actual payment obligation will be higher.

Jumbo Loans are loan amounts starting at $424,101. Minimum 20% down required.

Annual Percentage Rates (APR) are based on loan amounts of $750,000 for Jumbo loans plus pre-paid fees and 80% loan-to-value (LTV) ratio.

*Additional Information about our Adjustable Rate Mortgages (ARM) – The APR, interest rate and principal and interest payment are subject to increase/decrease and will change after the loan is closed due to market-driven changes to the index.

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How Much Home Can You Afford?

Use our online mortgage calculators to find a payment you are comfortable with or easily compare loan options and payments with our free online Loan Consultant.

Mortgage Calculator

Got Questions? We’ve Got Answers.

Simply submit the contact form and one of our Home Loan Center Representatives will contact you within two business days.

If you need immediate assistance, please call our Home Loan Center at (661) 833-7926 or visit us at our Home Loan Center in Bakersfield.

Kern Schools Home Loan Center
4530 Ming Avenue
Bakersfield, CA 93309

Hours:
Monday – Thursday: 9:00 a.m. – 5:00 p.m.
Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

Kern Schools is an Equal Housing Lender.

Home Loan Center Contact


You are not alone.

If you are struggling with your mortgage payments or facing foreclosure, then you may be feeling overwhelmed and frustrated. At Kern Schools, we want you to know you’re not alone. We are here to help you through your time of need by offering many programs which can help assist you during this challenging time. For details on free programs, eligibility requirements and contact information please click here.