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.
- Free 60-day rate lock.
- No obligation pre-approval.
- Upon approval, an appraisal fee will be collected.
Conventional First Mortgage Rates
Rates Effective As Of 01/14/2020. 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 will be collected before the appraisal will be ordered.
| Loan Term* | Rate | Points | Annual Percentage Rate |
|---|---|---|---|
| 30 Year | 3.625% | 0.000% | 3.670% |
| 20 Year | 3.375% | 0.000% | 3.437% |
| 15 Year | 3.000% | 0.000% | 3.079% |
| 10 Year | 3.000% | 0.000% | 3.115% |
*Conventional Payment Example: A loan amount of $510,400 for 30 years at 3.670% APR would have a monthly payment of $2,328.00. 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 $510,400 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.
- Free 60-day rate lock.
- No obligation pre-approval.
- Upon approval, an appraisal fee will be collected.
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.
- Requires mortgage insurance.
Conventional/Conforming – Fixed Rate Investment Mortgage
Rates Effective As Of 01/14/2020. 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 |
|---|---|---|---|
| 15 Year | 3.250% | 3.375% | 3.831% |
*Investment Payment Example: A $510,400 loan for 15 years at 3.831% APR would have a monthly payment of $3,586.00. 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 $510,400 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.
Adjustable Rate Investment Mortgage (ARM)
Rates Effective As Of 12/19/2019. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.
| Loan Type* | Rate | Points | Annual Percentage Rate |
|---|---|---|---|
| 15 Year 5/5 Adj Margin 1.750% Cap 2/5 |
3.250% | 0.000% | 3.434% |
| 30 Year/15 Year Balloon³ 5/5 Adj Margin 1.750% Cap 2/5 |
3.625% | 0.000% | 3.612% |
*Investment ARM Payment Example: A loan amount of $510,400, for 15 years at 3.434% APR would have a monthly payment of $3,586. This example does not include taxes and insurance. Your actual payment obligation may be higher.
Minimum 20% down payment is required on all property types.
Annual Percentage Rates (APR) are based on loan amounts of $510,400 for conforming loans plus prepaid fees and 80% loan-to-value (LTV) ratio and does not included Private Mortgage Insurance (PMI). PMI is require on loans over 80% loan to value (LTV).
Adjustable Rate Mortgages 5/5 (ARM) has a fixed rate for an initial period of 5 years; then adjusts every 5 years thereafter and requires a minimum 20% down. Subject to index, margin, and periodic rate caps. Adjustable rate will be based on the weekly average yield on United States treasury securities adjusted to a constant maturity of five years.
A balloon payment will be due and payable on the 15 year maturity date. Subject to index, margin, and periodic rate caps. Adjustable rate will be based on the weekly average yield on United States treasury securities adjusted to a constant maturity of five years.
Rates Effective As Of 01/14/2020. 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 | 3.250% | 0.125% | 4.454% |
| 15 Year | 3.750% | 0.125% | 5.084% |
*FHA Payment Example: A $314,827 loan for 30 years at 4.454% APR would have a monthly payment of $1,444 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=$331,760 | 2 unit = $424,800 | 3 unit = $513,450 | 4 unit = $638,100
Annual Percentage Rates (APR) are based on loan amount of $331,760
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.
- 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.
- Free 60-day rate lock.
- No obligation pre-approval.
Rates Effective As Of 01/14/2020. 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 | 3.250% | 0.125% | 3.604% |
| 15 Year | 3.750% | 0.125% | 4.380% |
*VA Payment Example: A $510,400 loan for 30 years at 3.604% APR would have a monthly payment of $2,221.00 This example does not include taxes and insurance. Your actual payment obligation will be higher.
Annual Percentage Rates (APR) based on loan amount of $510,400.
Rates Effective As Of 01/14/2020. 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 | 3.625% | 1.000% | 3.752% |
| 20 Year | 3.375% | 1.000% | 3.550% |
*Manufactured Payment Example: A $510,400 loan for 30 years at 3.752% APR would have a monthly payment of $2,328.00. 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 $510,400 for conforming loans plus pre-paid fees and 80% loan-to-value (LTV) ratio and does not include Private Mortgage Insurance (PMI). 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.
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 is 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%.
- Free 60-day rate lock.
- No obligation pre-approval.
- Upon approval, an appraisal fee will be collected.
5/5 ARM Conforming and Jumbo Loan Rates
Rates Effective As Of 12/19/2019. 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 | 3.250% | 0.00% | 3.456% |
5/5 ARM Conforming Loan Payment Example: A $510,400 loan for 30 years at 3.456% APR would have a monthly payment of $2,221.00. 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 | 3.250% | 0.00% | 3.365% |
5/5 Jumbo ARM Loan Payment Example: A $750,000 loan for 30 years at 3.365% APR would have a monthly payment of $3,264.00. This example does not include taxes and insurance. Your actual payment obligation will be higher.
Jumbo Loans are loan amounts starting at $510,401. 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.
7/1 ARM: This program offers a 7-year fixed rate initial term and may adjust annually thereafter. Both purchase and refinances are available on single-family primary residence and vacation homes. Rate is tied to the one-year Treasury Securities Index.
7/1 Adjustable Rate* Loans
- 7/1 ARM is amortized over 30 years.
- Financing available up to 95% loan-to-value (LTV) on Conforming amounts up to $484,350; up to 80% LTV financing for Jumbo loans on amounts of $484,351 and higher. Purchase price or appraised value, whichever is less. Private Mortgage Insurance (PMI) is required on LTVs greater than 80%.
- Free 60-day rate lock.
- No obligation pre-approval.
- Upon approval, an appraisal fee will be collected.
7/1 ARM Conforming and Jumbo Loan Rates
Rates Effective As Of 12/19/2019. 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 |
|---|---|---|---|---|
| 7/1 Conforming Adjustable Margin 2.375% Cap 5/2/5 |
30 Year | 3.375% | 0.00% | 3.882% |
7/1 ARM Conforming Loan Payment Example: A $510,400.00 loan for 30 years at 3.882% APR would have a monthly payment of $2,256.00. 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 $510,400.00 for conforming loans plus pre-paid fees and 80% loan-to-value (LTV) ratio.
| Loan Program | Loan Term | Rate | Points | Adjustable Annual Percentage Rate |
|---|---|---|---|---|
| 7/1 Jumbo Adjustable Margin 2.625% Cap 5/2/5 |
30 Year | 3.375% | 0.000% | 3.872% |
Jumbo Loan Payment Example: A $750,000 loan for 30 years at 3.872% APR would have a monthly payment of $3,316.00. This example does not include taxes and insurance. Your actual payment obligation will be higher.
Jumbo Loans are loan amounts starting at $510,401.00. Minimum 20% down required.
Annual Percentage Rates (APR) are based on loan amounts of $750,000.00 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.
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.
The information provided by this calculator is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.
Meet our Mortgage Loan Officers
Monica Alvarez
Senior Mortgage Loan Officer
Serving Members since 2015
NMLS# 1316646
Se Habla Español
Monica began her mortgage lending career in 1999 and is a seasoned industry professional who enjoys assisting home buyers through the entire process.
Kimberlee Gypp
Senior Mortgage Loan Officer
Serving Members since 2017
NMLS# 717366
For more than fifteen years, Kimberlee has provided home buyers with the expertise needed to make the mortgage process a successful one.
Melissa Maldonado
Senior Mortgage Loan Officer
Serving Members since 2014
NMLS# 1249097
Se Habla Español
Melissa has been in the mortgage industry for nearly twenty-five years, resulting in the knowledge you need to be placed in the perfect mortgage product.
Alejandra Larios
Mortgage Loan Officer
Serving Members since 2016
NMLS# 1495935
Se Habla Español
For over three years, Alejandra has been helping our Members with their mortgage transactions, whether it is purchasing a home or refinancing their existing home. Alejandra’s number one priority is to ensure her Member’s mortgage experience is a smooth and seamless process.
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.