My Way Home Hope to Home - Bakersfield City Program

What is My Way Home Hope to Home - Bakersfield City Program?

My Way Home Hope to Home - Bakersfield City Program is a deferred second loan for homebuyers in Bakersfield, California.

• 30-year deferred loan at 2% simple annual interest for low-income first-time homebuyers earning up to 80% AMI purchasing within Bakersfield city limits. Partnership with City of Bakersfield.
• no monthly payments on DPA.
• Funding comes from City of Bakersfield / Federal HOME.

Do you have to pay it back?

My Way Home Hope to Home - Bakersfield City Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale, transfer, or non-occupancy.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

My Way Home Hope to Home - Bakersfield City Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

My Way Home Hope to Home - Bakersfield City Program limits household income to 80% of the area median income, which varies by county and household size.

• Low income: household income ≤80% of Area Median Income (AMI).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

My Way Home Hope to Home - Bakersfield City Program caps the purchase price at $450,000.

• Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

My Way Home Hope to Home - Bakersfield City Program serves buyers purchasing in Bakersfield, California.

How do you apply?

Applications for My Way Home Hope to Home - Bakersfield City Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through My Way Home homebuyer education.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Contact provider directly; subject to funding availability, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.