FRESNO, Calif. (KFSN) — To make that move from renter to homeowner will require ample savings, good credit and maybe some creativity.
But Paul Salazar of American Pacific Mortgage in Northwest Fresno is encouraged by several factors.
“I believe we’ll probably get a little decrease in the pricing but the inventory is right now is a little bit higher,” says Salazar. “Meaning that we have more inventory so there might be a little competitiveness on that.”
Many prospective buyers have their eye on mortgage interest rates. Salazar expects them to dip below 6% this year.
“Right now it is at 6% straight across the board,” Salazar said. “There is never a good or a bad time to buy a house but there is an opportunity when you do buy that house because you could always refinance as the economy or the conditions get better.”
And a 20% down payment isn’t always required.
“The only hard and fast rule for 20% is for investors. A primary residence for first-time homebuyers, you can go as low as 3%. FHA is 3 1/2,” he says.
Salazar says if you are in the market, it is very important to first get pre-qualified, “I always say, we need to see all the “bumps and uglies” first, to take care of everything so we can move forward.”
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