FRESNO, Calif. (KFSN) — To make that move from renter to homeowner will require ample savings, good credit and maybe some creativity.<\/p>\n
But Paul Salazar of American Pacific Mortgage in Northwest Fresno is encouraged by several factors.<\/p>\n
“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.”<\/p>\n
Many prospective buyers have their eye on mortgage interest rates. Salazar expects them to dip below 6% this year.<\/p>\n
“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.”<\/p>\n
And a 20% down payment isn’t always required.<\/p>\n
“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.<\/p>\n
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.”<\/p>\n
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