September 28, 2021

MP Now News

Mortgage News

Housing Watch: Making sure you are pre-qualified

FRESNO, Calif. (KFSN) – If you are serious about buying a home, it is important to make sure you are pre-qualified.

Real estate agent Noe Cruz says that this way you can get an offer on a home that you really like.

“I don’t show a home to anyone who isn’t prequalified,” he said. “This is the most important thing you have to do. You don’t want to tour houses, look forward to a house and then not be able to qualify.”

Sierra Pacific Mortgage loan officer Paul Salazar says he has clients who prequalified seven months ago but still haven’t been able to close a home because they refuse to bid on real estate.

Often times, buyers need a little more than the seller is asking because other people are bidding higher.

“But I’ve found that because this market is a little hot right now, people say, ‘Can I qualify for a little bit more?’ In some cases, yes, which means I am telling you that you have to pay some debts in order to qualify, ”Salazar said.

Salazar adds that first-time buyers must have a minimum credit score of 620 in order to be eligible for an FHA loan.

According to real estate agent Caitlin Sawatsky, some buyers have made offers for multiple homes at the same time.

“We heard that people who offered in our offers also had offers for other properties because it is just difficult to get something accepted and you don’t want to lose something that is great for something that was perfect,” she said.

Experts say buyer interest remains high due to the low interest rates.

We currently have 524 active listings in the Fresno / Clovis area. The number is slowly increasing.

More than 1,100 houses are in trust.

Copyright © 2021 KFSN-TV. All rights reserved.