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What Are The Requirements To Sell A Home Using An FHA Loan?

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What Are The Requirements To Sell A Home Using An FHA Loan?Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property.

While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.

Location And Lot

To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit.

The access also has to be paved with a surface that will work all year a long dirt driveway that washes out in spring won’t qualify.

The FHA also wants the lot to be safe and free of pollution, radiation and other hazards. For that matter, it also needs to provide adequate drainage to keep water away from the house.

Property Exterior

The FHA’s requirements for making a loan start with the home’s roof. To pass muster, the house must have a watertight roof with some future life left. In addition, if the roof has three or more layers of old shingles, they must all be torn off as part of the replacement process.

The property’s exterior has to be free of chipped or damaged paint if the home has any risk of having lead paint. Its foundation should also be free of signs of exterior (and interior) damage. It also needs full exterior walls.

Property Interior

The property’s interior also needs to be inspected. FHA standards require that the home’s major systems be in good working order.

Bedrooms should have egress routes for fire safety and the attic and basement should be free of signs of water or mold damage.

The bottom line is that the FHA wants to make loans on homes that borrowers can occupy. This doesn’t mean that a home has to be in perfect condition to be sold to an FHA mortgage-using borrower. It just needs to be a place that they can live.

Tips For Selling Your Home In The New Year

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Tips For Selling Your Home In The New Year Many people think that selling a home after the holidays and during the Winter season is a bad idea. Most people are not in the home buying mood, because they are thinking about the holidays.

Also, buyers will think that you are desperate and they will give you offers that are less than list price.

Advantages Of Selling Your Home Now

However, there are some advantages to selling your home over the holidays and into the new year. There will be less homes on the market, so there won’t be as much competition.

Also, buyers will likely be on their holidays from work, so they will have much more time to view properties and look around at homes.

Another factor is mood – buyers will generally be feeling more cheery and relaxed over the holidays, which will result in them being more likely to make the decision to buy a home.

A home can have a really romantic and cosy feeling during the winter season, which could make a buyer fall in love with it.

When You Are Selling Your Home During The Winter Season, Here Are Some Tips To Keep In Mind:

  • Choose a good real estate agent who will be able to communicate with you well and find the right buyers for your house.
  • Price the house realistically. This time of year, it helps to be competitive. You might even get buyers competing, which will push the price up as they bid against each other.
  • Make sure that you have all of the paperwork in order, including an energy performance certificate, fittings and fixtures list and much more.
  • Give your home a little makeover so that it gives a great first impression. Touch up the paintwork, rearrange the furniture and remove clutter.
  • Giving a sense of airy lightness is important, especially in the winter months. Make sure that your windows let in plenty of natural light.
  • Be flexible. You might need to be able to accommodate last minute viewings or viewings at strange times, so keep your schedule open.
  • Serve seasonal drinks and snacks at your open house, such as mulled wine, eggnog and cookies, to put your buyers in a good mood.
  • Have your moving company chosen and ready to go in advance, in case there is the possibility of a quick sale.

These are just a few tips to keep in mind for selling your home over the holidays. For more helpful tips, contact your trusted real estate professional.

Improve Your Curb Appeal This Winter

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Improve Your Curb Appeal This WinterAfter all of the excitement of the holidays, the sparkle of the lights and the overstimulation of decorations, the rest of winter can seem lackluster. Don’t let your home add to the dreariness of the season.

Spruce up your curb appeal with the tips below and inspire your neighbors to create well-groomed street that will make driver’s passing through smile.

Tend The Plants

If you’re currently located in a winter wonderland, then dig up any dead plants that won’t grow back. Replace them with cold-loving flowers, such as snowberry or lambs ear.

In warmer climates, this is the time for any landscaping changes you’d like to make. It will give your plants a chance to flourish by spring and have solid roots before the harsh heat of summer.

Light The Way

With daylight hours dwindling, well-placed outdoor lighting will help highlight your home’s best features in the evening.

Not only do they make your home look warm and cozy, but they also provide much-needed walkway lighting so that your guests arrive safely.

For a festive New Year’s sparkle, wrap white lights around the porch and in the trees.

Create A Custom Mailbox

Reclaim a vintage mailbox or get creative with paint to let the neighborhood know your family’s favorite sports team. A personalized letterbox says a lot about your household, so make it something special that doesn’t look like every other box on the street.

Also, visitors trying to find your home always appreciate large, easy-to-read address numbers visible from both directions.

Place Pots Strategically

Create focal points with terra cotta or colorful pots. Place them around your door to make a cozy entrance. Use evergreens and holly to give the curb appeal of your home a wintry feeling or brighten up a dark doorstep with cheerful pansies.

Paint Your Front Door

Perk up your curb appeal when the weather is dreary by painting your front door in a color that packs a punch. Try a vibrant red, bright blue or sage green. These colors will make your home feel warm and cheerful. However, don’t apply paint if the weather is below 40 degrees, because it will dry brittle and crack.

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Cachet Real Estate Finance, LLC
1526 McKinley Ave
San Antonio, TX 78210
NMLS #391557 | Equal Housing Lender