Selling your home

Q. What should I know about FHA loans if I’m thinking about buying a home soon?

A. An FHA loan is a mortgage insured by the Federal Housing Administration (FHA) that offers favorable terms for those who qualify, particularly first-time homebuyers.

Here are some important details:

1. Is mortgage insurance required? Yes. Because only 3.5% of the purchase price is required as a down payment, FHA loans require you to pay private mortgage insurance. This protects the lender from a loss if the borrower defaults on the loan.

2. Can you use gift monies with FHA loans? Yes, you may use a gift from a friend or relative for the 3.5% FHA down payment.

3. Do I get the loan directly from the FHA? No. You need to get your loan through an FHA-approved lender. Costs, services, and underwriting standards vary, so it’s important to shop around.



4. How do I find an FHA-approved lender? Go to the Department of Housing and Urban Development site at www.hud.gov (then search for “Lender List”), or ask me and I’ll refer you to a trusted lender.

Q. How can I build wealth with real estate rental properties?

A. Before purchasing rental property, consider the following factors to make a good investment:

Find moderately priced properties, so you can generate more cash flow than higher priced properties. Your tenant’s rent should cover the mortgage, utilities, and additional expenses in order to produce a cash flow.

Get the full cost of owning and repairing the home. Have a property inspection before you purchase the property to identify any potential repairs. Also, get written quotes from contractors for repairs you’ll need to make before renting out the home.

Carefully select your tenants. Each time a renter leaves, you have to prep it
for another tenant by paying for repairs, possible upgrades, and other costs such as advertising, credit and background checks, plus taking time to show the unit. Long-term tenants are better for your investment, so choose wisely and treat them well!

Q. How can I make my home attractive to buyers?

A. When selling your home, look at your home through a potential buyer’s eyes, and follow these steps to make it show well and receive a good offer:

Clean and repair. Your buyer’s first impression is from the street.
Clean up the yard, the landscaping and check your exterior paint job. On the inside, shampoo the carpets, scrub the floors and clear off all the counters. Remove old wallpaper and paint the walls a neutral color. Fix things that need fixing, like squeaky doors, broken tiles etc.

De-Clutter. Get rid of all that “stuff” you’ve accumulated in the garage, the backyard and the basement. And don’t forget the closets!

“Stage” it to look like a model home. Put away your personal items and remove large pieces of furniture. Ask your REALTOR® for ways to “dress up” your home (candles, new linens etc.) to maximize your selling potential.

Do you have a real estate question you want answered? Feel free to call me at 704-650-5707 or email me at annagrangerhomes@gmail.com. Perhaps I’ll feature it in the next MHT issue!

Thanks For Thinking of Me!
Did you know I can help you or any of your friends or family save time and money when buying or selling a home? Thanks for keeping me in mind with your referrals…and spreading the word about my services.