Buyers with good credit can purchase homes with a relatively small down payment, lower monthly mortgage, and low-interest rates compared to conventional mortgages through loans insured by the Federal Housing Administration (FHA). In fact, the FHA only requires as little as a 3.5 percent down payment, which makes it so popular and appealing to first-time home buyers.
The FHA insures mortgage loans for about 30 percent of today’s home buyers so there is a good chance you will get an offer from an FHA buyer for your home. If your property doesn’t meet FHA requirements, you could cut out almost one-third of your potential buyers.
Here are five ways you can make sure your home is FHA-friendly to increase your chances of selling: