The “American Dream” of homeownership is supported by federal programs that either insure loans made by lenders (such as FHA, VA, and USDA) or purchase loans from lenders to package them into mortgage-backed securities (like Fannie Mae and Freddie Mac).

Loans that meet the standards set by Fannie Mae and Freddie Mac are called conforming loans, and can only be used for borrower-occupied, single-family homes up to four units. 

FHA conforming loan qualifications include:

• FICO® score at least 580 = 3.5% down payment.
• FICO® score between 500 and 579 = 10% down payment.
• MIP (Mortgage Insurance Premium) is required.
• Debt-to-Income Ratio
• The home must be the borrower's primary residence.
• Borrower must have steady income and proof of employment.

VA loans require a Certificate of Eligibility, but require low or no down-payments. USDA loans also require no money down and are only eligible for qualifying rural homes.

Conventional loans are not government-insured. Borrowers must have 620 or higher credit scores.

To sell your home this spring, you should repaint, declutter and deep clean, but details will make the most difference.

• Before you paint, scuff up the surface with a light sanding or a fine abrasive pad. Clean walls and floors of dust and dirt so painter’s tape will adhere tightly and your paint job looks more professional.
• Be ruthless when you declutter. Donate items you don’t use or like very much. Closets look bigger with fewer clothes. Organize kitchen and bath cabinets and drawers for more appeal.
• Deep cleaning should include windows. Vacuum dust and dirt from sills, then apply a generous spray of window cleaner. Use a squeegee to remove wet streaks, which works better than a cloth. Fluff curtains in the dryer and wipe off curtain rods in the meanwhile. Open all window coverings for showings to homebuyers.
• Pay attention to smells. Wash all bedding, and apply baking soda to the mattresses, then vacuum. Wash or replace pet beds. Put orange peels down stinky disposals to help clean smelly blades.

Thanks to social media, some homebuyers can be ruthless in describing your home to others. If they call your home cheugy (choo-gee), they believe you’re pursuing trends a little too hard, or your home is outdated. What makes a home cheugy is hard to pin down, but these are a few things that writers, redditors, and designers have called out:

Swap inspirational signs like “Live, Love, Laugh” with vintage or abstract art. Ditto for obvious statement signs like “Eat.”

Giant TVs taking over the living room. The trend of discreet tech: “hidden speakers, wireless charging furniture, and voice-controlled lighting” along with hidden TVs are now preferable.  

Shower curtains, bath rugs, and old towels seldom look fresh and clean. Better to install a glass enclosure or buy new bath accessories.

Gray paint, the new neutral following the Great Recession, is now old and well...gray.  Try a bolder grayed blue, sage green, or mushroom instead. 

It’s ironic, but the word cheugy will soon be cringy, too.