Breaking News: FHA Changes Make Financing ADUs Easier! A Game-Changer for Homebuyers!
Did you hear the latest news from the Federal Housing Administration about financing ADUs, which stands for Additional Dwelling Units?
In the past, lenders couldn't consider rental income from these ADUs, making it tough for buyers unless they were all-cash purchasers. But here's the exciting update: Starting now, you can purchase these properties more easily. For ADUs that are either not built yet or in need of a complete remodel, you can use an FHA 203K loan.
The best part?
They now count 50% of the income from the ADU in your qualification. And if it's an existing ADU, they'll consider up to 75% of the rental income!
This means it's a lot more accessible to buy such properties.
So, if you know someone who owns an ADU, let them know it's now easier to finance and sell.
And for those of you with buyers seeking these types of properties, whether it's for a second family situation, this is fantastic news to share on social...
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