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...
Hey guys, you're gonna be taking a listing in the next couple weeks. And when you take that listing, what if I give you a tool that can help you market it in a way that will set you apart from all the competition and help you sell for top dollar—despite the interest rate issues that we're having in the marketplace right now?
Here's your golden ticket:
When you're sitting with the seller, I need you to ask them this question:
"Can I ask you, what kind of loan do you have on this home?"
If they answer that they have an FHA or a VA loan or a USDA loan, guess what? Those loans are potentially assumable. And if they have a loan interest rate of less than 5%—even less than 6% today—that could be very valuable to a buyer in the marketplace.
Now, there are some conditions and qualifications. Obviously if they're doing a VA loan, the buyer has to be a veteran themselves. But most of these just require that the...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...