Financing of a home with an ADU
The changes to FHA financing highlights are;
- The allow prospective borrowers financing a property with an ADU to use some of the actual or projected rental income from the ADU to help meet FHA income requirements;
- Requires analysis and reporting of ADU rental history or market rent in FHA appraisals;
- Clarifies that ADUs are an eligible improvement type for the FHA Standard 203(k) Rehabilitation Mortgage Insurance Program; and
- Adds single family homes with ADUs to the types of improvements that can be financed under FHA’s mortgages for new construction programs.
There are many homes with ADUs out there now and with these changes it will be easier for your clients to get into them. To get the whole story Click Here
You can bring in a fully built manufactured home, set it on your site, and have it producing income within 60-90 days. Use it for your in-laws or maybe an AirBnb
We have an office just outside of Columbia SC
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uptown 10-26-2023
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