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Can I Build An ADU On My New Property? FHA's New ADU Policy - Unlocking Homeownership #fhaadu #bronx
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In mid-October 2023, FHA introduced a significant policy change that benefits home buyers and sellers of single-family properties. The new policy allows income from accessory dwelling units (ADUs) on a property to be used for mortgage qualification. ADUs are separate living spaces on single-family lots, such as basement apartments. Before this change, FHA did not consider potential rental income from ADUs when calculating mortgage eligibility. Now, up to 75% of the projected rental income from an ADU can be added to a buyer's total income, increasing their mortgage qualification amount.

Even if the single-family home does not have an ADU, buyers can finance the construction of a new ADU using an FHA 203K rehabilitation loan. In this case, 50% of the projected income from the new ADU can be considered for mortgage qualification.

This policy change has a significant impact on the housing market, making it easier for people to buy homes, especially those who may not qualify for conventional loans. Sellers can also benefit from a larger pool of potential buyers for single-family homes. It's essential to stay informed about these changes in the real estate market
 
#FHANewPolicy #FHAHomeOwnership #RealEstateRevolution #HousingMarketUpdate #MortgageBoost #AccessoryDwellingUnit #PropertyOwnershipSimplified #FHAChange #RealEstateNews #RealEstate #NYCRealEstate #NewYorkRealEstate #NewYorkCityRealEstate #NYClandlords #BronxRealEstate #Bronx #Bronxnyc #Bronxhomes #MortgageFinancing #ADUFinance #ADURentalIncome #FHAandADU #FederalHousingAdministration #MortgageUnderwriting #RentalIncome #203kRehabilitationMortgages #HomeOwnership #HousingSupply #AffordableHousing

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