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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
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To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text Ho
To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text Ho
To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text Ho
To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text Ho
To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text Ho