NEXT STEPS: Call/text me at 917-254-2103 to speak to me directly.
FREE HOME EVALUATION: https://bit.ly/45URvuV
FREE SELLER/BUYER GUIDES: https://bit.ly/45URvuV
PROPERTY SEARCH: https://www.justinrsimmonshomes.com/listings
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
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
🏡 Why Buying a Home Still Pays Off Over Time Introduction In today’s housing market, it’s easy to look at rising costs, high rents, or headlines about mortgage rates and wonder whether buying a home is still worth it. Renting can seem
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
🏡 Why Buying a Home Still Pays Off Over Time Introduction In today’s housing market, it’s easy to look at rising costs, high rents, or headlines about mortgage rates and wonder whether buying a home is still worth it. Renting can seem