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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
If you’re a homeowner planning to move, you’re probably wondering how to time everything: Should you find your next home first? Or sell your current home before you start looking? The right answer depends on your situation, and that&rsquo
As of July 1, 2025, NYC officially ended the one-time “unit-hold” bonus for landlords who rent to CityFHEPS voucher holders. But thanks to legal action, that decision is temporarily on hold. What Happened? On June 28, 2025, the Legal
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
If you’re a homeowner planning to move, you’re probably wondering how to time everything: Should you find your next home first? Or sell your current home before you start looking? The right answer depends on your situation, and that&rsquo
As of July 1, 2025, NYC officially ended the one-time “unit-hold” bonus for landlords who rent to CityFHEPS voucher holders. But thanks to legal action, that decision is temporarily on hold. What Happened? On June 28, 2025, the Legal