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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
🏡 Why Some Homes Sell Quickly – and Others Don’t Sell at All A few years ago, homes in New York City were selling the moment they hit the market. With record-low inventory, buyers were competing fiercely, and sellers barely had to lift
Closing costs are the additional fees and payments that come due when you finalize your home purchase. Think of them as the necessary services and protections that make your transaction official and legally sound. According to industry sources like F
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 Some Homes Sell Quickly – and Others Don’t Sell at All A few years ago, homes in New York City were selling the moment they hit the market. With record-low inventory, buyers were competing fiercely, and sellers barely had to lift
Closing costs are the additional fees and payments that come due when you finalize your home purchase. Think of them as the necessary services and protections that make your transaction official and legally sound. According to industry sources like F