FHA and the Department of Housing and Urban Development announced a brand new policy this week:
FHA borrowers can now use ADU (accessory dwelling unit) income to qualify for a new mortgage.
This change is effective immediately.
We are excited to see this change. It will allow working class homeowners and first time buyers to build intergenerational wealth AND increase housing supply which is sorely needed.
This works for:
- A home you already own, without an ADU, and you want to add an accessory dwelling unit.
- A home you want to buy that has an ADU that is currently unrented.
- A home you want to buy and you want to add an accessory dwelling unit or convert a garage or shop to an ADU.
If you want to find out what you can do, call us today – WE MAKE IT EASY!