FHA /HUD new rule about ADU’s
Lauren Hatmaker
November 3, 2023
Uncategorized
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 the 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!
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