FHA now allows income to be used from an accessory dwelling unit. My name is Tom Heath. I’m Vice President and Senior Loan Officer at Nova Home Loans. And we received the news recently that FHA is expanding their income qualifications to include accessory dwelling units.
FHA has always considered income from a multi -unit property, such as a duplex, triplex, et cetera. But they’ve expanded that now to single family residents with an accessory dwelling unit. That unit is typically a guest house or another living quarters on the property, but it’s still considered a single -family residence. This is really good news for buyers as it can expand their qualifying income, and it’s also great news for sellers as it opens up a whole new pool of potential buyers interested in a single -family residence with an ADU.
Of course conditions always apply on these types of new programs, so before you send someone out looking at that property, have them give us a call, make sure they understand all of the details and fully pre-qualified.
As a reminder, as you work nights and weekends, so do Trevor and I. The Mortgage Guidance Group is here for you. Should you just have questions about a program, if you need to get someone pre-qualified, or if you just really want to understand a little bit more about how the market is working, give us a call at (520) 495-7213 , reach out to us, email us, and you can also check out more information on our website mggrouptucson.com.