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Accessory Dwelling Units (ADUs) for qualifying for a Kentucky FHA Mortgage Loans

Kentucky FHA Expands Access to Financing for Kentucky Homes with ADUs

The Federal Housing Administration (FHA), today announced a new policy which allows lenders to count income from Accessory Dwelling Units (ADUs) for qualifying for a Kentucky FHA Mortgage Loans.    This change allows for the inclusion of rental income from the ADU in the borrower’s qualifying income, potentially allowing more borrowers to qualify for FHA financing for properties with ADUs.   The policy will specifically allow for 75% of the estimated ADU rental income for some borrowers to qualify for an FHA-insured mortgage on a property with an existing ADU.    “One of the reasons we’re making this policy change is to help more borrowers qualify for homeownership and counting rental income is one way to do that,” said FHA Commissioner Julia R. Gordon.   Accessory Dwelling Units (ADUs) are second independent living unit located on the grounds of the primary unit. Adding an ADU raises the value of the property and creates a source of passive income through short-term and long-term rentals.  The new policies: Allow 75% of the estimated ADU rental income for some borrowers to qualify for an FHA-insured mortgage on a property with an existing ADU. This additional income flexibility will help to increase access to homes with ADUs for home buyers with limited incomes, allowing them to benefit from the wealth-building opportunity of a property with an ADU. Use 50% of the estimated rental income, for some borrowers, from a new ADU the borrower plans to attach to an existing structure, such as in a garage or basement conversion, to qualify for a mortgage under FHA’s Standard 203(k) Rehabilitation Mortgage Insurance Program. This will enable more home owners with limited incomes to build ADUs, helping them sustain homeownership and expanding the production of ADUs as rental housing. Include ADU-specific appraisal requirements for appraisers to clearly identify, analyze, and report on ADU characteristics and the estimated rent the ADU can be expected to generate. Add ADUs to the types of improvements that can be financed under FHA’s mortgages for new construction. This allows new homes to be built with ADUs from the ground up, an important source of ADU production in addition to rehabilitating existing structures. Kentucky FHA-approved lenders can begin offering borrowers mortgages on properties with ADUs under the new policies effective immediately. View the HUD press release.s

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Fannie Mae Changes Down Payment Requirements on 2-4 unit property to 5% down payment on Conventional Loans

 Fannie Mae is making a big change to its loan guidelines. On November 18, 2023, the maximum LTV ratio for two- to four-unit principal residence purchase and limited cash-out transactions will increase to 95%. 

This means that borrowers can now put down as little as 5% on a two- to four-unit property, making it easier for them to buy a home or investment property. 

Here's what you need to know:

This change applies to loans that are submitted or resubmitted to Fannie Mae's Desktop Underwriter (DU) on or after the weekend of November 18, 2023. 🗓

This change does not apply to high-balance mortgage loans or loans that are manually underwritten.

This is a great opportunity for those who are looking to buy a two- to four-unit property.

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