Accessory Dwellings

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ADU Rental Income Can Be Used to Qualify Borrowers to Purchase on HomeReady Loans

A HomeReady Mortgage is a Fannie Mae, first-time home buyer loan program, with minimum down payment requirements, and some very particular underwriting characteristics. When a borrower is purchasing a single-unit primary residence with a 3% minimum down payment and there is an ADU present, 75% of the potential rents from the ADU can be used to qualify.

July 6, 2018 · 1 Comment
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