I financed mine. all i had to do was cap gas lines and remove stoves. also the workmanship had to be acceptable. I also had to re open a closed off doorway that made for an illegal subdivision.
I'm glad you were able to find a financing solution! Technically, the work you did probably wasn't necessary to meet Fannie Mae or Freddie Mac loan guidelines. (Although creating interior access to the "ADU" space allows it to count toward the "gross living area" for an appraisal, which may boost your appraised value in a helpful way.) But again, happy your situation worked out...thanks for sharing!
Glad you found the video helpful! I don't know the local permitting requirements in Houston, so you should check with the city's planning/permits department. In general, anything that involves structural changes (which would require engineering), insulation, plumbing or electrical tends to require an permits and inspections. So my guess is the wiring and plumbing for your kitchenette will need permits. Definitely a good idea to get those and have the inspections done before things are closed up behind sheetrock. Tearing up walls to show things to an inspector is a bummer!
Hi David! The official answer is "no". Fannie Mae and Freddie Mac both guidelines both state that a property with more than one ADU is ineligible for financing using their loan programs. The real world answer is a bit murkier. In some instances, depending on how the JADU is set up, it may not be considered an ADU under Fannie/Freddie rules. But there are other potential solutions. I have successfully financed properties with multiple ADUs using Fannie/Freddie loans on multiple occasions, getting creative with other workarounds. If you have questions about a particular situation or property, I'd be happy to chat and help you brainstorm. You you can email me at juleef@rate.com or call/text 503-799-3711. Reach out any time if I can be helpful!
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I financed mine. all i had to do was cap gas lines and remove stoves. also the workmanship had to be acceptable. I also had to re open a closed off doorway that made for an illegal subdivision.
I'm glad you were able to find a financing solution! Technically, the work you did probably wasn't necessary to meet Fannie Mae or Freddie Mac loan guidelines. (Although creating interior access to the "ADU" space allows it to count toward the "gross living area" for an appraisal, which may boost your appraised value in a helpful way.) But again, happy your situation worked out...thanks for sharing!
@@workshopmortgage is gannie Mae a lender? How does it work to go through them?
Another perfect video ! No notes.
Thanks Ryan!!! 😁
Amazing video!!
What about a garage attached to a house
Do you need permits if you’re making it a room? Bathroom, and a small kitchen.
Houston, Tx
Glad you found the video helpful!
I don't know the local permitting requirements in Houston, so you should check with the city's planning/permits department.
In general, anything that involves structural changes (which would require engineering), insulation, plumbing or electrical tends to require an permits and inspections. So my guess is the wiring and plumbing for your kitchenette will need permits.
Definitely a good idea to get those and have the inspections done before things are closed up behind sheetrock. Tearing up walls to show things to an inspector is a bummer!
Hi, will Fannie Freddie allow a single family lot to have 1 adu and 1 jadu?
Hi David! The official answer is "no". Fannie Mae and Freddie Mac both guidelines both state that a property with more than one ADU is ineligible for financing using their loan programs.
The real world answer is a bit murkier. In some instances, depending on how the JADU is set up, it may not be considered an ADU under Fannie/Freddie rules. But there are other potential solutions. I have successfully financed properties with multiple ADUs using Fannie/Freddie loans on multiple occasions, getting creative with other workarounds.
If you have questions about a particular situation or property, I'd be happy to chat and help you brainstorm. You you can email me at juleef@rate.com or call/text 503-799-3711. Reach out any time if I can be helpful!
Outstanding
So glad you found the video helpful!
This video is awesome btw
Thank you. ❤