All comments are due by 5/22/2024!! Thanks for the info .... I am sending comments pronto! My primary is 707SF 1950s cottage in a 7k lot and ADUs in San Diego start at $200k! I need this to make mine happen. Thank you for the concise and fantastic explanation and yes, I want to see the other video (but please speak a bit slower on that one as it sounds a bit more complicado!).
Great video! Can’t wait for your update of this matter. I really need this financing product, the HELO loan currently available to me is too little and too expensive with insane interest rate.
I am praying that this loan will work for ADU...Currently funding half of my ADU loan through a HELOC and the other half through my own investments. My current HELOC interest rate is brutal. As you have stated, I do not want to touch my current mortgage, it is at 3%
Exactly! Write in! Let them know that you'd love to do a take out once the construction is done, so you can get out of your HELOC and into a better second position mortgage with Freddie, if that were available, and you need loan max value $XX.
Hi Mike. I'm in the same boat with my mortgage. I have a HELOC available but I'm considering other forms to help finance my ADU build. Wondering what other "investments" are you using? I'm considering a loan from my 401k.
@@pepsgarcia1 That's an option. I sold about $100k worth of stocks and mutual funds to fund the other half of the ADU. Discuss this with your Financial advisor and see what your options
I'd love to assume an FHA or VA loan for a cheaper interest rate, but it means putting $200-300k into a place by me to assume it. Would Freddie work with any loan type for this? With that much money locked up I'd want a way to access it for other uses without refinancing
You should go big stitch the estimate. You can book a free call with our sponsors at realm when you want to get more specific with the budget: f.realmhome.com//?
Yes - sorry, this is now a bit out of date. You can check the video description for the full update. Basically our advocacy emails were some of the few supportive messages they got. And I think we made a big difference getting the pilot approved at all! Unfortunately they are going to keep that 78k max. But I'm glad this even got approved, given the commotion that certain opponents were making.
You should talk to an experienced lender when the products start rolling out. My understanding is that Freddie and Fannie don't generally take properties that literally have 2 ADUs. Having said that, I have seen applications that say 4 units, or 3 MF Units + 1 ADU, that go through. I don't know enough about your situation or the theoretical lending products that will come out for this, but your best bet is to just start talking with lenders like Julee or Renofi (sponsor) that already offer second position products.
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Email sent 🙂 - I'm grateful you had an opportunity to be there.
Thank you!!!!
Nice man! Love how you keep up the good fight for Californians.
I am thinking of starting off with 120sq ft build b4 getting into the big adu.
Nice :) Thanks for watching
All comments are due by 5/22/2024!! Thanks for the info .... I am sending comments pronto! My primary is 707SF 1950s cottage in a 7k lot and ADUs in San Diego start at $200k! I need this to make mine happen. Thank you for the concise and fantastic explanation and yes, I want to see the other video (but please speak a bit slower on that one as it sounds a bit more complicado!).
Haha. I’ll have to go slower just because it confused the heck out of me :) thanks for watching and sending in your feedback to the FHFA
Great video! Can’t wait for your update of this matter. I really need this financing product, the HELO loan currently available to me is too little and too expensive with insane interest rate.
I am praying that this loan will work for ADU...Currently funding half of my ADU loan through a HELOC and the other half through my own investments. My current HELOC interest rate is brutal. As you have stated, I do not want to touch my current mortgage, it is at 3%
Exactly! Write in! Let them know that you'd love to do a take out once the construction is done, so you can get out of your HELOC and into a better second position mortgage with Freddie, if that were available, and you need loan max value $XX.
Hi Mike. I'm in the same boat with my mortgage. I have a HELOC available but I'm considering other forms to help finance my ADU build. Wondering what other "investments" are you using? I'm considering a loan from my 401k.
@@pepsgarcia1 That's an option. I sold about $100k worth of stocks and mutual funds to fund the other half of the ADU. Discuss this with your Financial advisor and see what your options
@@pepsgarcia1 I sold $100K worth of stocks and mutual funds. Talk to your advisor if you have one and see what your options are.
@@pepsgarcia1 Talk to your financial advisor to see what your options are. And see what is best for you. I sold a portion my stocks and Mutual Funds.
sent....great video...keep up the good work!
Thanks mando!
I'd love to assume an FHA or VA loan for a cheaper interest rate, but it means putting $200-300k into a place by me to assume it. Would Freddie work with any loan type for this? With that much money locked up I'd want a way to access it for other uses without refinancing
Does anybody know the average cost of a studio style 400-500 square feet ADU in SoCa
You should go big stitch the estimate. You can book a free call with our sponsors at realm when you want to get more specific with the budget: f.realmhome.com//?
Will VA backed loans be positively affected by this change?
Message sent. Thank you.
email sent. However, if I understand correctly. In the pilot phase, the max 2nd position loan amount is only $78,277. It is a good start though.
Yes - sorry, this is now a bit out of date. You can check the video description for the full update. Basically our advocacy emails were some of the few supportive messages they got. And I think we made a big difference getting the pilot approved at all! Unfortunately they are going to keep that 78k max. But I'm glad this even got approved, given the commotion that certain opponents were making.
Email sent!
Thank you, Chris!
Make it make sense
It's crazy how these weirdly specific details can make or break a giant federal effort!
Will this work on 2 detached Adu on a existing duplex
You should talk to an experienced lender when the products start rolling out. My understanding is that Freddie and Fannie don't generally take properties that literally have 2 ADUs. Having said that, I have seen applications that say 4 units, or 3 MF Units + 1 ADU, that go through. I don't know enough about your situation or the theoretical lending products that will come out for this, but your best bet is to just start talking with lenders like Julee or Renofi (sponsor) that already offer second position products.
@@HowToADU Thank for the reply. I'll send the email out to Freddie as per this video
How do l connect to the Freddie mac for my adu
Call your lender with any questions about your specific project. This product is in a public comment period before it can be accepted or modified.
Saw this on TikTok
See what happens
Email sent 👍