$40,000 ADU Grant part 1
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- Опубликовано: 24 авг 2022
- Hello everyone in this video Luz will cover the process to get the $40,000 ADU grant.
Luz is a CalHFA ADU Grant Program Lender. Get your Grant
www.nwm-loans.com/link-in-bio/
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Hektor
Los Angeles Realtor
818-564-5835
DRE LIC #01881677
Nationwide Real Estate Executives
4401 Atlantic Ave #100, Long Beach, CA 90807with Nationwide Real Estate Executives Bre 01881677with Nationwide Real Estate Executives Bre 01881677
Pre-Development Cost
Plans
Permits
Surveyor
Engineering
HUD Inspectors
Impact
fees
Title 24
Property grading
Architect
Ground clearing
Utility trenching
Excavation
Septic
Nonrecurring - Closing Cost
Lender
Title
Escrow
Points for rate buy down
Hektor
Los Angeles Realtor
818-564-5835
DRE LIC #01881677
Nationwide Real Estate Executives
4401 Atlantic Ave #100, Long Beach, CA 90807
Hektor - your ADU construction guide is great. Thank you for sharing. What Luz is sharing here regarding - having to refinance primary is INCORRECT. Most of the population has locked in below 3% 30 yr fixed, why would someone refi to get this $40k grant? There is a way to get second position loan and Luz needs to find that out or may be her lending company doesn't support this. To benefit your channel and your viewers; you must vet this information. There are lenders offering second position loan to get this construction loan and enable the $40k grant. There are specific requirements and terms to get the loan.
Hi which lenders are the ones you are talking about. I would be interested in talking to them. Thanks!
@@Ucarmona1 Hey Ulysses, I can do 203k loans and Construction loans. Contact me!
OneTrust Home Loan is one of them. I believe the person you want to talk to is Sean Germon. It’s really a shame that this video is not giving complete information and forces people into thinking that they can only refi when that’s not the case. It takes a lot of credibility and trust away from both of these individuals. I understand they have a partnership but they definitely have a specific agenda to funnel people to this loan group. Hope there is a followup.
Thanks. This makes a out of sense.
You can absolutely apply for the grant without applying for a loan. The whole section around 5:00 is not applicable anymore. CalHFA changed this mid August. Hektor, if you want help on part 2 let me know.
Ryan is a true ADU professional and influencer for ADUs..
Did any one catch on.... she's trying to get her commission which is why she keeps referring to a home refi. You can pay the difference with cash.
Thank you for the information. Very helpful!
I was just granted the grant 9/6/2022 . I haven’t submitted any invoices and my balance I think is at 32 or 33k due to fees with escrow, ect. Please keep that in mind as you budget. Good luck to everyone!
Lorena congrats!!
Just subscribed.. great video
This is great! When is Part 2 getting released? We want to build an ADU this year
Who in the right frame of mind wants to refinance his or her low existing interest mortgage loans with today’s high mortgage rates? Also, by bringing in a general contractor on board, you may end up paying 40% more in construction costs to the licensed general contractor. If you do not have the cash to do the ADU, please do not do it. Please do not fall for these traps called up to $40k grants. God Bless & Happy Holidays.
Awesome info! If I have a primary mortgage with a good loan to value ratio on my property and super low rate can I take out a second construction loan for the net cost of the adu?
A little late information when interest rates are double of what I currently have. I wish I knew sooner. I've been looking into an Adu. Thanks anyway good to keep in mind.
I heard on another site I could take out a home improvement loan on my house, same as second mortgage. My first mortgage has a 3.5 % interest so I definitely wouldn’t want to lose my first mortgage loan interest.
What about an EDU Efficiency Dueling Unit? Would they cover that?
B.S. alert! So let me get this straight. I refi my primary $500K loan from 3% to new market rates (e.g. 7%) effecively increasing my P&I payment by more than $1.2K per month, to get "up to" $40K in grants that can amazingly be used to pay the lender some profit producing points, that can then 'buy down' my interest rate from say 7% to perhaps 6.5% or 6%. So that my net monthly P&I would only increase by $890 per month. Then if my planning phase is up to $40K in usage of grants minus points paid ofcourse. I get to pat myself on the back for adding over $320K in P&I payments to my new 30yr loan. Where do I NOT sign up?
Is this grant apply for building single family unit under sb9?
I just completed my ADU. I remember hearing about this grant last summer, i guess i missed out on this opportunity. I remember researching the grant a bit. And recall telling myself "i dont qualify." Now that im done, i recently researched the grant again, and now im telling myself "i think i qualified." I paid all cash for project. Did i mess up? Im well under the income max
So does this grant only for pre development? What if the homeowner is completely some of the work themselves? How would that affect the loan and grant? Thanks.
Is income based on total income or adjusted gross income per irs?
What happens next after you get approved for 40k grant ? How long can sit on the approved 40k grant since the interest rate is pretty high right now?
What's the average cost to build a detached adu? 800 or 1000 sqft.
Are there programs like this in New York?
Does this lender work with ppl in other areas? I applied via HPPCARES, but I am getting no information from them at all. I am in Sacramento, CA.
who gets the money if you do it "owener builder" like Hektor did? Like using different people and not just one contractor.
Hi Hektor, Thank you for preparing this information. I wanted to reach out regarding the $40K grant. I saw that they are now allowing you to use cash from your savings as an option to apply for the grant. I noticed that the application is down for the month of September, do you know if it will be back for the month of October or is it permanently closed for the year.
Please let me know if you have the application on the side so my wife and I can begin the process of aggregating all of our documents.
Have you looked into this Oscar?
Hey Hector I have a question for you ? Does that money only go towards pre construction ? So only for blueprints, designer, architect & all that ? Not for solid framing, foundation, drywall etc. Right ? That’s what I got from your vid. Let me know if I’m wrong. I hope the grant also covers the construction.
Alex you are correct the Grant only covers pre development cost. The grant does not cover construction cost
@@HektorCastillo but pre-construction cost does not amount to $40K. I paid like $5,000 for my plans and that was the only pre-development cost.
What if I already have a HELOC with a zero balance? Can I use that in lieu of refinancing my 2.0% first mortgage?
Which lender offer you a HELOC with Zero%? I am looking for instead of refi
are you issued a 1099 for that grant?
I don't want to refi my low interest loan for this grant....what's the work-around?
You can submit an application via HPP Cares. You don't have to Refi or get a construction loan with them. Their link is on the description 👍
Hey guys I want a adu in a 8 by 22 long but I have not idea what will my first step will be. Do I need a permit from citi? What do I do first? I live in Los angles Boyle heights
Call building and safety ask them if you can build your desired ADU, then call an ADU designer for plans and finally talk to a contractor for estimates. Good luck 🍀👍
What are requirements to build on top of a garage?
The ADU plans need to have structural engineering.
Like extra footings and frame work? Also thank you for the reply
so no owner/builder will qualify
Can we still get the grant if we already have a JADU?
I have the same thought by turning my garage into my adu. Will that qualify for the ADU grant…?
Can you still get this Grant if you're half way through your project?
Oh, she answers this @ 9:50. Thanks :(
tienen informacion en espanol
كنا نتوقع شرح عربي😓
No, you don't need to take a loan and refinance, you can put your own money also.
You didn’t answer the main question, or at least I didn’t get it.
I have a 3% interest rate and I’m happy with it. If it’s a refi I think it will affect my interest rate. Is that correct?
Yes. Don’t do it. You will end up with current the interest rates. Also, refinance rates are even higher! Your interest rate with likely double. Not worth it!
look for RUclips channel How to ADU said you don’t need to refi, no loan to qualify for this$40k grand, good luck
Yes, my dad is currently doing Refi for our ADU and there will now be a higher interest rate for us with the new mortgage.
@@tracylieu3211 oh hi :) thank you :) 🥰
Refinace my current 3% interest rate to todays 6% NO THANK YOU!
I just bring the news 📰😄
HaHa so funny. She even said the grant can be used to pay commission points to buy the rate down. Where do I NOT sing up?
Refinance and lose my 2.75% fixed 30 year mortgage?? Yeah, that’s not happening.
Rent out your house and buy a new one
@@colbyjoe2 I’m in S California, too expensive right now.
@@colbyjoe2 Mlll
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