• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Freddie Mac changes to accessory dwelling units

June 13, 2022 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
Freddie Mac changes to accessory dwelling units

On June 3rd Freddie Mac announced changes to Freddie Mac conventional mortgages for single-family homes with granny units. These changes allow for expanded financing on Freddie Mac mortgages. So, if you’re looking for a mortgage that has a single-family residence with a granny unit this information might be for you.

The following changes at Freddie Mac have made are as follows; accessory dwelling units have expanded to two-unit and three-unit properties. Previously accessory dwelling units were only allowed for one-unit properties. In other words, you can have a duplex or a triplex with an added granny unit and still be eligible for conventional financing for the purchase. Other changes to your rental income from the accessory dwelling unit can be used to help qualify. Whereas previously such income was not allowed. This means if you were looking at a single-family residence, and that property had an accessory dwelling unit, or a granny unit, the rents from that property could not be classified as income to help qualify. This guideline change now allows the income from that other unit to now help support financing going forward. This expanded financing opens the door for more people to secure financing on harder-to-fund type transactions that help support more income. The income from the added granny unit can now be classified as eligible income to help a borrower qualify. This means potentially doing less down payment, less cash to close, or helping to support a lower debt-to-income ratio.

If you’re looking for residential mortgage loan financing and you’re looking for a competitive mortgage with a no-cost loan quote today!

Related Mortgage Advice from Scott Sheldon

  • My loan is through Freddie Mac, why do need I cash to close on my HARP 2 Refinance?

    What steps can be taken if the mortgage is now Freddie Mac?  Cenlar services the…

  • The Recent Mortgage Guideline Changes That Could Save Your Loan
    The Recent Mortgage Guideline Changes That Could Save Your Loan

    The challenges consumers have faced in recent years in procuring a mortgage may be coming…

  • HARP: Making Homes Affordable Aka The Underwater Refinance

    Many Sonoma County Loans have been denied due to loan-to-value restrictions imposed by Fannie Mae…

  • How much of your income should go towards a mortgage payment
    How your mortgage payment changes per every $100,000 in purchase price

    One of the questions home buyers have when house hunting is the relationship between their…

Filed Under: Uncategorized Tagged With: BAD CREDIT MORTGAGE, buying a house, buying your first home, home buying, Low Rates, mortgage comparison shopping, preapproval to buy a home, Sonoma County Mortgage Rates

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window