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Lending wherever you want to call “home” ❤ in all 50 states.

Before we talk, here are some questions to think about:
What is the current value of your home?
What is the balance on your current mortgage?
What is the current interest rate on your mortgage?
What is your ADU project going to cost?
Do you have any cash you can put toward the project or do you need to finance the entire cost?
What do you anticipate your home will be worth once your ADU is built?
How much mortgage payment can you afford after your ADU is built?

In this video:
Looking for financing for an ADU? Start here! It’s a long video, but there’s a lot to cover! I’ve condensed decades of experience financing ADUs into a simple framework I’m excited to share with you. I cover all of the financing options available, how each works, pros and cons and some practical advice. Hundreds of my clients have built their ADUs and you can too!

FHA loan limit lookup: https://entp.hud.gov/idapp/html/hicos...

00:00 Intro: ADUs are magic
00:27 Why build an ADU?
00:55 Financing: the puzzle
01:50 Types of ADU financing
02:58 Category #1: Outside Funds
03:52 Retirement funds
05:33 Retirement distributions
06:41 Outside the box options with retirement funds
07:28 Don’t forget family & friends
08:09 Credit cards
10:20 Category #2: Equity you have
10:50 Refinancing
11:55 Why refinancing is good
12:34 Why refinancing may not be good
13:26 Reverse mortgages
14:40 Home Equity Lines of Credit
15:17 What’s different about a HELOC?
16:38 Why a HELOC is good
19:15 Why a HELOC may not be good
21:31 Home Equity Loans
22:26 Hybrid HELOC / HELoan
22:55 What is a blended rate?
24:51 Category #3: Equity you create
25:29 Construction loans
26:31 Lender gettin’ all up in your business
26:57 Construction loan timing
27:25 Construction documents
28:32 Construction loan appraisal process
29:40 Contractors for construction loans
30:03 Warning: don’t start work too soon!
30:56 Construction loan vs refinance
31:57 What about prefab ADUs
33:24 Purchase with construction loan
34:35 Renovation loans
35:05 FHA 203(k) Renovation Loan
37:28 Fannie Mae & Freddie Mac renovation loans
38:36 How do the Fannie & Freddie reno loans work?
40:04 Contractor review / HUD consultant
40:55 Renovation loan timelines
41:24 Payments start right after closing
41:59 The draw process
42:44 Interest rates on reno loans
43:09 Renovation loans are faster to close
43:45 We need to talk about appraisals!
45:14 Comps, comps, my kingdom for a comp!

#adu #adus #adufinance #adufunding #buildanadu

Julee Felsman, NMLS 120831
Guaranteed Rate, Inc.; NMLS 2611 Equal Housing Lender.
www.nmlsconsumeraccess.org
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Information provided is for educational purposes only. It should not be construed as financial or legal advice or instruction. Guaranteed Rate does not guarantee or assume liability for the accuracy, completeness, or timelines of the information. You should conduct additional research before making any mortgage related decisions. By refinancing, you may pay more in costs and interest over the extended term. Guaranteed Rate, Inc. cannot predict where rates will be in the future.Guaranteed Rate has no affiliation with the US Department of Housing and Urban Development. By refinancing, you may pay more in costs and interest over the extended term.Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future.