How do you treat legal ADUs in the rental grid, sales grid and 216?

[Zoe]

I think on a 1004, they don't need rent comps and are just doing the income/expense statement and using contract rent. I have done a similar job on a small income form also. You need to find out what the lender needs.

 

[Dublin ohio]

And some lenders do not accept a multi-family with an ADU

Fannie being one of them

 

[Zoe]

Fannie being one of them

Fannie is not a lender.

 

[Dublin ohio]

Fannie is not a lender.

Within the context of the conversation, a distinction without a difference

 

[Zoe]

Within the context of the conversation, a distinction without a difference

Ignorance is bliss relative to the subject property with me.

 

[Zoe]

Within the context of the conversation, a distinction without a difference

I would assume you are saying a Fannie form might not be applicable?

 

[Tom4value]

In my market area, at least in every community I have dealt with ADUs, the zoning guidelines prohibit ADUs from being rented out. They must be occupied by “family members”. Also, they seem to follow Fannie requirements in that multi-family properties are not eligible for the ADU designation. It must meet the building code requirements for the other rented units.

 

[Zoe]

In my market area, at least in every community I have dealt with ADUs, the zoning guidelines prohibit ADUs from being rented out. They must be occupied by “family members”. Also, they seem to follow Fannie requirements in that multi-family properties are not eligible for the ADU designation. It must meet the building code requirements for the other rented units.

I think that may be where we are confused possibly. It has been mentioned it may not even be eligible loan to be sold to Fannie. It may be in house loan only. Bank won't be able to sell the loan to GSE. Plus if it is illegal use? Code may run them out. It may be vacant soon. "Dark". Utilities off etc.