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Renovation Loan Blog

Baby Boomers - Create income, Build an ADU with your Reverse mortgage

10/21/2022

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Baby Boomers need all the income they can earn.  Learn how to finance and build an ADU with a lump-sum payout in the Reverse Mortgage.  
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New income limits on CalHfa ADU $40,000 grant

6/14/2022

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CalHFA recently increased income limits to qualify for their $40,000 ADU grant program.  We are helping clients learn more with a free assessment.

County
San Diego - $211,000
Riverside, San Bernardino - $173,000
Orange - $235,000
Los Angeles - $180,000
San Francisco, Santa Clara - $300,000
Alameda, Contra Costa - $282,000
See attachment for more.

Request a Free Assessment today.
            Free Financial Assessment

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income_loan_limits.pdf
File Size: 225 kb
File Type: pdf
Download File

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Apply for ADU $40,000 Grant

5/25/2022

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Benchmark Mortgage is excited to support enrolling borrowers for the CalHFA  ADU Grant program. Two significant changes:  Grant was expanded from $25,000 to $40,000,  maximum income levels have been increased.  Income limits range: $139,000 - $248,000 based by county.
Requires use of loans containing fund-control like renovation loans:  HUD 203k or Fannie Mae Homestyle.
 Demand and interest is strong. There's anticipation of grant reserves completed being completed & closed.  It's encouraged to initiate the consultation. 

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Apply Today.  Schedule your Consultation​.
Schedule
CalHFA ADU Grant program
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SB9 Explainer - San Diego Area

12/19/2021

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This post focuses on how SB9 impacts the San Diego area.  There are two references that helps understand how SB9 will impact the San Diego area.    Please review City of San Diego presentation below and review The Terner report below.  Some of the information was extracted specifically for the San Diego market.
California recently approved legislation to allow the addition of a second dwelling and a lot-split on a property zoned for single family dwellings.  Known as SB9 will go into effect in 2022.  Local building departments will need to incorporate these state mandates into the local zoning ordinance

Please note these references are not formalized.  The Terner report was released prior to final approval of SB9, and the City of San Diego presentation has not been adopted.  Please use this information for planning and budgeting purposes.   

We are actively monitoring SB9 progress for the San Diego area.  So, stay tuned.

 City of San Diego SB9 Presentation - Dec. 21'

At-a-Glance
  • Examples of SB9
  • Zero setbacks for single story units, 4' for 2-story or more
  • Development Improvement Fee (DIF) New 2nd unit Free others will pay DIF
  • Off-Street parking requirements
  • Canopy Tree Requirement

Terner Study of SB9

The Terner Center for Housing Innovation at UC Berkeley conducted an analysis of SB9 in July, 2021.  The study evaluating the impact and viability of SB 9 in 50 metropolitan areas in Calif.  SB9 could create over 700,000 new homes that meet market feasibility.   The study looks at the feasibility of that ranges from addition of one dwelling to total of four dwellings.
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SB9 Feasibility Funnel
At-a-Glance
  • Lots with ADUs not eligible
  • Owner-Occupancy for min. of 3 years
  • Min. of 40% lot split
  • Not allowed in historic districts, high fire zones, and rural areas
  • Side & rear setbacks of 4' are allowed
  • Anti-displacement of renter's limitations
  • Same person cannot lot-split adjacent lots

Terner analysis SB9 for San Diego County

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Learn investing in adus from an expert

6/30/2020

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Will Johnson, ADU Advisor wants to talk to an expert to understand how to explore and evaluate investing in ADUs.  Will speaks with a real estate investor, contractor and broker all in one.  The numbers get exciting when you utilize proper depreciation.  Learn more
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Video Series - ADU Point

6/23/2020

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Will Johnson, ADU advisor interviews an expert on un-permitted granny flats.  Understand the exposure with fines & penalties, the new ADU Amnesty Ordinance and how to correct.
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Energy Efficiency - ADUs

5/9/2020

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2019 Calif. Energy Efficiency Code is a game changer for new construction,  room additions over 700 sf and ADUs.  Think solar, more insulation and IAQ Fans.
2019 EE Code ADUs Solar.pdf
File Size: 815 kb
File Type: pdf
Download File

decoding.adus.handout.pdf
File Size: 8271 kb
File Type: pdf
Download File

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Compiled New ADU ordinances - Eff. Jan. 01, 2020

3/16/2020

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​The following are excerpts from recent amendments to Calif Law effective Jan. 01, 2020 regarding creation of ADUs and Junior ADUs.   Legislation are from the following bills: SB 13, AB 68, AB 881.  
adu_2020_ordinances.pdf
File Size: 323 kb
File Type: pdf
Download File

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Visit us at the ADU event - Feb 22nd, San Diego

2/18/2020

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Join us this Saturday to hear from your State leaders and local experts on latest legislation that removed barriers to enable building ADUs and making it more affordable.  
Drop by our booth to learn about financing,  see pre-designed plans and renderings.
To register:  SDCIA website
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Millennials  & Fixer uppers

2/17/2020

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Attached article suggest millennials avoid fixer-uppers preferring move-in ready.  My experience as real estate service provider in the field every day with buyers doing home inspections & renovation loans is not the same. The perfect move-in home with all the buyer's desires is frankly rare.   I wish there were some statistics on the percentage of home buyers that do some finish renovations prior to move in.   It's prevalent with my clients.  Many want to add their finished tastes while the property is vacant.  New flooring and interior paint,  scrub off the popcorn ceiling, remove dining room top the list.  Savvy buyers look for worn properties to buy at a discount find a reasonable reliable contractor and utilize a renovation loan from HUD or Fannie Mae.  These buyers are excited to select their finishes to enjoy for years to come.    See our Before & After projects: Before & After Webpage 

Link to Article:   Nobody’s Buying Fixer-Uppers Anymore, But Here’s Why They Should
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    Will Johnson is a HUD Certified 203K Consultant since 2008.  Will actively manages loans from HUD & Fannie Mae throughout San Diego & Riverside County.

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We Can Help

Our specialty is financing with focus and expertise on construction financing.  We have a full portfolio and a process to identify financing that best meets your needs and goals. 
Our years of experience have developed firsthand knowledge and relationships of the full range of professionals needed in construction.   
We developed a team approach of highly coordinated and compatible resources to assist in feasibility, survey, design, permit process and build to the final product.     

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PictureWill Johnson, Renovation Loan Consultant "Work with Will"
"Financing is the Foundation to building ADUs".   Will shares his expertise to renovation/construction financing since 2009.  Will Johnson is a licensed mortgage loan officer specialized and committed to assist clients in creating financing to build ADUs and income properties.  Will has a full portfolio of financing solutions to meet the needs of every homeowner and home buyer.​
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  • Home
    • What
    • Why
    • How - The Process
    • Resources
    • About US
    • IPPrivPolicy
  • Renovation
    • Home Improvements
    • Room Addition
    • Before & After
  • Who
    • Home Buyers
    • Home Owners
    • Realtors >
      • Kickstart your Marketing
      • Create Your Team
      • Reno Realtor
  • ADU
    • Overview
    • ADU Demand
    • Financing ADUs
    • Process
    • ADU Plans
    • ADU Resources
    • ADU Video Series
    • Desktop Feasibility
  • Blog