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.
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'
Terner Study of SB9
Terner analysis SB9 for San Diego County
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
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.
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.
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.
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
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
Good insight on market stats that provides ideas and strategies to create home-ownership to service millennial's and the Hispanic communities. Important trends on creating more solutions to renovation financing, technology trends and innovation. An important read for realtors and lenders.
Will Johnson is a HUD Certified 203K Consultant since 2008. Will actively manages these loans from HUD & Fannie Mae throughout San Diego County.