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Freddie Mac's new second position mortgage will be perfect for building Accessory Dwelling Units (ADUs) as long as they don't mess up key parameters like max loan value.
**UPDATE 6/26/2024**
The loan product has received conditional approval and the FHFA has acknowledged how much feedback it received about having a higher maximum loan value amount. However, due to statutory constraints, they have set a relatively low max on the loan
Press release: www.fhfa.gov/news/news-releas...
FHFA Director Sandra Thompson's announcement: www.fhfa.gov/news/statement/s...
**END UPDATE 6/26/2024**
**UPDATE 5/25/2024**
The comment period for this product has closed. Subscribe to email updates and I'll let you know when the loan gets released: www.how-to-adu.com/sub
**END UPDATE 5/25/2024**
Look up if Freddie owns your primary mortgage: myhome.freddiemac.com/resourc...
You can read the announcement here: www.fhfa.gov/Media/PublicAffa...
You can read the loan details here: www.fhfa.gov/SupervisionRegul...
Special thanks to our sponsors Renofi (who offer a second position loan that is less restricted than this Freddie product, in many ways). Check them out here: loan.renofi.com/how-to-adu
Special thanks to Julee Felsman for help putting this video together. You can watch her channel here: • Mortgage Interest Rate...
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