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Read my articles for great information on Buying a home in Jupiter Florida.

118 Moccasin Trail South rental in Indian Creek of Jupiter

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118 Moccasin Trail South rental in Monterey Point in Indian Creek of Jupiter.

This freshly painted unit with newer carpets is perfect and ready for move in ASAP. Two beds and two baths plus a large screened patio looking out over the golf course and an attached garage with full sized washer and dryer in it. And all on one level. The cathedral ceilings make for an open and airy living area and eat in kitchen with stainless appliances. Trucks are OK. One large dog or 2 small dogs (total under 40 #’s) considered with an additional deposit. This is a non smoking home. Located in the hidden gem of Indian Creek with all the best Jupiter has to offer including A rated schools and public amenities nearby including The Golf Club of Jupiter, shops, restaurants, I95, turnpike, beaches, Roger Dean Stadium, Abacoa, Alton, the Gardens Mall and Palm Beach International Airport.

https://www.flexmls.com/link.html?1r6pt0dorcei,15,1

How Will FHA Calculate ADU Rent Income in a Loan?

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Read about Accessory Dwelling Units in Jupiter Farms and Palm Beach Country Estates and be sure to read this article on how it will affect your homestead excemption.

Source: How Will FHA Calculate ADU Rent Income in a Loan?

How Will FHA Calculate ADU Rent Income in a Loan?

By Kerry Smith

To promote affordable housing, HUD says rental income from an accessory dwelling unit will be considered for FHA loans. It outlined the policy details yesterday.

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) will allow lenders to count income from small units of housing built inside, attached to, or on the same property as a primary residence – Accessory Dwelling Units (ADU) – when underwriting a mortgage.

The broad goal is to boost the nation’s supply of affordable homes, but the immediate impact would help more FHA borrowers qualify for a mortgage, including 203(k) Rehabilitation mortgages.

Under the program, ADUs can be rented out to tenants, but HUD says the program will also enable more first-time homebuyers, seniors and inter-generational families to buy a home.

“Increasing the supply of affordable housing and helping families  create generational wealth is what today’s action … is all about,” says HUD Secretary Marcia L. Fudge. “This is a part of our work to help address the critical shortage of affordable housing in communities across the country and help people increase the value of their homes.”

How FHA’s new ADU policy works

FHA defines an ADU as a single habitable living unit with a means of separate ingress and egress that meets the minimum requirements for a living unit. An ADU is a private space that is subordinate in size and can be added to, created within, or detached from a primary one-unit single-family dwelling.

The new policies:

  • Allow 75% of the estimated ADU rental income for some borrowers to qualify for an FHA-insured mortgage on a property with an existing ADU. The additional income will be enough for some buyers to move from “unqualified” to “qualified” when they apply for an FHA loan.
  • Use 50% of the estimated rental income from a new ADU the borrower plans to attach to an existing structure, such as in a garage or basement conversion. This option applies to a mortgage under FHA’s Standard 203(k) Rehabilitation Mortgage Insurance Program, which allows borrowers to roll the cost of planned upgrades into their primary first mortgage.
  • Have ADU-specific appraisal requirements. Appraisers must clearly identify, analyze and report on ADU characteristics and the estimated rent the ADU can be expected to generate.
  • Add ADUs to the types of improvements that can be financed under FHA’s mortgages for new construction. This allows new homes to be built with ADUs from the ground up – an important source of ADU production in addition to rehabilitating existing structures, according to HUD.

FHA-approved lenders may begin offering borrowers mortgages on properties with ADUs under the new policies effective immediately.

© 2023 Florida Realtors®

705 Lori Drive 304 Palm Springs, FL 33461

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705 Lori Drive 304 Palm Springs, FL 33461 in Lakeside Village

Priced to sell! This 2 bedroom, 2 bathroom condo is located on the third floor of the community of Lakeside Village. This is an ideal condo to update and design to call it home. This condo has a spacious master bedroom with a large walk in closet. The split floor plan allows for privacy. Large open dining/living room combo. Lakeside Village offers many amenities which include two swimming pools (one is heated), a clubhouse with exercise equipment, a billiard table, table tennis, a spacious card room, a ceramics room, a fully equipped kitchen, and administrative offices. Additionally, there are six shuffleboard courts, two bocce courts, a mini-put golf course, gas barbecues, and picnic tables. An extra bonus provided is a courtesy bus to all residents. See schedule posted at the clubhouse

Lakeside Village is a MIX of 55+ condominium buildings located in the Village of Palm Springs and the heart of Palm Beach County. The community is located close to I95, shopping, the Palm Beach Zoo, the Science Museum, the Palm Beach International (PBI) airport, restaurants, schools, parks, Tri-Rail and Brightline train stations. Beaches are approximately 5 miles away. The Village Government Complex is within walking distance which has a public library, government offices, and a playground. There is also a walking /exercise trail surrounding a beautiful view of a pond just outside the community. The community consists of 766 condos, each with a balcony or lanai, in buildings ranging from one to four stories

1605 S Us Highway 1 B401 Jupiter, FL 33477 

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1605 S Us Highway 1 Unit B401 Jupiter, FL 33477 in the Sea Rise Building in Jupiter Ocean & Racquet Club (JORC)

This penthouse condo at Sea Rise is a gem with a modern coastal aesthetic. The top-floor corner unit boasts 2 BR, 2 BA, and balcony overlooking scenic views of the pond, waterfall, community pool and amazing scenic sunsets. The open floor plan seamlessly connects the living room, kitchen, and dining area. Beautiful, renovated kitchen with SS appliances and quartz countertops add a touch of luxury as well as the same wood plank tile flooring throughout. This home is move-in ready, offering a serene and stylish living space in a prime location just steps from Jupiter’s pristine beaches. This is home is perfect year-round, 2nd home, or rent out 12 times a year! The AC & WH 2018/2019, respectively. Sea Rise is Dog friendly!

Can I rent out my Casita in Alton?

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Can I rent out my Casita in Alton? The short answer is: Yes, you can. The more involved answer is for the question: Should I?

Thinking of renting out your Casita? Give me a call and I will be happy to assist you, Chris Ryder 561.626.8550/

When Alton was appoved by the City of Palm Beach Gardens they did so with an approval of what was termed a “rentable accessory apartment”.

Thus, you may legally rent out the Casita in Alton. Technically this would require a business tax receipt from the city.

Should you? Well, it’s only for the money BUT be aware that in doing so you may jeopardize at least a portion of your Homestead Exemption. If your property is homesteaded then it is supposed to be used ONLY for YOU to reside in. You may work from home BUT if you lease out a portion of the property accessory giving others the exclusive right to occupy it an you may only enter it as a Landlord then the property is being used as a business. The Florida Supreme Court recently rules that a person who had a homestead in place but rented part of it (rooms within the property) to others for their exclusive use were not entitled to the full homestead exemption. They got the exemption on the space they utilized but lost it for the rooms. The property appraiser estimated the space rented out to be 15% of the total SF and sent the Owner a bill, plus penalties and interest.

4332 Main Street Jupiter, FL 33458

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4332 Main Street Jupiter in the Abacoa Town Center, FL 33458

Live-Work Townhome – This townhouse offers a unique & sought-after opportunity to work where you live! 3 bed, 3.5 bath & 2 car garage. The 1st floor is zoned for office/retail space with it’s own bathroom, can also be converted into a 4th bed. 2nd floor with open kitchen/living /dining, convenient bedroom & full bath. Upgraded 2020 SS appliances, neutral paint and wood laminate floor. High ceilings throughout and patio’s from the second & third floor. Third floor has two bedrooms including primary with huge ensuite. Abacoa is social, family and business friendly. The location is fabulous, you are steps away from the pool, and a short walk from Downtown Abacoa, multiple restaurants, Ball Stadium, FAU, Alton and close to PBI airport.

Abacoa Town Center Live/Work Town House

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From Our Blog

What is the minimum elevation of a new house in Palm Beach Country Estates?

What is the minimum elevation of a new house in Palm Beach Country Estates?
What is the minimum elevation of a new house in Palm Beach Country Estates?

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Since Palm Beach County complies with the National Flood Insurance Program they set the minimum elevation of all new, or substantially improved structures. MOST, but not all, of Palm Beach Country Estates is in FEMA Flood Zone X, so not in the flood zone. If you’re in the very north end of the community you may be in the flood zone. If one looks at […]

What is the minimum elevation of a new house in Jupiter Farms?

What is the minimum elevation of a new house in Jupiter Farms?
What is the minimum elevation of a new house in Jupiter Farms?

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Since Palm Beach County complies with the National Flood Insurance Program they set the minimum elevation of all new, or substantially improved structures. Jupiter farms is in FEMA Flood Zone X, so not in the flood zone. If one looks at Article 18 Palm Beach County Amendments to the Unified Land Development code then we see that… 4. For New Construction and Substantial Improvements, including […]

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