Accessory Dwelling Units
Accessory Dwelling Units (ADUs) are an innovative way for single-family property owners to boost their property’s value while securing rental income.
What Is An ADU?
An ADU is typically a smaller, additional living space that’s separate from a main residence. They’re perfect for family, caregivers or renters! Also known as in-law or guest apartments, an ADU may be added to, created within, or detached from a primary dwelling.
ADUs are a savvy way to earn extra income while providing affordable housing to our community. Every state has its own rules on what specifically defines an Accessory Dwelling Unit. Examples include:
- Living space over a garage
- Living area in a basement
- A small addition to a primary dwelling
- A Manufactured Home*
Finance Your ADU With BayCoast Mortgage
Take advantage of an ADU, which offers a flexible and modern opportunity for homeowners to boost their income, while expanding affordable housing right here on the South Coast.
There are a variety of options available to finance an ADU, including a Home Equity Line of Credit (HELOC), Home Equity Loan (HELOAN), or a mortgage refinance. If you’re ready to apply, navigating the mortgage application process has never been easier! Here’s a checklist of required documents to help you get started:
- Proof of Income/Employment
- Proof of Assets
- Credit History
- Residential History
Contact Us Today
If you have questions about ADUs, please contact one of our knowledgeable team members today at 877-466-2678. We’ll help answer your questions and provide expert guidance so you can decide if an ADU may be right for you and your personal financial goals.
BayCoast Mortgage is Ready to Help You!
*A manufactured home must be legally classified as real property and must follow specific guidelines.
New Jersey—BayCoast Mortgage Company, LLC, 330 Swansea Mall Drive, Swansea, MA 02777, 877-466-2678, Licensed Mortgage Banker- NJ Banking and Insurance Department. New Hampshire—Licensed by the New Hampshire Banking Department #19631-MB. Rhode Island—Rhode Island Licensed Lender. Virginia—BayCoast Mortgage Company, LLC, NMLS #1082048 (http://www.nmlsconsumeraccess.org/). Exempt from licensing in MA, CT, PA, MD, NC, SC, and FL. All loans are subject to credit approval.
