We are excited to expand its mortgage loan offerings with a specialized home mortgage for constructing Accessory Dwelling Units (ADU). The new solution will give local homeowners a new option for financing the addition of an attached or detached living space to their existing residence, without impacting their current mortgage.
“As a community-focused bank, we’re dedicated to addressing local housing concerns, and accessory dwellings are a great way for residents to modify their home to meet their evolving needs,” said Charlie Dowd, MVSB Vice President of Residential Mortgage Sales (NMLS# 737415). “Whether it is for generational housing or to create supplemental revenue through an ADU – we are proud to provide a financing solution tailored for this purpose.”
ADUs are fully self-contained housing units, complete with their own kitchen, bathroom, and living/sleeping area. Under state law, homeowners have the right to create an ADU for a family member, caregiver or as a rental unit, as long as it complies with all local ordinances.
To learn more about financing ADUs, visit mvsb.com/adu or contact MVSB at 800.922.6872 to speak with a lender.
