CalHFA Down Payment Assistance Program or CalHFA ADU Grant

[Alex Ballesteros]

I am currently in process of acquiring my first property in Compton, 2 bd 1 bath, 800 S.F with a 5000+ lot & 2 car detached garage. The property needs approx. $60K in repairs, so def in need of some remodeling, but it is in livable condition. I am planning on using an FHA loan and house hacking, and my plan was to first invest into an ADU garage conversion to start collecting rent money from that unit meanwhile living in the main house doing minor to mid level repairs myself (painting, flooring, etc.), and my lender provided these 2 programs to assist me with renovation. What are your guys' thoughts on using either of these programs? Any knowledge or experience would be helpful.