Listing Courtesy of OCEAN ATLANTIC SOTHEBY'S INTL REALTY
Lewes multi-family housing is the umbrella term covering all the various kinds of residences that shelter more than one family. Everything from duplexes and homes with guest cottages to apartment complexes fall into the category, which is most often thought of in terms of the solid investment potential it represents.
While Lewes multi-family housing offers all of the same investment potential and more (the economies of scale can give an apartment building listing, for instance, many times the profit potential of a single family rental), a multi-family residence can also be the pathway to homeownership for a first-time home buyer. You might not think so, but when a prospective buyer will also be resident, standard financing guidelines—even for FHA loans—may apply. The lending particulars vary by a given Lewes property’s specifics—among other factors, whether or not cash flow-producing tenants are already in place. But the assumption that the higher mortgage amounts associated with multi-family housing opportunities automatically puts them out of reach ain’t (as the song says) necessarily so!
The NAR® finds that some 38% of residences are purchased by first-time buyers—yet it’s a safe bet that most of them would never consider that purchasing multi-family homes could be a great way to own their first home (and even generate some extra income at the same time). To begin to examine this as a possibility, some basic research into some of the key elements of multi-family financing is a logical preliminary step.
· Down Payment Options
Today’s loan requirements may be seeing some degree of easing, but most Lewes multi-family homes listings carry bigger down payments than single residences. Even so, some FHA loans for a one- to four-unit home require just a 3.5% down payment. A variety of other loan programs emphasizing affordable down payment options may also apply.
· Cash Reserves Requirements
Some traditional lenders have no specific cash reserve requirements, while the FHA has defined guidelines. For one- or two-unit properties, buyers must have one month’s worth of reserves (cash left after closing). For three- to four-unit homes, the requirement is for three months of reserves.
· Debt-to-Income Ratio
Lenders evaluate debt-to-income ratios to include other monthly debt payments as well as the anticipated mortgage payment. They weigh that against gross monthly income…and, needless to say, lenders who include a high percentage of projected rental income will be more likely to find a loan viable.
Whether you are a first-time or veteran home buyer, considering Lewes's multi-family housing listings is an idea that may be worth pursuing. Give me a call to discuss how one of today’s prime offerings might fit into your future! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestate.com.
You wouldn’t think that real estate technology could be as addictive as one of those games like Candy Crush or Angry Birds—but don’t tell that to Money magazine. They researched the subject in depth, and they found that two-thirds of recent home buyers said they were addicted to online listings!
Come to think of it, who hasn’t found themselves walking away from the computer, wondering what happened to the last two hours? You shouldn’t blame all that on the real estate-connected sites, because the internet has a way of pulling you away from any task by throwing distractions at you, like the latest cat hijinks video.
Don’t get me wrong: exploring today’s Lewes real estate scene through the web can be awfully efficient. It’s just hard to deny that it’s also easy to get hooked if you succumb to the siren’s call of instantly available, constantly updated information.
Curiosity has to be the culprit. When you leave an open paper bag on the floor, any cat (not a YouTube cat; I mean a real one) will jump inside to see what’s there. The same thing happens to someone who is in the hunt for a home in Lewes. Once they’ve seen the way the Lewes real estate listings get updated, they have a hard time staying away, because something might have just changed. Better check! This could drive you crazy (although there are no documented cases of Lewes home shoppers who have been institutionalized for that reason).
If you are on the lookout for the Lewes home of your dreams, unlike what the cat experiences, every once in a while you’re rewarded. Finding a new listing that meets your search parameters does feel a little like finding the toy in a Cracker Jack box…actually, a lot better than that, because Cracker Jack toys are consistently disappointing, while new listings are at least interesting.
The easiest way to handle the addictive call of the Lewes real estate online listings is to have me let you know as soon as a qualified property enters the scene. That’s as easy as using my site’s Contact link. That way I can keep an eye on everything for you (and often come up with some extra insights, as well).
The whole advance of real estate technology has created a much more informed buying public—and a significantly more sophisticated marketplace. In one poll, nearly half of those queried said that using technology helped them save money. As many as 92% said it saved time. In the same survey, 90% reported “an overall positive experience” (but failed to reveal if that included any cat videos).
The next time you are ready to zero in on the Lewes home of your dreams—or find yourself checking out the latest listings with an eye toward selling—do give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.