14503 William Dorsey Street, Lewes, De 19958 | $395,000

I like it!

Email me 14503 William Dorsey Street, Lewes, De

*



* Required Fields

  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
View Map
If this text does not disappear quickly, then your browser does not support Google Maps

Property Details

Why wait for new construction! Freshly painted with upgrades galore include Hardwood Floors, Upgraded Kitchen/granite and appliances, ceramic tile in bathrooms, finished basement with full bath, Irrigation system, irrigation well, and more. Perfectly
  • MLS Number: 725829
  • Status: Active
  • Price: $395,000
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Lewes Crossing
  • School District: Cape Henlopen
  • Square Footage: 2,613
  • Year Built: 2015
  • Bedrooms: 3
  • Full Bathrooms: 3
  • Number of Stories: 1
  • New Construction: No
  • County Taxes: $1,278
  • Association Fee: $2,000
  • Furnished: No
  • Lot Square Feet: 12,197
  • Lot Size Acres: 0.28
  • Water: Private Central Water
  • Sewer: Sewer-Public Central
  • Community Amenities: Community Center, Fitness Center, Game Room, Jog/Walk Path, Lawn Care, Pool-Inground, Sidewalks

Interior Features

  • Kitchen: Countertops - Granite, Eat In, Island, Kitchen/Dining Room Combo, Kitchen/Family Room Combo, Pantry
  • Heating: Forced Air, Gas - Natural
  • Cooling: Central A/C
  • Flooring: Carpet, Hardwood
  • Basement: Basement - Full Finished,Partially Finished
  • Attic: Access Only
  • Appliances: Cable TV Pre Wired, Dishwasher, Disposal, Oven/Range Gas, Washer, Water Heater Gas
  • Interior Features: Bedroom-Entry Level, Ceiling Fan(s), MBED-Full Bath, Walk-In Closets, Window Treatments

Exterior Features

  • Style: Coastal,Rancher/Rambler
  • Construction Type: Stick/Frame
  • Exterior Type: Stone, Vinyl Siding
  • Roofing: Architectural Shingle, Asphalt Shingle
  • Foundation: Poured Concrete
  • Garage: Attached
  • Garage Size: 2
  • Parking: Driveway/Off Street, Garage
  • Exterior Features: Irrigation System

Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH

Lewes Multi-Family Housing: Investment and Residence Choice

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 russellstucki@remax.net, visit more listings at www.beachrealestate.com.

Testing a New Mortgage Idea: a 3% Down Payment!

Last week brought an announcement­­ that should get the attention of a large segment of would-be Lewes home buyers­­—particularly those­­ who have been stymied by the difficulty of trying to build their credit scores by paying all the monthly bills on time while simultaneously saving up a pile of cash for a down payment.

For too many Lewes nine-to-fivers, the two ambitions are achievable—just not at the same time. Although inflation hasn’t been horrendous, even a modest degree of rising prices causes a crunch for those whose incomes are flat. For many Americans, coming up with the down payment has been an immovable stumbling block.

Into the breach came last week’s Bank of America announcement of a new mortgage product. Cutting to the chase, these home loans will be structured to allow qualified homeowners to make down payments of as little as 3%.

Yes, 3%!

If you don’t believe there’s ever any free lunch, you may be wondering why, if this makes sense to a bank, it hasn’t been offered until now. The answer has to do with the way the FHA regulates home loans.

The Federal Housing Administration insures banks against defaults on FHA-backed mortgages (they allow down payments of as little as 3.5%) but sometimes holds the banks responsible when borrowers fail to repay. In fact, the FHA won billions in settlements in recent years when bank paperwork turned out to be inaccurate. The banks were not pleased: they said many of the errors were minor. They also decided to cut back on offering FHA loans. That had the effect of slowing the residential real estate market across the U.S.—and Lewes was no exception.

This new home loan structure is Bank of America’s solution for “families of modest means”—a group everyone agrees has been left out in the cold. It avoids FHA rules by avoiding the FHA altogether, instead relying on the backing of Freddie Mac and a nonprofit fund. Among the guidelines for the new low down payment product are requirements that borrowers have credit scores of at least 660 (FHA allows 580) and incomes that are lower than the area’s median. Because there will be no requirement that borrowers pay for private mortgage insurance, the loans should be less expensive than corresponding FHA mortgages. Great deal!

 It remains to be seen how widely available such loans are going to be for Lewes borrowers. Bank of America will at first be capping the number of loans it issues while it tests the market. But it’s a sure thing that other national lenders will be watching what happens…and very likely rolling out their own low down payment products. It should be one answer for folks who have proved they are deserving and responsible—yet have found themselves closed out of the market.

As the spring selling season heats up, many potential opportunities also open up for sharp-eyed prospective buyers. If you are one, I’m standing by to help!  Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com