Listing Courtesy of COLDWELL BANKER RESORT REALTY - R
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.
Everyone agrees that getting the right Lewes Realtor® for your team is vital when you’re buying or selling a home. Defining ‘right’ isn’t hard, either: for some of us, that will be a Realtor with the kind of dynamic sales personality that seems to make obstacles just disappear; for others, the ‘right’ Realtor® is the one we just ‘clicked’ with instantly—somebody who speaks the same language—is on the same wavelength—who we sense immediately will be someone with whom we can work seamlessly.
Sometimes even veteran homeowners who have bought and sold residences over the years have never had to develop a penetrating interview plan. Their trusted circle of friends may have included a real estate professional, or they may have had a good experience with the Realtor who introduced them to the community. But if that individual is no longer available, it’s going to be necessary to find a suitable replacement.
It all comes down to interviews—and why it’s important to get the most out of them. Personality is a perfectly valid basis for weighing candidates who will be performing the kind of vital service your Lewes Realtor will be called upon to do, but what if there is no single standout candidate in that department? If, after interviewing a host of equally sympathetic candidates, you can’t pare down the field with any degree of confidence—what then?
You won’t have to flip a coin (or consult a fortune teller!) if you’ve asked each candidate the same group of relevant questions. Some of them will differ depending on whether you are choosing a Realtor to help you buy or sell a property, but these are universally relevant:
· How long have you been working as a real estate professional? How long here in Lewes ?
· How do you keep your clients informed of progress?
· What if I need to get in touch with you?
· What kind of Lewes service providers can you connect your clients with?
· Will you represent me only, or will you represent both buyer and seller?
· What kind of team do you work with?
· What is the proposed fee arrangement?
If you make note of the answers to these and other similar questions, you should emerge with a feeling that you’ve gotten the most from the interview process. Along with the ‘track record’ materials every candidate Realtor will be sure to volunteer, at the end of the day, you’ll have with a solid basis for comparison. I hope you won’t hesitate to include me in your group of candidates! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com.