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.
Last week, those of us who were out and about during the increasingly short daylight hours could take in what looked like the regular number of Leweshomes decked out with the familiar holiday paraphernalia. When the weather cooperates, it can’t help but bring a smile to your face to spot the reindeer, Santas, menorahs, giant candles, elves—all the elements that help bring home the familiar feelings the season seldom fails to muster.
I bet it’s just that—the sheer familiarity—that explains a large part of why the words “Holiday Magic” are no exaggeration. Sooner or later we feel it. It grabs us. The holidays are back!
This usually starts (for me at least) with a valiant attempt to reject reality. Sometime between Halloween and Thanksgiving, with the first department store ad or the first notes of a carol playing somewhere in the distance, we think “OH NO! – NOT ALREADY!!!” This is the part when the ‘magic’ part of the holidays is nowhere in prospect. The whole concept is at its most materialistic (the ‘material’ being that we haven’t started serious gift shopping, are too busy to even think about it, can’t recall whether the roasting pan was wrecked when last year’s gravy got burnt, etc. etc. etc.).
Immediately thereafter, in a truly magical disappearing-of-time act, it’s suddenly a couple of weeks before the big day, when all the preparations had better have been set into motion. It’s already holiday running-around time. This is when we are out and about, and can take in all the Sussex County homes belonging to Leweshomeowners who have the organizational skills that allowed them to erect the reindeer, Santas, giant candles, elves, menorahs, etc. It’s also the time of year when we may begin to experience some true holiday magic…especially if our running-around to get ready happens at night, when the holiday lights are ablaze…
For some of us, there is something about those area homes decked out in lights, and the ornaments, and the music, eggnog, cookies…or even the fruitcake or the stollen or the latkes. It’s the familiarity of the way all the trappings combine to bring back memories: images of our kids’ holidays, or our parents, or dearest friends…and finally, of our own childhood.
In spite of all the running around, sooner or later, this most special, set-aside top of the year puts us in mind of how very much we treasure the ones who are dearest to us. If we’re lucky enough to have them gathered close, it’s pretty wonderful. If this year, that can’t happen—the memories will have to provide the magic. Sooner or later they usually do.
Whether these holidays bring you Christmas or Hanukkah gatherings (or both!), here’s wishing you and yours the happiest, most joyful of celebrations—the kind that create future holiday magic! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.