Lewiston, Maine Rental & Investor Snapshot (2025)
Lewiston had an estimated population of 38,772 residents in 2024, making it the second largest city in Maine after Portland.
The average rent in Lewiston in early 2025 is about $1,600 per month, with 1-bedroom units around $1,175 and 2-bedrooms around $1,450. Larger single-family and small multifamily rentals can run higher.
Rental vacancy is tight, around 2 percent, which helps DSCR investors because stable occupancy supports the property income the lender will use.
Most renter-occupied units are 2-bedroom homes (over 3,400 units in the Lewiston market), so DSCR buyers looking at 2–4 unit buildings or 2-bedroom apartments are in the “most rentable” segment.
Lewiston continues to see new households and working-age residents moving in, helped by growth in health care, education, and regional service jobs.
Why a Lewiston DSCR Loan Makes Sense
Lewiston has real investor activity, but not every property has leases that match current market rent. A DSCR / near no-ratio style loan fills that gap because it lets the lender qualify mainly on the property income instead of full tax returns. That is useful when you are buying an older Lewiston 2–4 unit, a condo that does not meet agency rules, or a rental you plan to improve.
No minimum DSCR listed and DSCR below 0.75 can be considered, so a property that is under-rented today can still get financed.
No ownership seasoning on cash-out, which lets Lewiston investors buy, renovate, then recapitalize without waiting months.
FICO expansion down to 660, and a better tier of $1,500,000 to 75% LTV at 700 FICO and higher.
Loans to $3,000,000 at 70% LTV for bigger projects or mixed small-multifamily portfolios.
Non-warrantable condos allowed, which matters because some Lewiston-area condo or mixed-use style buildings do not line up with agency condo rules.
How Lewiston Numbers Help DSCR Underwriting
With average rent around 1,600 dollars and many 2-bedroom units in the 1,400 to 1,500 dollar range, a Lewiston rental that keeps expenses in line can often reach or get close to a 1.0 DSCR. When it does not, this program can still review it, which is the main advantage over a conventional investment property loan that wants stronger coverage.
Use the rental income from your Lewiston property to qualify
A Debt Service Coverage Ratio loan allows investors in Lewiston to qualify on property cash flow instead of personal income, W 2s or full tax returns. It is a good fit for rental property buyers, landlords and small multifamily investors who want a cash flow based mortgage.
This DSCR program is flexible. It allows no minimum DSCR, will consider DSCR below .75, has no ownership seasoning on cash out, permits non warrantable condos, offers a 40 year fully amortized term and allows loan amounts up to 3,000,000 dollars. Credit can be reviewed down to 660 and investors with 700 and above can reach 75 percent LTV up to 1,500,000 dollars.
How DSCR is calculated in Lewiston
DSCR = Monthly Rental Income ÷ Monthly Housing Expense (principal, interest, taxes, insurance and HOA if any).
If a rental in Lewiston receives 2,000 dollars in rent and the proposed payment is 1,800 dollars, the DSCR is 2,000 ÷ 1,800 = 1.11. Many lenders want 1.00 or higher. This program can review DSCR under 1.00 and even under .75 which is helpful when the property has not reached full market rent.
What properties can qualify in Lewiston
Single family rental homes
2 to 4 unit investment properties
Condos including some non warrantable condos
Investor focused condos that do not meet agency rules
Because this is a non QM style DSCR mortgage, it can often be used on the real world properties that investors buy in Lewiston, not only the ones that fit conventional condo guidelines.
When the DSCR is under 1.0
A DSCR below 1.0 means the rent is slightly lower than the payment. That can happen if the lease is old, if the unit was just rehabbed, or if the property is rented furnished or part time. The notes on this program say DSCR below .75 can be considered. That makes it useful in Lewiston where income can change after closing.
Lewiston DSCR loan structure
Two main levels are available on this product:
1,500,000 dollars up to 75 percent LTV with a 700 FICO and above
Up to 3,000,000 dollars at 70 percent LTV
This lets Lewiston investors stay in a DSCR loan even on higher priced single family or small multifamily properties.
Who this DSCR loan helps in Lewiston
Investors who do not want to provide full income documentation
Buyers of non warrantable or investor heavy condos
Clients doing a cash out refinance right after purchase
Self employed borrowers whose tax returns do not show all income
Short term and mid term rental hosts who are still building rental history
Benefits of a Lewiston DSCR loan compared to a conventional investment property loan
Conventional investment property loans in Lewiston can be strict about income, condo eligibility and cash out timing. A DSCR loan is built around the rental itself, so it gives investors more room. These are the main advantages.
Qualification based on rent. A conventional loan often requires W 2s, pay stubs and tax returns. A DSCR mortgage in Lewiston looks first at whether the rent can cover the payment.
Lower DSCR accepted. Conventional lenders usually want stronger coverage. This program can review DSCR under 1.0 and even under .75.
No ownership seasoning on cash out. Conventional loans often make you wait to pull equity. This DSCR option lets investors recapitalize sooner.
Non warrantable condos allowed. Many condo projects around Lewiston do not meet agency rules. DSCR gives you a financing path for those.
40 year term available. This helps lower the payment and improve cash flow which most conventional investment loans do not offer.
Better for portfolio growth. If you own several rentals, conventional lenders can get tighter. DSCR is built for repeat investors.
Prepayment and exit choices
You can match the prepay to your plan.
5, 4, 3, 2 and 1 year prepay
No prepay option
6 months of interest
3 percent fixed prepay
Declining prepay option available
Common Questions About Lewiston DSCR Loans
Do I have to show personal income?
Not the same way as a full documentation loan. The property income is the main qualifying factor.
Can I get a DSCR loan if the rent is low right now?
Yes. This program can consider DSCR below .75 which is useful when you plan to raise rents after closing.
How fast can I do a cash out in Lewiston?
There is no ownership seasoning requirement, so you can pull equity out sooner.
What credit score do I need?
FICO can be reviewed down to 660. At 700 and higher you can reach 75 percent LTV to 1,500,000 dollars.
How do I start?
Call the number at the top of the page or submit the short application and mention that you want the DSCR or nearNONI style investor loan for your Lewiston property.