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Multifamily Loans in
Altoona, PA

Overview

Altoona is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Altoona are considered greater risk due to market dynamics. Interest rates for multifamily loans in Altoona are higher than the national average. Altoona apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Altoona.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Altoona, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Altoona are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.78% - 4.02%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.26% - 3.51%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.38% - 3.78%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Altoona may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Lenders in Altoona, PA

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Altoona.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 08, 2021


Altoona Market

The city of Altoona in Blair County has a population of 43,364. The median rent in Blair County for a 2 bedroom is $855. The median Altoona resident is 38 years old with a yearly income of $23,509. The average family has 2.84 members and a median household income of $41,403. Altoona has a 18% higher education rate. The unemployment rate in Altoona is 4.9%.


Population
43,364 people

County
Blair County

Renters

36% of Altoona households are renters.


Rent Burden

40.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Blair County 1
Pennsylvania 2
National 2
Studio $609 $680 $737
1 bedroom $686 $747 $813
2 bedroom $855 $929 $1,015
3 bedroom $1,063 $1,198 $1,325
4 bedroom $1,159 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Altoona Demographics


Median Individual Income
$23,509 / year

Median Household Income
$41,403 / year

Families w/ Dual Incomes
46%

Unemployment Rate
4.9%
Household Income Distribution
Altoona, PA

Median Age
38 years

Avg Family Size
2.84 people
Age Distribution
Altoona, PA

College Education or Above
18%

STEM College Graduates
39%
Education Distribution
Altoona, PA
Source: U.S. Census Bureau

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