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.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Altoona are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.48% - 6.72% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Altoona.
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%.
36% of Altoona households are renters.
40.7% median household income spent on rent.
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 |
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