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Multifamily Loans in
Austin, MN

Overview

Austin is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Austin are considered greater risk due to market dynamics. Interest rates for multifamily loans in Austin are higher than the national average. Austin 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 Austin.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Austin, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Austin 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 3.68% - 3.92%
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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Austin 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 04, 2021


Multifamily Lenders in Austin, MN

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


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 04, 2021


Austin Market

The city of Austin in Mower County has a population of 25,233. The median rent in Mower County for a 2 bedroom is $816. The median Austin resident is 37 years old with a yearly income of $29,094. The average family has 3.15 members and a median household income of $48,127. Austin has a 23% higher education rate. The unemployment rate in Austin is 4.5%.


Population
25,233 people

County
Mower County

Renters

33.6% of Austin households are renters.


Rent Burden

32% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Mower County 1
Minnesota 2
National 2
Studio $538 $607 $737
1 bedroom $619 $694 $813
2 bedroom $816 $881 $1,015
3 bedroom $1,164 $1,200 $1,325
4 bedroom $1,196 $1,366 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Austin Demographics


Median Individual Income
$29,094 / year

Median Household Income
$48,127 / year

Families w/ Dual Incomes
51%

Unemployment Rate
4.5%
Household Income Distribution
Austin, MN

Median Age
37 years

Avg Family Size
3.15 people
Age Distribution
Austin, MN

College Education or Above
23%

STEM College Graduates
39%
Education Distribution
Austin, MN
Source: U.S. Census Bureau

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