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Multifamily Loans in
Binghamton, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Binghamton, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Binghamton 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 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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 3.11% - 3.36%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Binghamton 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 Nov 29, 2021


Multifamily Lenders in Binghamton, NY

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


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 Nov 29, 2021


Binghamton Market

The city of Binghamton in Broome County has a population of 44,399. The median rent in Broome County for a 2 bedroom is $886. The median Binghamton resident is 36 years old with a yearly income of $20,400. The average family has 2.99 members and a median household income of $34,487. Binghamton has a 26% higher education rate. The unemployment rate in Binghamton is 10.4%.


Population
44,399 people

County
Broome County

Renters

57.8% of Binghamton households are renters.


Rent Burden

43.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Broome County 1
New York 2
National 2
Studio $662 $909 $737
1 bedroom $685 $990 $813
2 bedroom $886 $1,202 $1,015
3 bedroom $1,170 $1,537 $1,325
4 bedroom $1,344 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Binghamton Demographics


Median Individual Income
$20,400 / year

Median Household Income
$34,487 / year

Families w/ Dual Incomes
41%

Unemployment Rate
10.4%
Household Income Distribution
Binghamton, NY

Median Age
36 years

Avg Family Size
2.99 people
Age Distribution
Binghamton, NY

College Education or Above
26%

STEM College Graduates
51%
Education Distribution
Binghamton, NY
Source: U.S. Census Bureau

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