Burke is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Burke are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Burke are some of the lowest nationally. Burke apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Burke.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Burke are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.77% - 7.01% |
| 7 Year Fixed | 6.73% - 6.97% |
| 10 Year Fixed | 6.69% - 6.93% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.05% |
| 7 Year Fixed | 5.96% - 6.06% |
| 10 Year Fixed | 5.89% - 6.29% |
All major multifamily lender types are lending in Burke.
The city of Burke in Fairfax County has a population of 42,806. The median rent in Fairfax County for a 2 bedroom is $1,917. The median Burke resident is 41 years old with a yearly income of $54,536. The average family has 3.45 members and a median household income of $145,234. Burke has a 63% higher education rate. The unemployment rate in Burke is 5.0%.
13% of Burke households are renters.
28.4% median household income spent on rent.
Bedrooms |
Fairfax County 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,643 | $833 | $737 |
| 1 bedroom | $1,682 | $897 | $813 |
| 2 bedroom | $1,917 | $1,072 | $1,015 |
| 3 bedroom | $2,457 | $1,423 | $1,325 |
| 4 bedroom | $2,978 | $1,680 | $1,521 |
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