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Multifamily Loans in
Burke, VA

Overview

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.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Burke, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Burke 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 $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.43% - 3.67%
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®
$7.5M to $100M
5 Year Fixed 2.98% - 3.23%
7 Year Fixed 3.14% - 3.59%
10 Year Fixed 3.20% - 3.60%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Burke 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 05, 2021


Multifamily Lenders in Burke, VA

All major multifamily lender types are lending in Burke.


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

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 05, 2021


Burke Market

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%.


Population
42,806 people

County
Fairfax County

Renters

13% of Burke households are renters.


Rent Burden

28.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Burke Demographics


Median Individual Income
$54,536 / year

Median Household Income
$145,234 / year

Families w/ Dual Incomes
63%

Unemployment Rate
5.0%
Household Income Distribution
Burke, VA

Median Age
41 years

Avg Family Size
3.45 people
Age Distribution
Burke, VA

College Education or Above
63%

STEM College Graduates
54%
Education Distribution
Burke, VA
Source: U.S. Census Bureau

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