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Multifamily Loans in
Burton, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Burton, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Burton 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
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 Burton 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 Burton, MI

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


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 05, 2021


Burton Market

The city of Burton in Genesee County has a population of 28,574. The median rent in Genesee County for a 2 bedroom is $833. The median Burton resident is 39 years old with a yearly income of $25,878. The average family has 3.09 members and a median household income of $48,019. Burton has a 16% higher education rate. The unemployment rate in Burton is 7.8%.


Population
28,574 people

County
Genesee County

Renters

26% of Burton households are renters.


Rent Burden

35.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Genesee County 1
Michigan 2
National 2
Studio $550 $607 $737
1 bedroom $649 $678 $813
2 bedroom $833 $855 $1,015
3 bedroom $1,067 $1,118 $1,325
4 bedroom $1,132 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Burton Demographics


Median Individual Income
$25,878 / year

Median Household Income
$48,019 / year

Families w/ Dual Incomes
45%

Unemployment Rate
7.8%
Household Income Distribution
Burton, MI

Median Age
39 years

Avg Family Size
3.09 people
Age Distribution
Burton, MI

College Education or Above
16%

STEM College Graduates
38%
Education Distribution
Burton, MI
Source: U.S. Census Bureau

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