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Multifamily Loans in
Canton, OH

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Canton, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Canton 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 3.29% - 3.54%
7 Year Fixed 3.53% - 3.98%
10 Year Fixed 3.49% - 3.89%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Canton 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 26, 2021


Multifamily Lenders in Canton, OH

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


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 26, 2021


Canton Market

The city of Canton in Stark County has a population of 70,447. The median rent in Stark County for a 2 bedroom is $795. The median Canton resident is 36 years old with a yearly income of $20,736. The average family has 2.97 members and a median household income of $32,287. Canton has a 14% higher education rate. The unemployment rate in Canton is 11.1%.


Population
70,447 people

County
Stark County

Renters

52.1% of Canton households are renters.


Rent Burden

36.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Stark County 1
Ohio 2
National 2
Studio $525 $597 $737
1 bedroom $603 $662 $813
2 bedroom $795 $834 $1,015
3 bedroom $1,014 $1,084 $1,325
4 bedroom $1,078 $1,205 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Canton Demographics


Median Individual Income
$20,736 / year

Median Household Income
$32,287 / year

Families w/ Dual Incomes
41%

Unemployment Rate
11.1%
Household Income Distribution
Canton, OH

Median Age
36 years

Avg Family Size
2.97 people
Age Distribution
Canton, OH

College Education or Above
14%

STEM College Graduates
36%
Education Distribution
Canton, OH
Source: U.S. Census Bureau

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