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Multifamily Loans in
Carbondale, IL

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Carbondale, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Carbondale 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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 3.34% - 3.59%
7 Year Fixed 3.58% - 4.03%
10 Year Fixed 3.54% - 3.94%
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 Carbondale 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 Carbondale, IL

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


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


Carbondale Market

The city of Carbondale in Jackson County has a population of 25,083. The median rent in Jackson County for a 2 bedroom is $805. The median Carbondale resident is 24 years old with a yearly income of $14,322. The average family has 3.05 members and a median household income of $22,152. Carbondale has a 45% higher education rate. The unemployment rate in Carbondale is 10.0%.


Population
25,083 people

County
Jackson County

Renters

71.1% of Carbondale households are renters.


Rent Burden

55.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Jackson County 1
Illinois 2
National 2
Studio $531 $599 $737
1 bedroom $616 $669 $813
2 bedroom $805 $840 $1,015
3 bedroom $1,049 $1,100 $1,325
4 bedroom $1,161 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Carbondale Demographics


Median Individual Income
$14,322 / year

Median Household Income
$22,152 / year

Families w/ Dual Incomes
43%

Unemployment Rate
10.0%
Household Income Distribution
Carbondale, IL

Median Age
24 years

Avg Family Size
3.05 people
Age Distribution
Carbondale, IL

College Education or Above
45%

STEM College Graduates
44%
Education Distribution
Carbondale, IL
Source: U.S. Census Bureau

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