Loading...

Multifamily Loans in
Chicago Heights, IL

Overview

Chicago Heights is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Chicago Heights are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Chicago Heights are some of the lowest nationally. Chicago Heights 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 Chicago Heights.

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Chicago Heights, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Chicago Heights 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 2.99% - 3.23%
7 Year Fixed 3.18% - 3.42%
10 Year Fixed 3.38% - 3.62%
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 3.00% - 3.25%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.20% - 3.60%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Chicago Heights 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 02, 2021


Multifamily Lenders in Chicago Heights, IL

All major multifamily lender types are lending in Chicago Heights.


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 02, 2021


Chicago Heights Market

The city of Chicago Heights in Cook County has a population of 29,322. The median rent in Cook County for a 2 bedroom is $1,417. The median Chicago Heights resident is 34 years old with a yearly income of $25,053. The average family has 3.7 members and a median household income of $50,186. Chicago Heights has a 16% higher education rate. The unemployment rate in Chicago Heights is 13.1%.


Population
29,322 people

County
Cook County

Renters

37.8% of Chicago Heights households are renters.


Rent Burden

41% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cook County 1
Illinois 2
National 2
Studio $1,104 $599 $737
1 bedroom $1,224 $669 $813
2 bedroom $1,417 $840 $1,015
3 bedroom $1,799 $1,100 $1,325
4 bedroom $2,147 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Chicago Heights Demographics


Median Individual Income
$25,053 / year

Median Household Income
$50,186 / year

Families w/ Dual Incomes
48%

Unemployment Rate
13.1%
Household Income Distribution
Chicago Heights, IL

Median Age
34 years

Avg Family Size
3.7 people
Age Distribution
Chicago Heights, IL

College Education or Above
16%

STEM College Graduates
37%
Education Distribution
Chicago Heights, IL
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day