Chico is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Chico are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Chico are slightly higher than the national average. Chico 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 Chico.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Chico are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.53% - 6.77% |
| 7 Year Fixed | 6.24% - 6.48% |
| 10 Year Fixed | 6.33% - 6.57% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Chico.
The city of Chico in Butte County has a population of 103,301. The median rent in Butte County for a 2 bedroom is $1,270. The median Chico resident is 30 years old with a yearly income of $24,661. The average family has 3.12 members and a median household income of $53,324. Chico has a 37% higher education rate. The unemployment rate in Chico is 8.0%.
55.3% of Chico households are renters.
37.7% median household income spent on rent.
Bedrooms |
Butte County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $879 | $1,137 | $737 |
| 1 bedroom | $964 | $1,291 | $813 |
| 2 bedroom | $1,270 | $1,635 | $1,015 |
| 3 bedroom | $1,802 | $2,254 | $1,325 |
| 4 bedroom | $2,199 | $2,613 | $1,521 |
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