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Multifamily Loans in
Corcoran, CA

Overview

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

Get multifamily loan quotes for Jan 29, 2022


Multifamily Loan Rates in Corcoran, CA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Corcoran are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.19%
7 Year Fixed 3.42% - 4.00%
10 Year Fixed 3.46% - 3.95%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.53% - 3.77%
7 Year Fixed 3.34% - 3.58%
10 Year Fixed 3.78% - 4.02%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.24% - 3.74%
7 Year Fixed 3.12% - 3.70%
10 Year Fixed 3.16% - 3.65%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.61% - 4.11%
7 Year Fixed 3.74% - 4.44%
10 Year Fixed 3.68% - 4.33%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 01/28/2022. This is not an offer or commitment to lend. Multifamily loan rates in Corcoran 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 Jan 29, 2022


Multifamily Lenders in Corcoran, CA

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


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 Jan 29, 2022


Corcoran Market

The city of Corcoran in Kings County has a population of 21,960. The median rent in Kings County for a 2 bedroom is $1,182. The median Corcoran resident is 35 years old with a yearly income of $16,439. The average family has 3.68 members and a median household income of $40,159. Corcoran has a 4% higher education rate. The unemployment rate in Corcoran is 11.6%.


Population
21,960 people

County
Kings County

Renters

53.4% of Corcoran households are renters.


Rent Burden

33.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kings County 1
California 2
National 2
Studio $953 $1,137 $737
1 bedroom $962 $1,291 $813
2 bedroom $1,182 $1,635 $1,015
3 bedroom $1,692 $2,254 $1,325
4 bedroom $1,820 $2,613 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Corcoran Demographics


Median Individual Income
$16,439 / year

Median Household Income
$40,159 / year

Families w/ Dual Incomes
40%

Unemployment Rate
11.6%
Household Income Distribution
Corcoran, CA

Median Age
35 years

Avg Family Size
3.68 people
Age Distribution
Corcoran, CA

College Education or Above
4%

STEM College Graduates
48%
Education Distribution
Corcoran, CA
Source: U.S. Census Bureau

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