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Multifamily Loans in
Corsicana, TX

Overview

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

Get multifamily loan quotes for Dec 03, 2021


Multifamily Loan Rates in Corsicana, TX

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Corsicana 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 3.73% - 3.97%
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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/02/2021. This is not an offer or commitment to lend. Multifamily loan rates in Corsicana 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 03, 2021


Multifamily Lenders in Corsicana, TX

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


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 Dec 03, 2021


Corsicana Market

The city of Corsicana in Navarro County has a population of 23,906. The median rent in Navarro County for a 2 bedroom is $864. The median Corsicana resident is 34 years old with a yearly income of $22,661. The average family has 3.52 members and a median household income of $42,352. Corsicana has a 14% higher education rate. The unemployment rate in Corsicana is 5.1%.


Population
23,906 people

County
Navarro County

Renters

41.4% of Corsicana households are renters.


Rent Burden

30.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Navarro County 1
Texas 2
National 2
Studio $642 $669 $737
1 bedroom $656 $738 $813
2 bedroom $864 $912 $1,015
3 bedroom $1,237 $1,210 $1,325
4 bedroom $1,391 $1,407 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Corsicana Demographics


Median Individual Income
$22,661 / year

Median Household Income
$42,352 / year

Families w/ Dual Incomes
51%

Unemployment Rate
5.1%
Household Income Distribution
Corsicana, TX

Median Age
34 years

Avg Family Size
3.52 people
Age Distribution
Corsicana, TX

College Education or Above
14%

STEM College Graduates
31%
Education Distribution
Corsicana, TX
Source: U.S. Census Bureau

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