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Multifamily Loans in
Dearborn, MI

Overview

Dearborn is located in a good market for 5+ unit multifamily loans. Multifamily loans in Dearborn are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Dearborn are competitive. Dearborn 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 Dearborn.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Dearborn, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Dearborn 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 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
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 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Dearborn 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 05, 2021


Multifamily Lenders in Dearborn, MI

All major multifamily lender types are lending in Dearborn.


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 05, 2021


Dearborn Market

The city of Dearborn in Wayne County has a population of 93,932. The median rent in Wayne County for a 2 bedroom is $1,126. The median Dearborn resident is 32 years old with a yearly income of $25,951. The average family has 3.92 members and a median household income of $53,670. Dearborn has a 30% higher education rate. The unemployment rate in Dearborn is 6.6%.


Population
93,932 people

County
Wayne County

Renters

33.6% of Dearborn households are renters.


Rent Burden

39.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wayne County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Dearborn Demographics


Median Individual Income
$25,951 / year

Median Household Income
$53,670 / year

Families w/ Dual Incomes
48%

Unemployment Rate
6.6%
Household Income Distribution
Dearborn, MI

Median Age
32 years

Avg Family Size
3.92 people
Age Distribution
Dearborn, MI

College Education or Above
30%

STEM College Graduates
51%
Education Distribution
Dearborn, MI
Source: U.S. Census Bureau

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