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Multifamily Loans in
Dover, DE

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Dover, DE

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Dover 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 3.78% - 4.02%
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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Dover 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 04, 2021


Multifamily Lenders in Dover, DE

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


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 04, 2021


Dover Market

The city of Dover in Kent County has a population of 38,166. The median rent in Kent County for a 2 bedroom is $1,131. The median Dover resident is 31 years old with a yearly income of $22,481. The average family has 3.08 members and a median household income of $47,669. Dover has a 26% higher education rate. The unemployment rate in Dover is 6.2%.


Population
38,166 people

County
Kent County

Renters

51.7% of Dover households are renters.


Rent Burden

39.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Kent County 1
Delaware 2
National 2
Studio $932 $868 $737
1 bedroom $964 $963 $813
2 bedroom $1,131 $1,182 $1,015
3 bedroom $1,619 $1,580 $1,325
4 bedroom $1,894 $1,827 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Dover Demographics


Median Individual Income
$22,481 / year

Median Household Income
$47,669 / year

Families w/ Dual Incomes
44%

Unemployment Rate
6.2%
Household Income Distribution
Dover, DE

Median Age
31 years

Avg Family Size
3.08 people
Age Distribution
Dover, DE

College Education or Above
26%

STEM College Graduates
38%
Education Distribution
Dover, DE
Source: U.S. Census Bureau

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