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Multifamily Loans in
Elkhart, IN

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Elkhart, IN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Elkhart 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 3.68% - 3.92%
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 3.15% - 3.40%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Elkhart 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 02, 2021


Multifamily Lenders in Elkhart, IN

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


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 02, 2021


Elkhart Market

The city of Elkhart in Elkhart County has a population of 52,358. The median rent in Elkhart County for a 2 bedroom is $875. The median Elkhart resident is 34 years old with a yearly income of $24,573. The average family has 3.4 members and a median household income of $40,750. Elkhart has a 15% higher education rate. The unemployment rate in Elkhart is 7.7%.


Population
52,358 people

County
Elkhart County

Renters

49.3% of Elkhart households are renters.


Rent Burden

32.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Elkhart County 1
Indiana 2
National 2
Studio $578 $593 $737
1 bedroom $679 $666 $813
2 bedroom $875 $840 $1,015
3 bedroom $1,110 $1,099 $1,325
4 bedroom $1,187 $1,251 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Elkhart Demographics


Median Individual Income
$24,573 / year

Median Household Income
$40,750 / year

Families w/ Dual Incomes
47%

Unemployment Rate
7.7%
Household Income Distribution
Elkhart, IN

Median Age
34 years

Avg Family Size
3.4 people
Age Distribution
Elkhart, IN

College Education or Above
15%

STEM College Graduates
38%
Education Distribution
Elkhart, IN
Source: U.S. Census Bureau

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