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Multifamily Loans in
Elmira, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Elmira, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Elmira 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 3.16% - 3.41%
7 Year Fixed 3.40% - 3.85%
10 Year Fixed 3.38% - 3.78%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Elmira 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 Nov 29, 2021


Multifamily Lenders in Elmira, NY

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


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 Nov 29, 2021


Elmira Market

The city of Elmira in Chemung County has a population of 27,054. The median rent in Chemung County for a 2 bedroom is $998. The median Elmira resident is 34 years old with a yearly income of $20,695. The average family has 3.19 members and a median household income of $36,909. Elmira has a 15% higher education rate. The unemployment rate in Elmira is 9.0%.


Population
27,054 people

County
Chemung County

Renters

52.4% of Elmira households are renters.


Rent Burden

35.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Chemung County 1
New York 2
National 2
Studio $787 $909 $737
1 bedroom $792 $990 $813
2 bedroom $998 $1,202 $1,015
3 bedroom $1,317 $1,537 $1,325
4 bedroom $1,386 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Elmira Demographics


Median Individual Income
$20,695 / year

Median Household Income
$36,909 / year

Families w/ Dual Incomes
38%

Unemployment Rate
9.0%
Household Income Distribution
Elmira, NY

Median Age
34 years

Avg Family Size
3.19 people
Age Distribution
Elmira, NY

College Education or Above
15%

STEM College Graduates
37%
Education Distribution
Elmira, NY
Source: U.S. Census Bureau

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