Elmwood Park is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Elmwood Park are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Elmwood Park are some of the lowest nationally. Elmwood Park 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 Elmwood Park.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Elmwood Park are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.72% - 6.96% |
| 7 Year Fixed | 6.68% - 6.92% |
| 10 Year Fixed | 6.64% - 6.88% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.05% |
| 7 Year Fixed | 5.96% - 6.06% |
| 10 Year Fixed | 5.89% - 6.29% |
All major multifamily lender types are lending in Elmwood Park.
The city of Elmwood Park in Cook County has a population of 24,098. The median rent in Cook County for a 2 bedroom is $1,417. The median Elmwood Park resident is 40 years old with a yearly income of $30,174. The average family has 3.36 members and a median household income of $59,963. Elmwood Park has a 27% higher education rate. The unemployment rate in Elmwood Park is 4.5%.
34.2% of Elmwood Park households are renters.
35.6% median household income spent on rent.
Bedrooms |
Cook County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $1,104 | $599 | $737 |
| 1 bedroom | $1,224 | $669 | $813 |
| 2 bedroom | $1,417 | $840 | $1,015 |
| 3 bedroom | $1,799 | $1,100 | $1,325 |
| 4 bedroom | $2,147 | $1,238 | $1,521 |
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