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Multifamily Loans in
Erie, PA

Overview

Erie is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Erie are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Erie are slightly higher than the national average. Erie apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Erie.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Erie, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Erie 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 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Erie 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 08, 2021


Multifamily Lenders in Erie, PA

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


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 08, 2021


Erie Market

The city of Erie in Erie County has a population of 95,508. The median rent in Erie County for a 2 bedroom is $908. The median Erie resident is 35 years old with a yearly income of $21,802. The average family has 3.04 members and a median household income of $37,894. Erie has a 22% higher education rate. The unemployment rate in Erie is 7.9%.


Population
95,508 people

County
Erie County

Renters

49.1% of Erie households are renters.


Rent Burden

33.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Erie County 1
Pennsylvania 2
National 2
Studio $671 $680 $737
1 bedroom $703 $747 $813
2 bedroom $908 $929 $1,015
3 bedroom $1,129 $1,198 $1,325
4 bedroom $1,231 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Erie Demographics


Median Individual Income
$21,802 / year

Median Household Income
$37,894 / year

Families w/ Dual Incomes
42%

Unemployment Rate
7.9%
Household Income Distribution
Erie, PA

Median Age
35 years

Avg Family Size
3.04 people
Age Distribution
Erie, PA

College Education or Above
22%

STEM College Graduates
41%
Education Distribution
Erie, PA
Source: U.S. Census Bureau

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