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Multifamily Loans in
Farmington, NM

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Farmington, NM

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Farmington 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 3.73% - 3.97%
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 Farmington 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 Farmington, NM

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


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


Farmington Market

The city of Farmington in San Juan County has a population of 44,372. The median rent in San Juan County for a 2 bedroom is $837. The median Farmington resident is 34 years old with a yearly income of $27,692. The average family has 3.29 members and a median household income of $54,480. Farmington has a 22% higher education rate. The unemployment rate in Farmington is 6.5%.


Population
44,372 people

County
San Juan County

Renters

36.2% of Farmington households are renters.


Rent Burden

29.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
San Juan County 1
New Mexico 2
National 2
Studio $718 $682 $737
1 bedroom $725 $728 $813
2 bedroom $837 $898 $1,015
3 bedroom $1,101 $1,212 $1,325
4 bedroom $1,277 $1,440 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Farmington Demographics


Median Individual Income
$27,692 / year

Median Household Income
$54,480 / year

Families w/ Dual Incomes
47%

Unemployment Rate
6.5%
Household Income Distribution
Farmington, NM

Median Age
34 years

Avg Family Size
3.29 people
Age Distribution
Farmington, NM

College Education or Above
22%

STEM College Graduates
42%
Education Distribution
Farmington, NM
Source: U.S. Census Bureau

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