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Multifamily Loans in
Freeport, IL

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Freeport, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Freeport 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 Freeport 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 Freeport, IL

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


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


Freeport Market

The city of Freeport in Stephenson County has a population of 23,775. The median rent in Stephenson County for a 2 bedroom is $715. The median Freeport resident is 42 years old with a yearly income of $24,555. The average family has 2.8 members and a median household income of $39,975. Freeport has a 19% higher education rate. The unemployment rate in Freeport is 10.5%.


Population
23,775 people

County
Stephenson County

Renters

41.4% of Freeport households are renters.


Rent Burden

30.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Stephenson County 1
Illinois 2
National 2
Studio $496 $599 $737
1 bedroom $558 $669 $813
2 bedroom $715 $840 $1,015
3 bedroom $946 $1,100 $1,325
4 bedroom $1,207 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Freeport Demographics


Median Individual Income
$24,555 / year

Median Household Income
$39,975 / year

Families w/ Dual Incomes
42%

Unemployment Rate
10.5%
Household Income Distribution
Freeport, IL

Median Age
42 years

Avg Family Size
2.8 people
Age Distribution
Freeport, IL

College Education or Above
19%

STEM College Graduates
33%
Education Distribution
Freeport, IL
Source: U.S. Census Bureau

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