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Multifamily Loans in
Gallup, NM

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Gallup, NM

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

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


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


Gallup Market

The city of Gallup in McKinley County has a population of 21,493. The median rent in McKinley County for a 2 bedroom is $829. The median Gallup resident is 33 years old with a yearly income of $25,767. The average family has 3.69 members and a median household income of $48,065. Gallup has a 22% higher education rate. The unemployment rate in Gallup is 7.4%.


Population
21,493 people

County
McKinley County

Renters

42.9% of Gallup households are renters.


Rent Burden

31.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
McKinley County 1
New Mexico 2
National 2
Studio $711 $682 $737
1 bedroom $721 $728 $813
2 bedroom $829 $898 $1,015
3 bedroom $1,079 $1,212 $1,325
4 bedroom $1,124 $1,440 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Gallup Demographics


Median Individual Income
$25,767 / year

Median Household Income
$48,065 / year

Families w/ Dual Incomes
44%

Unemployment Rate
7.4%
Household Income Distribution
Gallup, NM

Median Age
33 years

Avg Family Size
3.69 people
Age Distribution
Gallup, NM

College Education or Above
22%

STEM College Graduates
53%
Education Distribution
Gallup, NM
Source: U.S. Census Bureau

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