Hagerstown is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Hagerstown are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Hagerstown are slightly higher than the national average. Hagerstown 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 Hagerstown.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hagerstown are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.53% - 6.77% |
| 7 Year Fixed | 6.32% - 6.56% |
| 10 Year Fixed | 6.28% - 6.52% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Hagerstown.
The city of Hagerstown in Washington County has a population of 40,100. The median rent in Washington County for a 2 bedroom is $947. The median Hagerstown resident is 35 years old with a yearly income of $22,995. The average family has 3.09 members and a median household income of $40,800. Hagerstown has a 16% higher education rate. The unemployment rate in Hagerstown is 7.6%.
58.4% of Hagerstown households are renters.
34.6% median household income spent on rent.
Bedrooms |
Washington County 1 |
Maryland 2 |
National 2 |
|---|---|---|---|
| Studio | $625 | $1,013 | $737 |
| 1 bedroom | $740 | $1,126 | $813 |
| 2 bedroom | $947 | $1,365 | $1,015 |
| 3 bedroom | $1,355 | $1,803 | $1,325 |
| 4 bedroom | $1,640 | $2,127 | $1,521 |
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