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Multifamily Loans in
Hamtramck, MI

Overview

Hamtramck is located in a good market for 5+ unit multifamily loans. Multifamily loans in Hamtramck are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Hamtramck are competitive. Hamtramck apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Hamtramck.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Hamtramck, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hamtramck 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 $7.5M
5 Year Fixed 3.37% - 3.61%
7 Year Fixed 3.25% - 3.49%
10 Year Fixed 3.47% - 3.71%
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®
$7.5M to $100M
5 Year Fixed 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Hamtramck 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 05, 2021


Multifamily Lenders in Hamtramck, MI

All major multifamily lender types are lending in Hamtramck.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 05, 2021


Hamtramck Market

The city of Hamtramck in Wayne County has a population of 21,599. The median rent in Wayne County for a 2 bedroom is $1,126. The median Hamtramck resident is 28 years old with a yearly income of $17,987. The average family has 4.48 members and a median household income of $27,166. Hamtramck has a 12% higher education rate. The unemployment rate in Hamtramck is 9.6%.


Population
21,599 people

County
Wayne County

Renters

47% of Hamtramck households are renters.


Rent Burden

40.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wayne County 1
Michigan 2
National 2
Studio $748 $607 $737
1 bedroom $881 $678 $813
2 bedroom $1,126 $855 $1,015
3 bedroom $1,443 $1,118 $1,325
4 bedroom $1,565 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Hamtramck Demographics


Median Individual Income
$17,987 / year

Median Household Income
$27,166 / year

Families w/ Dual Incomes
31%

Unemployment Rate
9.6%
Household Income Distribution
Hamtramck, MI

Median Age
28 years

Avg Family Size
4.48 people
Age Distribution
Hamtramck, MI

College Education or Above
12%

STEM College Graduates
40%
Education Distribution
Hamtramck, MI
Source: U.S. Census Bureau

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