Hobbs is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Hobbs are considered greater risk due to market dynamics. Interest rates for multifamily loans in Hobbs are higher than the national average. Hobbs 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 Hobbs.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hobbs are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.88% - 7.12% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Hobbs.
The city of Hobbs in Lea County has a population of 39,141. The median rent in Lea County for a 2 bedroom is $1,084. The median Hobbs resident is 31 years old with a yearly income of $27,809. The average family has 3.65 members and a median household income of $59,020. Hobbs has a 16% higher education rate. The unemployment rate in Hobbs is 6.8%.
40.5% of Hobbs households are renters.
25.2% median household income spent on rent.
Bedrooms |
Lea County 1 |
New Mexico 2 |
National 2 |
|---|---|---|---|
| Studio | $792 | $682 | $737 |
| 1 bedroom | $823 | $728 | $813 |
| 2 bedroom | $1,084 | $898 | $1,015 |
| 3 bedroom | $1,402 | $1,212 | $1,325 |
| 4 bedroom | $1,592 | $1,440 | $1,521 |
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