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Multifamily Loans in
Hoover, AL

Overview

Hoover is located in a good market for 5+ unit multifamily loans. Multifamily loans in Hoover are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Hoover are competitive. Hoover 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 Hoover.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Hoover, AL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hoover 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 3.32% - 3.56%
7 Year Fixed 3.28% - 3.52%
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 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Hoover 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 Hoover, AL

All major multifamily lender types are lending in Hoover.


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 04, 2021


Hoover Market

The city of Hoover in Jefferson County has a population of 85,768. The median rent in Jefferson County for a 2 bedroom is $1,093. The median Hoover resident is 38 years old with a yearly income of $44,843. The average family has 3.15 members and a median household income of $89,452. Hoover has a 58% higher education rate. The unemployment rate in Hoover is 3.3%.


Population
85,768 people

County
Jefferson County

Renters

30.5% of Hoover households are renters.


Rent Burden

27.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Jefferson County 1
Alabama 2
National 2
Studio $891 $580 $737
1 bedroom $950 $626 $813
2 bedroom $1,093 $767 $1,015
3 bedroom $1,421 $1,004 $1,325
4 bedroom $1,537 $1,157 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Hoover Demographics


Median Individual Income
$44,843 / year

Median Household Income
$89,452 / year

Families w/ Dual Incomes
58%

Unemployment Rate
3.3%
Household Income Distribution
Hoover, AL

Median Age
38 years

Avg Family Size
3.15 people
Age Distribution
Hoover, AL

College Education or Above
58%

STEM College Graduates
40%
Education Distribution
Hoover, AL
Source: U.S. Census Bureau

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