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Multifamily Loans in
Iowa City, IA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Iowa City, IA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Iowa City 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 3.68% - 3.92%
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 3.27% - 3.52%
7 Year Fixed 3.44% - 3.89%
10 Year Fixed 3.42% - 3.82%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Iowa City 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 08, 2021


Multifamily Lenders in Iowa City, IA

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


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 08, 2021


Iowa City Market

The city of Iowa City in Johnson County has a population of 75,130. The median rent in Johnson County for a 2 bedroom is $1,112. The median Iowa City resident is 27 years old with a yearly income of $22,252. The average family has 2.86 members and a median household income of $49,075. Iowa City has a 59% higher education rate. The unemployment rate in Iowa City is 4.7%.


Population
75,130 people

County
Johnson County

Renters

52.3% of Iowa City households are renters.


Rent Burden

46.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Johnson County 1
Iowa 2
National 2
Studio $789 $558 $737
1 bedroom $862 $613 $813
2 bedroom $1,112 $785 $1,015
3 bedroom $1,591 $1,038 $1,325
4 bedroom $1,925 $1,151 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Iowa City Demographics


Median Individual Income
$22,252 / year

Median Household Income
$49,075 / year

Families w/ Dual Incomes
59%

Unemployment Rate
4.7%
Household Income Distribution
Iowa City, IA

Median Age
27 years

Avg Family Size
2.86 people
Age Distribution
Iowa City, IA

College Education or Above
59%

STEM College Graduates
54%
Education Distribution
Iowa City, IA
Source: U.S. Census Bureau

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