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Multifamily Loans in
Ithaca, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Ithaca, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ithaca 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 3.78% - 4.02%
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 3.16% - 3.41%
7 Year Fixed 3.40% - 3.85%
10 Year Fixed 3.38% - 3.78%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Ithaca 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 Nov 29, 2021


Multifamily Lenders in Ithaca, NY

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


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 Nov 29, 2021


Ithaca Market

The city of Ithaca in Tompkins County has a population of 30,837. The median rent in Tompkins County for a 2 bedroom is $1,396. The median Ithaca resident is 22 years old with a yearly income of $15,522. The average family has 2.79 members and a median household income of $34,424. Ithaca has a 67% higher education rate. The unemployment rate in Ithaca is 4.8%.


Population
30,837 people

County
Tompkins County

Renters

74.2% of Ithaca households are renters.


Rent Burden

58.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Tompkins County 1
New York 2
National 2
Studio $1,078 $909 $737
1 bedroom $1,153 $990 $813
2 bedroom $1,396 $1,202 $1,015
3 bedroom $1,781 $1,537 $1,325
4 bedroom $1,994 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Ithaca Demographics


Median Individual Income
$15,522 / year

Median Household Income
$34,424 / year

Families w/ Dual Incomes
60%

Unemployment Rate
4.8%
Household Income Distribution
Ithaca, NY

Median Age
22 years

Avg Family Size
2.79 people
Age Distribution
Ithaca, NY

College Education or Above
67%

STEM College Graduates
55%
Education Distribution
Ithaca, NY
Source: U.S. Census Bureau

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