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Multifamily Loans in
Johnston, IA

Overview

Johnston is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Johnston are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Johnston are slightly higher than the national average. Johnston apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Johnston.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Johnston, IA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Johnston 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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 3.22% - 3.47%
7 Year Fixed 3.39% - 3.84%
10 Year Fixed 3.37% - 3.77%
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 Johnston 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 Johnston, IA

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


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


Johnston Market

The city of Johnston in Polk County has a population of 22,582. The median rent in Polk County for a 2 bedroom is $957. The median Johnston resident is 40 years old with a yearly income of $49,937. The average family has 2.98 members and a median household income of $96,948. Johnston has a 55% higher education rate. The unemployment rate in Johnston is 2.4%.


Population
22,582 people

County
Polk County

Renters

27.5% of Johnston households are renters.


Rent Burden

30.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Polk County 1
Iowa 2
National 2
Studio $645 $558 $737
1 bedroom $783 $613 $813
2 bedroom $957 $785 $1,015
3 bedroom $1,308 $1,038 $1,325
4 bedroom $1,393 $1,151 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Johnston Demographics


Median Individual Income
$49,937 / year

Median Household Income
$96,948 / year

Families w/ Dual Incomes
64%

Unemployment Rate
2.4%
Household Income Distribution
Johnston, IA

Median Age
40 years

Avg Family Size
2.98 people
Age Distribution
Johnston, IA

College Education or Above
55%

STEM College Graduates
36%
Education Distribution
Johnston, IA
Source: U.S. Census Bureau

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