Jonesboro is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Jonesboro are considered greater risk due to market dynamics. Interest rates for multifamily loans in Jonesboro are higher than the national average. Jonesboro 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 Jonesboro.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Jonesboro are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.58% - 5.82% |
| 7 Year Fixed | 5.37% - 5.61% |
| 10 Year Fixed | 5.23% - 5.47% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Jonesboro.
The city of Jonesboro in Craighead County has a population of 78,394. The median rent in Craighead County for a 2 bedroom is $834. The median Jonesboro resident is 33 years old with a yearly income of $25,072. The average family has 3.08 members and a median household income of $45,931. Jonesboro has a 30% higher education rate. The unemployment rate in Jonesboro is 6.9%.
48.7% of Jonesboro households are renters.
32.5% median household income spent on rent.
Bedrooms |
Craighead County 1 |
Arkansas 2 |
National 2 |
|---|---|---|---|
| Studio | $550 | $535 | $737 |
| 1 bedroom | $649 | $574 | $813 |
| 2 bedroom | $834 | $723 | $1,015 |
| 3 bedroom | $1,108 | $954 | $1,325 |
| 4 bedroom | $1,361 | $1,104 | $1,521 |
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