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Multifamily Loans in
Kinston, NC

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Kinston, NC

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kinston 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 3.68% - 3.92%
7 Year Fixed 3.57% - 3.81%
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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/01/2021. This is not an offer or commitment to lend. Multifamily loan rates in Kinston 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 02, 2021


Multifamily Lenders in Kinston, NC

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


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 02, 2021


Kinston Market

The city of Kinston in Lenoir County has a population of 20,041. The median rent in Lenoir County for a 2 bedroom is $791. The median Kinston resident is 45 years old with a yearly income of $20,903. The average family has 2.93 members and a median household income of $33,066. Kinston has a 18% higher education rate. The unemployment rate in Kinston is 15.4%.


Population
20,041 people

County
Lenoir County

Renters

57.7% of Kinston households are renters.


Rent Burden

36.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lenoir County 1
North Carolina 2
National 2
Studio $546 $694 $737
1 bedroom $600 $713 $813
2 bedroom $791 $871 $1,015
3 bedroom $1,065 $1,152 $1,325
4 bedroom $1,289 $1,386 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Kinston Demographics


Median Individual Income
$20,903 / year

Median Household Income
$33,066 / year

Families w/ Dual Incomes
37%

Unemployment Rate
15.4%
Household Income Distribution
Kinston, NC

Median Age
45 years

Avg Family Size
2.93 people
Age Distribution
Kinston, NC

College Education or Above
18%

STEM College Graduates
33%
Education Distribution
Kinston, NC
Source: U.S. Census Bureau

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