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Multifamily Loans in
Kokomo, IN

Overview

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

Get multifamily loan quotes for Dec 02, 2021


Multifamily Loan Rates in Kokomo, IN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kokomo 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 3.21% - 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 Kokomo 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 Kokomo, IN

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


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


Kokomo Market

The city of Kokomo in Howard County has a population of 58,020. The median rent in Howard County for a 2 bedroom is $772. The median Kokomo resident is 40 years old with a yearly income of $27,030. The average family has 2.86 members and a median household income of $45,797. Kokomo has a 18% higher education rate. The unemployment rate in Kokomo is 5.8%.


Population
58,020 people

County
Howard County

Renters

36.6% of Kokomo households are renters.


Rent Burden

28.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Howard County 1
Indiana 2
National 2
Studio $607 $593 $737
1 bedroom $611 $666 $813
2 bedroom $772 $840 $1,015
3 bedroom $1,075 $1,099 $1,325
4 bedroom $1,182 $1,251 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Kokomo Demographics


Median Individual Income
$27,030 / year

Median Household Income
$45,797 / year

Families w/ Dual Incomes
45%

Unemployment Rate
5.8%
Household Income Distribution
Kokomo, IN

Median Age
40 years

Avg Family Size
2.86 people
Age Distribution
Kokomo, IN

College Education or Above
18%

STEM College Graduates
41%
Education Distribution
Kokomo, IN
Source: U.S. Census Bureau

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