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Multifamily Loans in
Mason City, IA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Mason City, IA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mason City 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 3.27% - 3.52%
7 Year Fixed 3.44% - 3.89%
10 Year Fixed 3.42% - 3.82%
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 Mason City 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 Mason City, IA

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


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


Mason City Market

The city of Mason City in Cerro Gordo County has a population of 26,931. The median rent in Cerro Gordo County for a 2 bedroom is $814. The median Mason City resident is 43 years old with a yearly income of $30,644. The average family has 2.75 members and a median household income of $50,397. Mason City has a 21% higher education rate. The unemployment rate in Mason City is 5.1%.


Population
26,931 people

County
Cerro Gordo County

Renters

35.7% of Mason City households are renters.


Rent Burden

27.5% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cerro Gordo County 1
Iowa 2
National 2
Studio $537 $558 $737
1 bedroom $618 $613 $813
2 bedroom $814 $785 $1,015
3 bedroom $1,054 $1,038 $1,325
4 bedroom $1,271 $1,151 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Mason City Demographics


Median Individual Income
$30,644 / year

Median Household Income
$50,397 / year

Families w/ Dual Incomes
54%

Unemployment Rate
5.1%
Household Income Distribution
Mason City, IA

Median Age
43 years

Avg Family Size
2.75 people
Age Distribution
Mason City, IA

College Education or Above
21%

STEM College Graduates
39%
Education Distribution
Mason City, IA
Source: U.S. Census Bureau

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