Mcallen is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Mcallen are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Mcallen are slightly higher than the national average. Mcallen 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 Mcallen.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mcallen 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 | 5.29% - 5.53% |
| 10 Year Fixed | 5.18% - 5.42% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Mcallen.
The city of Mcallen in Hidalgo County has a population of 143,268. The median rent in Hidalgo County for a 2 bedroom is $785. The median Mcallen resident is 33 years old with a yearly income of $22,302. The average family has 3.64 members and a median household income of $46,804. Mcallen has a 30% higher education rate. The unemployment rate in Mcallen is 6.3%.
39.2% of Mcallen households are renters.
33.6% median household income spent on rent.
Bedrooms |
Hidalgo County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $606 | $669 | $737 |
| 1 bedroom | $610 | $738 | $813 |
| 2 bedroom | $785 | $912 | $1,015 |
| 3 bedroom | $1,012 | $1,210 | $1,325 |
| 4 bedroom | $1,137 | $1,407 | $1,521 |
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