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Multifamily Loans in
Millcreek, PA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Millcreek, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Millcreek 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 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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 3.33% - 3.73%
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 Millcreek 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 Millcreek, PA

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


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


Millcreek Market

The city of Millcreek in Erie County has a population of 53,297. The median rent in Erie County for a 2 bedroom is $908. The median Millcreek resident is 43 years old with a yearly income of $33,282. The average family has 2.9 members and a median household income of $64,003. Millcreek has a 42% higher education rate. The unemployment rate in Millcreek is 4.0%.


Population
53,297 people

County
Erie County

Renters

30.7% of Millcreek households are renters.


Rent Burden

28.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Erie County 1
Pennsylvania 2
National 2
Studio $671 $680 $737
1 bedroom $703 $747 $813
2 bedroom $908 $929 $1,015
3 bedroom $1,129 $1,198 $1,325
4 bedroom $1,231 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Millcreek Demographics


Median Individual Income
$33,282 / year

Median Household Income
$64,003 / year

Families w/ Dual Incomes
55%

Unemployment Rate
4.0%
Household Income Distribution
Millcreek, PA

Median Age
43 years

Avg Family Size
2.9 people
Age Distribution
Millcreek, PA

College Education or Above
42%

STEM College Graduates
45%
Education Distribution
Millcreek, PA
Source: U.S. Census Bureau

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