Mishawaka is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Mishawaka are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Mishawaka are slightly higher than the national average. Mishawaka 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 Mishawaka.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mishawaka are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.23% - 7.47% |
| 7 Year Fixed | 6.84% - 7.08% |
| 10 Year Fixed | 6.73% - 6.97% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Mishawaka.
The city of Mishawaka in St. Joseph County has a population of 50,363. The median rent in St. Joseph County for a 2 bedroom is $905. The median Mishawaka resident is 35 years old with a yearly income of $26,194. The average family has 3.06 members and a median household income of $43,248. Mishawaka has a 25% higher education rate. The unemployment rate in Mishawaka is 5.4%.
49% of Mishawaka households are renters.
29.6% median household income spent on rent.
Bedrooms |
St. Joseph County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $655 | $593 | $737 |
| 1 bedroom | $751 | $666 | $813 |
| 2 bedroom | $905 | $840 | $1,015 |
| 3 bedroom | $1,170 | $1,099 | $1,325 |
| 4 bedroom | $1,227 | $1,251 | $1,521 |
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