Mission is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Mission are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Mission are slightly higher than the national average. Mission 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 Mission.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mission are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.91% - 7.65% |
| 7 Year Fixed | 6.77% - 7.28% |
| 10 Year Fixed | 6.69% - 7.09% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.47% |
| 7 Year Fixed | 5.94% - 6.18% |
| 10 Year Fixed | 5.83% - 6.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.57% - 7.08% |
| 10 Year Fixed | 6.49% - 6.89% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.98% - 6.13% |
| 7 Year Fixed | 5.95% - 6.10% |
| 10 Year Fixed | 5.87% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Mission.
The city of Mission in Hidalgo County has a population of 84,331. The median rent in Hidalgo County for a 2 bedroom is $785. The median Mission resident is 32 years old with a yearly income of $22,349. The average family has 3.87 members and a median household income of $48,815. Mission has a 26% higher education rate. The unemployment rate in Mission is 7.8%.
32.3% of Mission households are renters.
33.1% 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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