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Multifamily Loans in
Mission, TX

Overview

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.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Mission, TX

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mission 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.56% - 3.80%
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 3.11% - 3.36%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Mission 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 Nov 29, 2021


Multifamily Lenders in Mission, TX

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


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 Nov 29, 2021


Mission Market

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%.


Population
84,331 people

County
Hidalgo County

Renters

32.3% of Mission households are renters.


Rent Burden

33.1% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Mission Demographics


Median Individual Income
$22,349 / year

Median Household Income
$48,815 / year

Families w/ Dual Incomes
48%

Unemployment Rate
7.8%
Household Income Distribution
Mission, TX

Median Age
32 years

Avg Family Size
3.87 people
Age Distribution
Mission, TX

College Education or Above
26%

STEM College Graduates
39%
Education Distribution
Mission, TX
Source: U.S. Census Bureau

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