Moorhead is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Moorhead are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Moorhead are slightly higher than the national average. Moorhead 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 Moorhead.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Moorhead 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 Moorhead.
The city of Moorhead in Clay County has a population of 43,652. The median rent in Clay County for a 2 bedroom is $924. The median Moorhead resident is 30 years old with a yearly income of $29,759. The average family has 3.04 members and a median household income of $60,315. Moorhead has a 38% higher education rate. The unemployment rate in Moorhead is 3.3%.
39.8% of Moorhead households are renters.
34.8% median household income spent on rent.
Bedrooms |
Clay County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $627 | $607 | $737 |
| 1 bedroom | $754 | $694 | $813 |
| 2 bedroom | $924 | $881 | $1,015 |
| 3 bedroom | $1,322 | $1,200 | $1,325 |
| 4 bedroom | $1,600 | $1,366 | $1,521 |
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