Mount Olive is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Mount Olive are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Mount Olive are some of the lowest nationally. Mount Olive apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Mount Olive.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mount Olive are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.74% - 7.48% |
| 7 Year Fixed | 6.70% - 7.21% |
| 10 Year Fixed | 6.71% - 7.11% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.97% - 7.21% |
| 7 Year Fixed | 6.93% - 7.17% |
| 10 Year Fixed | 6.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.54% - 7.28% |
| 7 Year Fixed | 6.50% - 7.01% |
| 10 Year Fixed | 6.51% - 6.91% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.05% |
| 7 Year Fixed | 5.96% - 6.06% |
| 10 Year Fixed | 5.89% - 6.29% |
All major multifamily lender types are lending in Mount Olive.
The city of Mount Olive in Morris County has a population of 28,915. The median rent in Morris County for a 2 bedroom is $1,776. The median Mount Olive resident is 39 years old with a yearly income of $43,092. The average family has 3.2 members and a median household income of $88,073. Mount Olive has a 42% higher education rate. The unemployment rate in Mount Olive is 4.5%.
41.8% of Mount Olive households are renters.
30.5% median household income spent on rent.
Bedrooms |
Morris County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,221 | $1,166 | $737 |
| 1 bedroom | $1,468 | $1,353 | $813 |
| 2 bedroom | $1,776 | $1,671 | $1,015 |
| 3 bedroom | $2,265 | $2,131 | $1,325 |
| 4 bedroom | $2,700 | $2,445 | $1,521 |
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