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Multifamily Loans in
Mount Vernon, NY

Overview

Mount Vernon is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Mount Vernon are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Mount Vernon are some of the lowest nationally. Mount Vernon 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 Vernon.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Mount Vernon, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mount Vernon are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.54% - 4.24%
7 Year Fixed 3.48% - 4.18%
10 Year Fixed 3.59% - 4.29%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.38% - 3.62%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.14% - 3.84%
7 Year Fixed 3.08% - 3.78%
10 Year Fixed 3.19% - 3.89%
Freddie Mac®
$7.5M to $100M
5 Year Fixed 3.01% - 3.26%
7 Year Fixed 3.25% - 3.70%
10 Year Fixed 3.23% - 3.63%
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 Mount Vernon 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 Mount Vernon, NY

All major multifamily lender types are lending in Mount Vernon.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Nov 29, 2021


Mount Vernon Market

The city of Mount Vernon in Westchester County has a population of 67,345. The median rent in Westchester County for a 2 bedroom is $2,116. The median Mount Vernon resident is 40 years old with a yearly income of $33,794. The average family has 3.49 members and a median household income of $59,907. Mount Vernon has a 29% higher education rate. The unemployment rate in Mount Vernon is 6.6%.


Population
67,345 people

County
Westchester County

Renters

62.2% of Mount Vernon households are renters.


Rent Burden

38.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Westchester County 1
New York 2
National 2
Studio $1,509 $909 $737
1 bedroom $1,763 $990 $813
2 bedroom $2,116 $1,202 $1,015
3 bedroom $2,705 $1,537 $1,325
4 bedroom $3,074 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Mount Vernon Demographics


Median Individual Income
$33,794 / year

Median Household Income
$59,907 / year

Families w/ Dual Incomes
52%

Unemployment Rate
6.6%
Household Income Distribution
Mount Vernon, NY

Median Age
40 years

Avg Family Size
3.49 people
Age Distribution
Mount Vernon, NY

College Education or Above
29%

STEM College Graduates
45%
Education Distribution
Mount Vernon, NY
Source: U.S. Census Bureau

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