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Multifamily Loans in
Mount Vernon, WA

Overview

Mount Vernon is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Mount Vernon are considered greater risk due to market dynamics. Interest rates for multifamily loans in Mount Vernon are higher than the national average. Mount Vernon apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Mount Vernon.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Mount Vernon, WA

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 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.73% - 3.97%
7 Year Fixed 3.54% - 3.78%
10 Year Fixed 3.78% - 4.02%
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 3.26% - 3.51%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.38% - 3.78%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. 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 Dec 08, 2021


Multifamily Lenders in Mount Vernon, WA

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


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 Dec 08, 2021


Mount Vernon Market

The city of Mount Vernon in Skagit County has a population of 36,006. The median rent in Skagit County for a 2 bedroom is $1,286. The median Mount Vernon resident is 35 years old with a yearly income of $28,936. The average family has 3.26 members and a median household income of $62,056. Mount Vernon has a 22% higher education rate. The unemployment rate in Mount Vernon is 5.7%.


Population
36,006 people

County
Skagit County

Renters

37.2% of Mount Vernon households are renters.


Rent Burden

30.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Skagit County 1
Washington 2
National 2
Studio $880 $801 $737
1 bedroom $1,023 $904 $813
2 bedroom $1,286 $1,138 $1,015
3 bedroom $1,840 $1,591 $1,325
4 bedroom $2,199 $1,874 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Mount Vernon Demographics


Median Individual Income
$28,936 / year

Median Household Income
$62,056 / year

Families w/ Dual Incomes
55%

Unemployment Rate
5.7%
Household Income Distribution
Mount Vernon, WA

Median Age
35 years

Avg Family Size
3.26 people
Age Distribution
Mount Vernon, WA

College Education or Above
22%

STEM College Graduates
48%
Education Distribution
Mount Vernon, WA
Source: U.S. Census Bureau

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