Loading...

Multifamily Loans in
Muskegon, MI

Overview

Muskegon is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Muskegon are considered greater risk due to market dynamics. Interest rates for multifamily loans in Muskegon are higher than the national average. Muskegon 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 Muskegon.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Muskegon, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Muskegon 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Muskegon 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 05, 2021


Multifamily Lenders in Muskegon, MI

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


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 05, 2021


Muskegon Market

The city of Muskegon in Muskegon County has a population of 36,565. The median rent in Muskegon County for a 2 bedroom is $875. The median Muskegon resident is 36 years old with a yearly income of $20,222. The average family has 3.06 members and a median household income of $32,433. Muskegon has a 13% higher education rate. The unemployment rate in Muskegon is 9.5%.


Population
36,565 people

County
Muskegon County

Renters

50.6% of Muskegon households are renters.


Rent Burden

41.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Muskegon County 1
Michigan 2
National 2
Studio $629 $607 $737
1 bedroom $664 $678 $813
2 bedroom $875 $855 $1,015
3 bedroom $1,134 $1,118 $1,325
4 bedroom $1,187 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Muskegon Demographics


Median Individual Income
$20,222 / year

Median Household Income
$32,433 / year

Families w/ Dual Incomes
38%

Unemployment Rate
9.5%
Household Income Distribution
Muskegon, MI

Median Age
36 years

Avg Family Size
3.06 people
Age Distribution
Muskegon, MI

College Education or Above
13%

STEM College Graduates
36%
Education Distribution
Muskegon, MI
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day