Needham is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Needham are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Needham are some of the lowest nationally. Needham 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 Needham.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Needham 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 Needham.
The city of Needham in Norfolk County has a population of 30,970. The median rent in Norfolk County for a 2 bedroom is $2,470. The median Needham resident is 44 years old with a yearly income of $63,330. The average family has 3.23 members and a median household income of $165,547. Needham has a 76% higher education rate. The unemployment rate in Needham is 4.0%.
16.1% of Needham households are renters.
42.7% median household income spent on rent.
Bedrooms |
Norfolk County 1 |
Massachusetts 2 |
National 2 |
|---|---|---|---|
| Studio | $1,842 | $1,259 | $737 |
| 1 bedroom | $2,034 | $1,399 | $813 |
| 2 bedroom | $2,470 | $1,747 | $1,015 |
| 3 bedroom | $3,072 | $2,190 | $1,325 |
| 4 bedroom | $3,349 | $2,423 | $1,521 |
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