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Multifamily Loans in
Newport News, VA

Overview

Newport News is located in a good market for 5+ unit multifamily loans. Multifamily loans in Newport News are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Newport News are competitive. Newport News 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 Newport News.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Newport News, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Newport News 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 $7.5M
5 Year Fixed 3.32% - 3.56%
7 Year Fixed 3.28% - 3.52%
10 Year Fixed 3.47% - 3.71%
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®
$7.5M to $100M
5 Year Fixed 3.03% - 3.28%
7 Year Fixed 3.19% - 3.64%
10 Year Fixed 3.25% - 3.65%
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 Newport News 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 Newport News, VA

All major multifamily lender types are lending in Newport News.


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 Dec 05, 2021


Newport News Market

The city of Newport News in Newport News city has a population of 179,225. The median rent in Newport News city for a 2 bedroom is $1,233. The median Newport News resident is 34 years old with a yearly income of $29,837. The average family has 3.12 members and a median household income of $53,215. Newport News has a 26% higher education rate. The unemployment rate in Newport News is 6.2%.


Population
179,225 people

County
Newport News city

Renters

51.1% of Newport News households are renters.


Rent Burden

32.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Newport News city 1
Virginia 2
National 2
Studio $1,032 $833 $737
1 bedroom $1,045 $897 $813
2 bedroom $1,233 $1,072 $1,015
3 bedroom $1,740 $1,423 $1,325
4 bedroom $2,135 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Newport News Demographics


Median Individual Income
$29,837 / year

Median Household Income
$53,215 / year

Families w/ Dual Incomes
48%

Unemployment Rate
6.2%
Household Income Distribution
Newport News, VA

Median Age
34 years

Avg Family Size
3.12 people
Age Distribution
Newport News, VA

College Education or Above
26%

STEM College Graduates
44%
Education Distribution
Newport News, VA
Source: U.S. Census Bureau

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