Loading...

Multifamily Loans in
Odessa, TX

Overview

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

Get multifamily loan quotes for Dec 03, 2021


Multifamily Loan Rates in Odessa, TX

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Odessa 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 3.73% - 3.97%
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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/02/2021. This is not an offer or commitment to lend. Multifamily loan rates in Odessa 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 03, 2021


Multifamily Lenders in Odessa, TX

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


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 03, 2021


Odessa Market

The city of Odessa in Ector County has a population of 123,334. The median rent in Ector County for a 2 bedroom is $1,319. The median Odessa resident is 31 years old with a yearly income of $32,439. The average family has 3.63 members and a median household income of $63,847. Odessa has a 19% higher education rate. The unemployment rate in Odessa is 6.0%.


Population
123,334 people

County
Ector County

Renters

40.3% of Odessa households are renters.


Rent Burden

26.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Ector County 1
Texas 2
National 2
Studio $909 $669 $737
1 bedroom $1,004 $738 $813
2 bedroom $1,319 $912 $1,015
3 bedroom $1,641 $1,210 $1,325
4 bedroom $2,005 $1,407 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Odessa Demographics


Median Individual Income
$32,439 / year

Median Household Income
$63,847 / year

Families w/ Dual Incomes
54%

Unemployment Rate
6.0%
Household Income Distribution
Odessa, TX

Median Age
31 years

Avg Family Size
3.63 people
Age Distribution
Odessa, TX

College Education or Above
19%

STEM College Graduates
48%
Education Distribution
Odessa, TX
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