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Multifamily Loans in
Onondaga, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Onondaga, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Onondaga 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 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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 3.11% - 3.36%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Onondaga 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 Nov 29, 2021


Multifamily Lenders in Onondaga, NY

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


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 Nov 29, 2021


Onondaga Market

The city of Onondaga in Onondaga County has a population of 22,663. The median rent in Onondaga County for a 2 bedroom is $955. The median Onondaga resident is 41 years old with a yearly income of $37,811. The average family has 3.09 members and a median household income of $84,248. Onondaga has a 43% higher education rate. The unemployment rate in Onondaga is 3.8%.


Population
22,663 people

County
Onondaga County

Renters

18.3% of Onondaga households are renters.


Rent Burden

29% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Onondaga County 1
New York 2
National 2
Studio $687 $909 $737
1 bedroom $773 $990 $813
2 bedroom $955 $1,202 $1,015
3 bedroom $1,192 $1,537 $1,325
4 bedroom $1,381 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Onondaga Demographics


Median Individual Income
$37,811 / year

Median Household Income
$84,248 / year

Families w/ Dual Incomes
66%

Unemployment Rate
3.8%
Household Income Distribution
Onondaga, NY

Median Age
41 years

Avg Family Size
3.09 people
Age Distribution
Onondaga, NY

College Education or Above
43%

STEM College Graduates
38%
Education Distribution
Onondaga, NY
Source: U.S. Census Bureau

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