Orcutt is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Orcutt are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Orcutt are slightly higher than the national average. Orcutt 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 Orcutt.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Orcutt are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.18% - 7.42% |
| 7 Year Fixed | 6.72% - 6.96% |
| 10 Year Fixed | 6.78% - 7.02% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Orcutt.
The city of Orcutt in Santa Barbara County has a population of 31,118. The median rent in Santa Barbara County for a 2 bedroom is $2,564. The median Orcutt resident is 40 years old with a yearly income of $39,080. The average family has 3.22 members and a median household income of $91,343. Orcutt has a 30% higher education rate. The unemployment rate in Orcutt is 6.6%.
23% of Orcutt households are renters.
26.5% median household income spent on rent.
Bedrooms |
Santa Barbara County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $1,867 | $1,137 | $737 |
| 1 bedroom | $2,177 | $1,291 | $813 |
| 2 bedroom | $2,564 | $1,635 | $1,015 |
| 3 bedroom | $3,388 | $2,254 | $1,325 |
| 4 bedroom | $3,877 | $2,613 | $1,521 |
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