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Multifamily Loans in
Ottumwa, IA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Ottumwa, IA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ottumwa 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 3.68% - 3.92%
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 3.27% - 3.52%
7 Year Fixed 3.44% - 3.89%
10 Year Fixed 3.42% - 3.82%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Ottumwa 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 08, 2021


Multifamily Lenders in Ottumwa, IA

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


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 08, 2021


Ottumwa Market

The city of Ottumwa in Wapello County has a population of 24,368. The median rent in Wapello County for a 2 bedroom is $801. The median Ottumwa resident is 37 years old with a yearly income of $26,275. The average family has 2.93 members and a median household income of $41,722. Ottumwa has a 18% higher education rate. The unemployment rate in Ottumwa is 6.0%.


Population
24,368 people

County
Wapello County

Renters

33.3% of Ottumwa households are renters.


Rent Burden

30.8% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Wapello County 1
Iowa 2
National 2
Studio $594 $558 $737
1 bedroom $608 $613 $813
2 bedroom $801 $785 $1,015
3 bedroom $1,020 $1,038 $1,325
4 bedroom $1,196 $1,151 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Ottumwa Demographics


Median Individual Income
$26,275 / year

Median Household Income
$41,722 / year

Families w/ Dual Incomes
49%

Unemployment Rate
6.0%
Household Income Distribution
Ottumwa, IA

Median Age
37 years

Avg Family Size
2.93 people
Age Distribution
Ottumwa, IA

College Education or Above
18%

STEM College Graduates
42%
Education Distribution
Ottumwa, IA
Source: U.S. Census Bureau

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