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Multifamily Loans in
Palmer, PA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Palmer, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Palmer 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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.33% - 3.73%
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 Palmer 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 Palmer, PA

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


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


Palmer Market

The city of Palmer in Northampton County has a population of 21,345. The median rent in Northampton County for a 2 bedroom is $1,230. The median Palmer resident is 46 years old with a yearly income of $40,467. The average family has 2.96 members and a median household income of $86,133. Palmer has a 38% higher education rate. The unemployment rate in Palmer is 3.0%.


Population
21,345 people

County
Northampton County

Renters

22.4% of Palmer households are renters.


Rent Burden

23.2% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Northampton County 1
Pennsylvania 2
National 2
Studio $851 $680 $737
1 bedroom $962 $747 $813
2 bedroom $1,230 $929 $1,015
3 bedroom $1,591 $1,198 $1,325
4 bedroom $1,668 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Palmer Demographics


Median Individual Income
$40,467 / year

Median Household Income
$86,133 / year

Families w/ Dual Incomes
61%

Unemployment Rate
3.0%
Household Income Distribution
Palmer, PA

Median Age
46 years

Avg Family Size
2.96 people
Age Distribution
Palmer, PA

College Education or Above
38%

STEM College Graduates
48%
Education Distribution
Palmer, PA
Source: U.S. Census Bureau

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