Paris is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Paris are considered greater risk due to market dynamics. Interest rates for multifamily loans in Paris are higher than the national average. Paris 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 Paris.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Paris are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.68% - 6.92% |
| 7 Year Fixed | 6.44% - 6.68% |
| 10 Year Fixed | 6.43% - 6.67% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.89% - 5.99% |
| 7 Year Fixed | 5.94% - 6.04% |
| 10 Year Fixed | 5.92% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Paris.
The city of Paris in Lamar County has a population of 24,847. The median rent in Lamar County for a 2 bedroom is $815. The median Paris resident is 38 years old with a yearly income of $20,553. The average family has 3.03 members and a median household income of $32,544. Paris has a 15% higher education rate. The unemployment rate in Paris is 4.2%.
51.5% of Paris households are renters.
33.7% median household income spent on rent.
Bedrooms |
Lamar County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $580 | $669 | $737 |
| 1 bedroom | $624 | $738 | $813 |
| 2 bedroom | $815 | $912 | $1,015 |
| 3 bedroom | $1,083 | $1,210 | $1,325 |
| 4 bedroom | $1,365 | $1,407 | $1,521 |
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