Payson is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Payson are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Payson are slightly higher than the national average. Payson 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 Payson.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Payson 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 Payson.
The city of Payson in Utah County has a population of 20,303. The median rent in Utah County for a 2 bedroom is $996. The median Payson resident is 27 years old with a yearly income of $25,527. The average family has 4.01 members and a median household income of $67,272. Payson has a 23% higher education rate. The unemployment rate in Payson is 5.3%.
23.3% of Payson households are renters.
28.8% median household income spent on rent.
Bedrooms |
Utah County 1 |
Utah 2 |
National 2 |
|---|---|---|---|
| Studio | $819 | $659 | $737 |
| 1 bedroom | $874 | $743 | $813 |
| 2 bedroom | $996 | $922 | $1,015 |
| 3 bedroom | $1,425 | $1,250 | $1,325 |
| 4 bedroom | $1,724 | $1,497 | $1,521 |
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