Ramapo is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Ramapo are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Ramapo are some of the lowest nationally. Ramapo apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Ramapo.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ramapo are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.74% - 7.48% |
| 7 Year Fixed | 6.70% - 7.21% |
| 10 Year Fixed | 6.71% - 7.11% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.97% - 7.21% |
| 7 Year Fixed | 6.93% - 7.17% |
| 10 Year Fixed | 6.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.54% - 7.28% |
| 7 Year Fixed | 6.50% - 7.01% |
| 10 Year Fixed | 6.51% - 6.91% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.05% |
| 7 Year Fixed | 5.96% - 6.06% |
| 10 Year Fixed | 5.89% - 6.29% |
All major multifamily lender types are lending in Ramapo.
The city of Ramapo in Rockland County has a population of 135,560. The median rent in Rockland County for a 2 bedroom is $2,263. The median Ramapo resident is 27 years old with a yearly income of $31,393. The average family has 4.33 members and a median household income of $69,655. Ramapo has a 32% higher education rate. The unemployment rate in Ramapo is 6.1%.
44.6% of Ramapo households are renters.
47.2% median household income spent on rent.
Bedrooms |
Rockland County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $1,940 | $909 | $737 |
| 1 bedroom | $1,985 | $990 | $813 |
| 2 bedroom | $2,263 | $1,202 | $1,015 |
| 3 bedroom | $2,864 | $1,537 | $1,325 |
| 4 bedroom | $3,069 | $1,692 | $1,521 |
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