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Multifamily Loans in
Rochester, MN

Overview

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

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Rochester, MN

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Rochester 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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Rochester 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 04, 2021


Multifamily Lenders in Rochester, MN

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


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 04, 2021


Rochester Market

The city of Rochester in Olmsted County has a population of 118,935. The median rent in Olmsted County for a 2 bedroom is $1,092. The median Rochester resident is 36 years old with a yearly income of $38,635. The average family has 3.04 members and a median household income of $73,106. Rochester has a 47% higher education rate. The unemployment rate in Rochester is 3.5%.


Population
118,935 people

County
Olmsted County

Renters

32.2% of Rochester households are renters.


Rent Burden

30% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Olmsted County 1
Minnesota 2
National 2
Studio $725 $607 $737
1 bedroom $849 $694 $813
2 bedroom $1,092 $881 $1,015
3 bedroom $1,559 $1,200 $1,325
4 bedroom $1,891 $1,366 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Rochester Demographics


Median Individual Income
$38,635 / year

Median Household Income
$73,106 / year

Families w/ Dual Incomes
61%

Unemployment Rate
3.5%
Household Income Distribution
Rochester, MN

Median Age
36 years

Avg Family Size
3.04 people
Age Distribution
Rochester, MN

College Education or Above
47%

STEM College Graduates
61%
Education Distribution
Rochester, MN
Source: U.S. Census Bureau

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