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Multifamily Loans in
Rockford, IL

Overview

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

Get multifamily loan quotes for Nov 26, 2021


Multifamily Loan Rates in Rockford, IL

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Rockford 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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 3.29% - 3.54%
7 Year Fixed 3.53% - 3.98%
10 Year Fixed 3.49% - 3.89%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/25/2021. This is not an offer or commitment to lend. Multifamily loan rates in Rockford 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 Nov 26, 2021


Multifamily Lenders in Rockford, IL

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


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 Nov 26, 2021


Rockford Market

The city of Rockford in Winnebago County has a population of 145,609. The median rent in Winnebago County for a 2 bedroom is $859. The median Rockford resident is 37 years old with a yearly income of $24,852. The average family has 3.11 members and a median household income of $44,252. Rockford has a 22% higher education rate. The unemployment rate in Rockford is 10.7%.


Population
145,609 people

County
Winnebago County

Renters

45.8% of Rockford households are renters.


Rent Burden

34% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Winnebago County 1
Illinois 2
National 2
Studio $567 $599 $737
1 bedroom $652 $669 $813
2 bedroom $859 $840 $1,015
3 bedroom $1,166 $1,100 $1,325
4 bedroom $1,266 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Rockford Demographics


Median Individual Income
$24,852 / year

Median Household Income
$44,252 / year

Families w/ Dual Incomes
46%

Unemployment Rate
10.7%
Household Income Distribution
Rockford, IL

Median Age
37 years

Avg Family Size
3.11 people
Age Distribution
Rockford, IL

College Education or Above
22%

STEM College Graduates
42%
Education Distribution
Rockford, IL
Source: U.S. Census Bureau

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