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Multifamily Loans in
Rome, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Rome, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Rome 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 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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 3.11% - 3.36%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Rome 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 29, 2021


Multifamily Lenders in Rome, NY

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


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 29, 2021


Rome Market

The city of Rome in Oneida County has a population of 32,148. The median rent in Oneida County for a 2 bedroom is $847. The median Rome resident is 39 years old with a yearly income of $26,357. The average family has 3.03 members and a median household income of $48,120. Rome has a 21% higher education rate. The unemployment rate in Rome is 4.0%.


Population
32,148 people

County
Oneida County

Renters

45.1% of Rome households are renters.


Rent Burden

31.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Oneida County 1
New York 2
National 2
Studio $624 $909 $737
1 bedroom $665 $990 $813
2 bedroom $847 $1,202 $1,015
3 bedroom $1,054 $1,537 $1,325
4 bedroom $1,213 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Rome Demographics


Median Individual Income
$26,357 / year

Median Household Income
$48,120 / year

Families w/ Dual Incomes
43%

Unemployment Rate
4.0%
Household Income Distribution
Rome, NY

Median Age
39 years

Avg Family Size
3.03 people
Age Distribution
Rome, NY

College Education or Above
21%

STEM College Graduates
42%
Education Distribution
Rome, NY
Source: U.S. Census Bureau

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