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Multifamily Loans in
Salem, VA

Overview

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

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Multifamily Loan Rates in Salem, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Salem 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 3.51% - 3.75%
7 Year Fixed 3.37% - 3.61%
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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Salem 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 05, 2021


Multifamily Lenders in Salem, VA

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


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

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Salem Market

The city of Salem in Salem city has a population of 25,301. The median rent in Salem city for a 2 bedroom is $1,007. The median Salem resident is 41 years old with a yearly income of $29,356. The average family has 2.92 members and a median household income of $57,165. Salem has a 28% higher education rate. The unemployment rate in Salem is 4.4%.


Population
25,301 people

County
Salem city

Renters

36.4% of Salem households are renters.


Rent Burden

26.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Salem city 1
Virginia 2
National 2
Studio $686 $833 $737
1 bedroom $795 $897 $813
2 bedroom $1,007 $1,072 $1,015
3 bedroom $1,357 $1,423 $1,325
4 bedroom $1,485 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Salem Demographics


Median Individual Income
$29,356 / year

Median Household Income
$57,165 / year

Families w/ Dual Incomes
53%

Unemployment Rate
4.4%
Household Income Distribution
Salem, VA

Median Age
41 years

Avg Family Size
2.92 people
Age Distribution
Salem, VA

College Education or Above
28%

STEM College Graduates
44%
Education Distribution
Salem, VA
Source: U.S. Census Bureau

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