San Benito is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in San Benito are considered moderate risk due to market dynamics. Interest rates for multifamily loans in San Benito are slightly higher than the national average. San Benito 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 San Benito.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in San Benito are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.91% - 7.65% |
| 7 Year Fixed | 6.77% - 7.28% |
| 10 Year Fixed | 6.69% - 7.09% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.47% |
| 7 Year Fixed | 5.94% - 6.18% |
| 10 Year Fixed | 5.83% - 6.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.57% - 7.08% |
| 10 Year Fixed | 6.49% - 6.89% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.98% - 6.13% |
| 7 Year Fixed | 5.95% - 6.10% |
| 10 Year Fixed | 5.87% - 6.02% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in San Benito.
The city of San Benito in Cameron County has a population of 24,243. The median rent in Cameron County for a 2 bedroom is $806. The median San Benito resident is 34 years old with a yearly income of $15,064. The average family has 3.82 members and a median household income of $27,460. San Benito has a 10% higher education rate. The unemployment rate in San Benito is 6.8%.
34.4% of San Benito households are renters.
38.7% median household income spent on rent.
Bedrooms |
Cameron County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $627 | $669 | $737 |
| 1 bedroom | $631 | $738 | $813 |
| 2 bedroom | $806 | $912 | $1,015 |
| 3 bedroom | $1,059 | $1,210 | $1,325 |
| 4 bedroom | $1,218 | $1,407 | $1,521 |
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