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Multifamily Loans in
Scranton, PA

Overview

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

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Scranton, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Scranton 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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Scranton 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 08, 2021


Multifamily Lenders in Scranton, PA

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


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 08, 2021


Scranton Market

The city of Scranton in Lackawanna County has a population of 76,653. The median rent in Lackawanna County for a 2 bedroom is $887. The median Scranton resident is 37 years old with a yearly income of $21,830. The average family has 3 members and a median household income of $40,608. Scranton has a 22% higher education rate. The unemployment rate in Scranton is 5.2%.


Population
76,653 people

County
Lackawanna County

Renters

51.5% of Scranton households are renters.


Rent Burden

34.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Lackawanna County 1
Pennsylvania 2
National 2
Studio $624 $680 $737
1 bedroom $724 $747 $813
2 bedroom $887 $929 $1,015
3 bedroom $1,144 $1,198 $1,325
4 bedroom $1,222 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Scranton Demographics


Median Individual Income
$21,830 / year

Median Household Income
$40,608 / year

Families w/ Dual Incomes
48%

Unemployment Rate
5.2%
Household Income Distribution
Scranton, PA

Median Age
37 years

Avg Family Size
3 people
Age Distribution
Scranton, PA

College Education or Above
22%

STEM College Graduates
38%
Education Distribution
Scranton, PA
Source: U.S. Census Bureau

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