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Multifamily Loans in
Springfield, VA

Overview

Springfield is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Springfield are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Springfield are some of the lowest nationally. Springfield apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Springfield.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Springfield, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Springfield 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 $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.43% - 3.67%
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®
$7.5M to $100M
5 Year Fixed 2.98% - 3.23%
7 Year Fixed 3.14% - 3.59%
10 Year Fixed 3.20% - 3.60%
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 Springfield 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 Springfield, VA

All major multifamily lender types are lending in Springfield.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 05, 2021


Springfield Market

The city of Springfield in Fairfax County has a population of 32,222. The median rent in Fairfax County for a 2 bedroom is $1,917. The median Springfield resident is 40 years old with a yearly income of $38,798. The average family has 3.75 members and a median household income of $101,814. Springfield has a 42% higher education rate. The unemployment rate in Springfield is 5.4%.


Population
32,222 people

County
Fairfax County

Renters

37.4% of Springfield households are renters.


Rent Burden

33.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Fairfax County 1
Virginia 2
National 2
Studio $1,643 $833 $737
1 bedroom $1,682 $897 $813
2 bedroom $1,917 $1,072 $1,015
3 bedroom $2,457 $1,423 $1,325
4 bedroom $2,978 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Springfield Demographics


Median Individual Income
$38,798 / year

Median Household Income
$101,814 / year

Families w/ Dual Incomes
64%

Unemployment Rate
5.4%
Household Income Distribution
Springfield, VA

Median Age
40 years

Avg Family Size
3.75 people
Age Distribution
Springfield, VA

College Education or Above
42%

STEM College Graduates
54%
Education Distribution
Springfield, VA
Source: U.S. Census Bureau

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