St. Joseph is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in St. Joseph are considered greater risk due to market dynamics. Interest rates for multifamily loans in St. Joseph are higher than the national average. St. Joseph apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in St. Joseph.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in St. Joseph are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in St. Joseph.
The city of St. Joseph in Buchanan County has a population of 74,875. The median rent in Buchanan County for a 2 bedroom is $862. The median St. Joseph resident is 37 years old with a yearly income of $25,768. The average family has 3.19 members and a median household income of $48,197. St. Joseph has a 21% higher education rate. The unemployment rate in St. Joseph is 4.7%.
41.2% of St. Joseph households are renters.
30.6% median household income spent on rent.
Bedrooms |
Buchanan County 1 |
Missouri 2 |
National 2 |
|---|---|---|---|
| Studio | $569 | $535 | $737 |
| 1 bedroom | $654 | $594 | $813 |
| 2 bedroom | $862 | $761 | $1,015 |
| 3 bedroom | $1,157 | $1,010 | $1,325 |
| 4 bedroom | $1,233 | $1,155 | $1,521 |
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