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Multifamily Loans in
State College, PA

Overview

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

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Multifamily Loan Rates in State College, PA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in State College 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.78% - 4.02%
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 3.26% - 3.51%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.38% - 3.78%
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 State College 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 State College, PA

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


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


State College Market

The city of State College in Centre County has a population of 42,160. The median rent in Centre County for a 2 bedroom is $1,105. The median State College resident is 22 years old with a yearly income of $8,807. The average family has 2.81 members and a median household income of $34,005. State College has a 71% higher education rate. The unemployment rate in State College is 5.7%.


Population
42,160 people

County
Centre County

Renters

74.6% of State College households are renters.


Rent Burden

51.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Centre County 1
Pennsylvania 2
National 2
Studio $947 $680 $737
1 bedroom $969 $747 $813
2 bedroom $1,105 $929 $1,015
3 bedroom $1,475 $1,198 $1,325
4 bedroom $1,498 $1,330 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

State College Demographics


Median Individual Income
$8,807 / year

Median Household Income
$34,005 / year

Families w/ Dual Incomes
53%

Unemployment Rate
5.7%
Household Income Distribution
State College, PA

Median Age
22 years

Avg Family Size
2.81 people
Age Distribution
State College, PA

College Education or Above
71%

STEM College Graduates
56%
Education Distribution
State College, PA
Source: U.S. Census Bureau

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