Staunton is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Staunton are considered greater risk due to market dynamics. Interest rates for multifamily loans in Staunton are higher than the national average. Staunton 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 Staunton.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Staunton 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 | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 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 Staunton.
The city of Staunton in Staunton city has a population of 24,932. The median rent in Staunton city for a 2 bedroom is $965. The median Staunton resident is 43 years old with a yearly income of $29,164. The average family has 2.81 members and a median household income of $52,611. Staunton has a 33% higher education rate. The unemployment rate in Staunton is 3.7%.
42.7% of Staunton households are renters.
29.8% median household income spent on rent.
Bedrooms |
Staunton city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $732 | $833 | $737 |
| 1 bedroom | $737 | $897 | $813 |
| 2 bedroom | $965 | $1,072 | $1,015 |
| 3 bedroom | $1,314 | $1,423 | $1,325 |
| 4 bedroom | $1,502 | $1,680 | $1,521 |
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