Union is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Union are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Union are slightly higher than the national average. Union 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 Union.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Union 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 | 7.28% - 7.52% |
| 7 Year Fixed | 6.89% - 7.13% |
| 10 Year Fixed | 6.88% - 7.12% |
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 | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Union.
The city of Union in Broome County has a population of 53,779. The median rent in Broome County for a 2 bedroom is $886. The median Union resident is 41 years old with a yearly income of $28,694. The average family has 2.95 members and a median household income of $50,719. Union has a 30% higher education rate. The unemployment rate in Union is 5.1%.
40% of Union households are renters.
30.3% median household income spent on rent.
Bedrooms |
Broome County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $662 | $909 | $737 |
| 1 bedroom | $685 | $990 | $813 |
| 2 bedroom | $886 | $1,202 | $1,015 |
| 3 bedroom | $1,170 | $1,537 | $1,325 |
| 4 bedroom | $1,344 | $1,692 | $1,521 |
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