Loading...

Multifamily Loans in
Union, NY

Overview

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.

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Union, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Union 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 3.61% - 3.85%
7 Year Fixed 3.44% - 3.68%
10 Year Fixed 3.66% - 3.90%
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 3.11% - 3.36%
7 Year Fixed 3.35% - 3.80%
10 Year Fixed 3.33% - 3.73%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 11/28/2021. This is not an offer or commitment to lend. Multifamily loan rates in Union 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 Nov 29, 2021


Multifamily Lenders in Union, NY

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


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 Nov 29, 2021


Union Market

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%.


Population
53,779 people

County
Broome County

Renters

40% of Union households are renters.


Rent Burden

30.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Union Demographics


Median Individual Income
$28,694 / year

Median Household Income
$50,719 / year

Families w/ Dual Incomes
49%

Unemployment Rate
5.1%
Household Income Distribution
Union, NY

Median Age
41 years

Avg Family Size
2.95 people
Age Distribution
Union, NY

College Education or Above
30%

STEM College Graduates
49%
Education Distribution
Union, NY
Source: U.S. Census Bureau

Ready To Get Quotes?

We're here to help.

(866) 484-8134

A SoftQuotes advisor is ready to help.

Get Quotes

Quotes within 1 business day