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Multifamily Loans in
Utica, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Utica, NY

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Utica 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 Utica 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 Utica, NY

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


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


Utica Market

The city of Utica in Oneida County has a population of 59,750. The median rent in Oneida County for a 2 bedroom is $847. The median Utica resident is 34 years old with a yearly income of $22,156. The average family has 3.35 members and a median household income of $37,760. Utica has a 19% higher education rate. The unemployment rate in Utica is 8.2%.


Population
59,750 people

County
Oneida County

Renters

52% of Utica households are renters.


Rent Burden

36.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Oneida County 1
New York 2
National 2
Studio $624 $909 $737
1 bedroom $665 $990 $813
2 bedroom $847 $1,202 $1,015
3 bedroom $1,054 $1,537 $1,325
4 bedroom $1,213 $1,692 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Utica Demographics


Median Individual Income
$22,156 / year

Median Household Income
$37,760 / year

Families w/ Dual Incomes
41%

Unemployment Rate
8.2%
Household Income Distribution
Utica, NY

Median Age
34 years

Avg Family Size
3.35 people
Age Distribution
Utica, NY

College Education or Above
19%

STEM College Graduates
41%
Education Distribution
Utica, NY
Source: U.S. Census Bureau

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