Vernon is located in a good market for 5+ unit multifamily loans. Multifamily loans in Vernon are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Vernon are competitive. Vernon apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Vernon.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Vernon are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Vernon.
The city of Vernon in Sussex County has a population of 22,216. The median rent in Sussex County for a 2 bedroom is $1,776. The median Vernon resident is 43 years old with a yearly income of $44,011. The average family has 3.13 members and a median household income of $95,883. Vernon has a 33% higher education rate. The unemployment rate in Vernon is 5.5%.
12.1% of Vernon households are renters.
25.5% median household income spent on rent.
Bedrooms |
Sussex County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,221 | $1,166 | $737 |
| 1 bedroom | $1,468 | $1,353 | $813 |
| 2 bedroom | $1,776 | $1,671 | $1,015 |
| 3 bedroom | $2,265 | $2,131 | $1,325 |
| 4 bedroom | $2,700 | $2,445 | $1,521 |
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