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Multifamily Loans in
Vestal, NY

Overview

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

Get multifamily loan quotes for Nov 29, 2021


Multifamily Loan Rates in Vestal, NY

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

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


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


Vestal Market

The city of Vestal in Broome County has a population of 28,352. The median rent in Broome County for a 2 bedroom is $886. The median Vestal resident is 28 years old with a yearly income of $21,896. The average family has 2.95 members and a median household income of $67,910. Vestal has a 46% higher education rate. The unemployment rate in Vestal is 4.5%.


Population
28,352 people

County
Broome County

Renters

22.8% of Vestal households are renters.


Rent Burden

41.9% 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

Vestal Demographics


Median Individual Income
$21,896 / year

Median Household Income
$67,910 / year

Families w/ Dual Incomes
51%

Unemployment Rate
4.5%
Household Income Distribution
Vestal, NY

Median Age
28 years

Avg Family Size
2.95 people
Age Distribution
Vestal, NY

College Education or Above
46%

STEM College Graduates
54%
Education Distribution
Vestal, NY
Source: U.S. Census Bureau

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