Waco is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Waco are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Waco are slightly higher than the national average. Waco 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 Waco.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Waco are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.58% - 6.82% |
| 7 Year Fixed | 6.34% - 6.58% |
| 10 Year Fixed | 6.33% - 6.57% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Waco.
The city of Waco in McLennan County has a population of 139,236. The median rent in McLennan County for a 2 bedroom is $990. The median Waco resident is 29 years old with a yearly income of $21,736. The average family has 3.28 members and a median household income of $40,190. Waco has a 25% higher education rate. The unemployment rate in Waco is 4.8%.
53.9% of Waco households are renters.
36.6% median household income spent on rent.
Bedrooms |
McLennan County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $727 | $669 | $737 |
| 1 bedroom | $765 | $738 | $813 |
| 2 bedroom | $990 | $912 | $1,015 |
| 3 bedroom | $1,327 | $1,210 | $1,325 |
| 4 bedroom | $1,482 | $1,407 | $1,521 |
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