Washington is located in a good market for 5+ unit multifamily loans. Multifamily loans in Washington are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Washington are competitive. Washington 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 Washington.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Washington 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 $7.5M |
|---|---|
| 5 Year Fixed | 6.34% - 6.58% |
| 7 Year Fixed | 6.18% - 6.42% |
| 10 Year Fixed | 6.19% - 6.43% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.59% - 5.69% |
| 7 Year Fixed | 5.64% - 5.74% |
| 10 Year Fixed | 5.62% - 5.72% |
All major multifamily lender types are lending in Washington.
The city of Washington in Gloucester County has a population of 47,833. The median rent in Gloucester County for a 2 bedroom is $1,358. The median Washington resident is 43 years old with a yearly income of $43,973. The average family has 3.21 members and a median household income of $97,247. Washington has a 39% higher education rate. The unemployment rate in Washington is 5.4%.
17.1% of Washington households are renters.
30.5% median household income spent on rent.
Bedrooms |
Gloucester County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $970 | $1,166 | $737 |
| 1 bedroom | $1,121 | $1,353 | $813 |
| 2 bedroom | $1,358 | $1,671 | $1,015 |
| 3 bedroom | $1,689 | $2,131 | $1,325 |
| 4 bedroom | $1,935 | $2,445 | $1,521 |
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