Washington is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Washington are considered greater risk due to market dynamics. Interest rates for multifamily loans in Washington are higher than the national average. Washington apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. 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 | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.18% |
| 7 Year Fixed | 6.09% - 6.24% |
| 10 Year Fixed | 6.09% - 6.24% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Washington.
The city of Washington in Washington County has a population of 29,174. The median rent in Washington County for a 2 bedroom is $1,020. The median Washington resident is 34 years old with a yearly income of $30,454. The average family has 3.46 members and a median household income of $66,479. Washington has a 30% higher education rate. The unemployment rate in Washington is 0.6%.
29.7% of Washington households are renters.
25.9% median household income spent on rent.
Bedrooms |
Washington County 1 |
Utah 2 |
National 2 |
|---|---|---|---|
| Studio | $790 | $659 | $737 |
| 1 bedroom | $822 | $743 | $813 |
| 2 bedroom | $1,020 | $922 | $1,015 |
| 3 bedroom | $1,460 | $1,250 | $1,325 |
| 4 bedroom | $1,766 | $1,497 | $1,521 |
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