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Multifamily Loans in
Waverly, MI

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Waverly, MI

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Waverly 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 3.56% - 3.80%
7 Year Fixed 3.39% - 3.63%
10 Year Fixed 3.51% - 3.75%
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 3.08% - 3.33%
7 Year Fixed 3.24% - 3.69%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/04/2021. This is not an offer or commitment to lend. Multifamily loan rates in Waverly 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 Dec 05, 2021


Multifamily Lenders in Waverly, MI

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


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 Dec 05, 2021


Waverly Market

The city of Waverly in Eaton County has a population of 24,201. The median rent in Eaton County for a 2 bedroom is $962. The median Waverly resident is 40 years old with a yearly income of $35,600. The average family has 2.86 members and a median household income of $63,362. Waverly has a 39% higher education rate. The unemployment rate in Waverly is 5.2%.


Population
24,201 people

County
Eaton County

Renters

46.5% of Waverly households are renters.


Rent Burden

24.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Eaton County 1
Michigan 2
National 2
Studio $751 $607 $737
1 bedroom $783 $678 $813
2 bedroom $962 $855 $1,015
3 bedroom $1,239 $1,118 $1,325
4 bedroom $1,338 $1,238 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Waverly Demographics


Median Individual Income
$35,600 / year

Median Household Income
$63,362 / year

Families w/ Dual Incomes
53%

Unemployment Rate
5.2%
Household Income Distribution
Waverly, MI

Median Age
40 years

Avg Family Size
2.86 people
Age Distribution
Waverly, MI

College Education or Above
39%

STEM College Graduates
43%
Education Distribution
Waverly, MI
Source: U.S. Census Bureau

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