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Multifamily Loans in
Waynesboro, VA

Overview

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

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in Waynesboro, VA

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Waynesboro 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 3.68% - 3.92%
7 Year Fixed 3.57% - 3.81%
10 Year Fixed 3.68% - 3.92%
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 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
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 Waynesboro 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 Waynesboro, VA

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


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


Waynesboro Market

The city of Waynesboro in Waynesboro city has a population of 22,630. The median rent in Waynesboro city for a 2 bedroom is $965. The median Waynesboro resident is 39 years old with a yearly income of $28,523. The average family has 3.25 members and a median household income of $45,011. Waynesboro has a 27% higher education rate. The unemployment rate in Waynesboro is 4.7%.


Population
22,630 people

County
Waynesboro city

Renters

42.3% of Waynesboro households are renters.


Rent Burden

33.3% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Waynesboro city 1
Virginia 2
National 2
Studio $732 $833 $737
1 bedroom $737 $897 $813
2 bedroom $965 $1,072 $1,015
3 bedroom $1,314 $1,423 $1,325
4 bedroom $1,502 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Waynesboro Demographics


Median Individual Income
$28,523 / year

Median Household Income
$45,011 / year

Families w/ Dual Incomes
50%

Unemployment Rate
4.7%
Household Income Distribution
Waynesboro, VA

Median Age
39 years

Avg Family Size
3.25 people
Age Distribution
Waynesboro, VA

College Education or Above
27%

STEM College Graduates
44%
Education Distribution
Waynesboro, VA
Source: U.S. Census Bureau

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