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Multifamily Loans in
West Fargo, ND

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Overview

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

For 2-4 unit multifamily loans in West Fargo, 2021 conforming loan limits are $702,000 for a duplex, $848,500 for a triplex and $1,054,500 for a fourplex.

Get multifamily loan quotes for Oct 15, 2021


Multifamily Loan Rates in West Fargo, ND

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Fargo 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 2.87% - 3.12%
7 Year Fixed 3.20% - 3.65%
10 Year Fixed 3.30% - 3.70%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 10/14/2021. This is not an offer or commitment to lend. Multifamily loan rates in West Fargo 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 Oct 15, 2021


Multifamily Lenders in West Fargo, ND

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


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 Oct 15, 2021


West Fargo Market

The city of West Fargo in Cass County has a population of 37,058. The median rent in Cass County for a 2 bedroom is $924. The median West Fargo resident is 33 years old with a yearly income of $42,407. The average family has 3.04 members and a median household income of $85,120. West Fargo has a 44% higher education rate. The unemployment rate in West Fargo is 1.5%.


Population
37,058 people

County
Cass County

Renters

34.2% of West Fargo households are renters.


Rent Burden

20.7% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Cass County 1
North Dakota 2
National 2
Studio $627 $625 $737
1 bedroom $754 $642 $813
2 bedroom $924 $806 $1,015
3 bedroom $1,322 $1,109 $1,325
4 bedroom $1,600 $1,252 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

West Fargo Demographics


Median Individual Income
$42,407 / year

Median Household Income
$85,120 / year

Families w/ Dual Incomes
71%

Unemployment Rate
1.5%
Household Income Distribution
West Fargo, ND

Median Age
33 years

Avg Family Size
3.04 people
Age Distribution
West Fargo, ND

College Education or Above
44%

STEM College Graduates
44%
Education Distribution
West Fargo, ND
Source: U.S. Census Bureau

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