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Multifamily Loans in
West Odessa, TX

Overview

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

Get multifamily loan quotes for Dec 03, 2021


Multifamily Loan Rates in West Odessa, TX

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Odessa 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.73% - 3.97%
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 3.21% - 3.46%
7 Year Fixed 3.38% - 3.83%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/02/2021. This is not an offer or commitment to lend. Multifamily loan rates in West Odessa 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 03, 2021


Multifamily Lenders in West Odessa, TX

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


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 03, 2021


West Odessa Market

The city of West Odessa in Ector County has a population of 25,962. The median rent in Ector County for a 2 bedroom is $1,319. The median West Odessa resident is 29 years old with a yearly income of $29,467. The average family has 4.1 members and a median household income of $61,460. West Odessa has a 7% higher education rate. The unemployment rate in West Odessa is 7.5%.


Population
25,962 people

County
Ector County

Renters

21.1% of West Odessa households are renters.


Rent Burden

35.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Ector County 1
Texas 2
National 2
Studio $909 $669 $737
1 bedroom $1,004 $738 $813
2 bedroom $1,319 $912 $1,015
3 bedroom $1,641 $1,210 $1,325
4 bedroom $2,005 $1,407 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

West Odessa Demographics


Median Individual Income
$29,467 / year

Median Household Income
$61,460 / year

Families w/ Dual Incomes
52%

Unemployment Rate
7.5%
Household Income Distribution
West Odessa, TX

Median Age
29 years

Avg Family Size
4.1 people
Age Distribution
West Odessa, TX

College Education or Above
7%

STEM College Graduates
38%
Education Distribution
West Odessa, TX
Source: U.S. Census Bureau

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