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.
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 | 6.91% - 7.65% |
| 7 Year Fixed | 6.77% - 7.28% |
| 10 Year Fixed | 6.69% - 7.09% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.33% - 6.57% |
| 7 Year Fixed | 6.04% - 6.28% |
| 10 Year Fixed | 5.93% - 6.17% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.57% - 7.08% |
| 10 Year Fixed | 6.49% - 6.89% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.25% |
| 7 Year Fixed | 6.07% - 6.22% |
| 10 Year Fixed | 5.99% - 6.14% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in West Odessa.
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%.
21.1% of West Odessa households are renters.
35.6% median household income spent on rent.
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 |
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