West Springfield is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in West Springfield are considered moderate risk due to market dynamics. Interest rates for multifamily loans in West Springfield are slightly higher than the national average. West Springfield 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 Springfield.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Springfield are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.63% - 6.87% |
| 7 Year Fixed | 6.39% - 6.63% |
| 10 Year Fixed | 6.43% - 6.67% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in West Springfield.
The city of West Springfield in Hampden County has a population of 28,517. The median rent in Hampden County for a 2 bedroom is $1,209. The median West Springfield resident is 41 years old with a yearly income of $30,795. The average family has 3.11 members and a median household income of $53,053. West Springfield has a 34% higher education rate. The unemployment rate in West Springfield is 5.6%.
41.2% of West Springfield households are renters.
31.9% median household income spent on rent.
Bedrooms |
Hampden County 1 |
Massachusetts 2 |
National 2 |
|---|---|---|---|
| Studio | $798 | $1,259 | $737 |
| 1 bedroom | $954 | $1,399 | $813 |
| 2 bedroom | $1,209 | $1,747 | $1,015 |
| 3 bedroom | $1,504 | $2,190 | $1,325 |
| 4 bedroom | $1,764 | $2,423 | $1,521 |
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