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Multifamily Loans in
West Springfield, VA

Overview

West Springfield is located in a strong market for 5+ unit multifamily loans. Multifamily loans in West Springfield are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in West Springfield are some of the lowest nationally. West Springfield apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in West Springfield.

Get multifamily loan quotes for Dec 05, 2021


Multifamily Loan Rates in West Springfield, VA

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 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $7.5M
5 Year Fixed 3.04% - 3.28%
7 Year Fixed 3.23% - 3.47%
10 Year Fixed 3.43% - 3.67%
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®
$7.5M to $100M
5 Year Fixed 2.98% - 3.23%
7 Year Fixed 3.14% - 3.59%
10 Year Fixed 3.20% - 3.60%
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 West Springfield 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 West Springfield, VA

All major multifamily lender types are lending in West Springfield.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse and non-recourse

Insurance
Companies

  • Long term fixed rates
  • Lower leverage
  • Tax returns usually required
  • Recourse and non-recourse

Conduits
(CMBS Lenders)
  • Intermediate term fixed rates
  • Maximum leverage
  • Tax returns not required
  • Non-recourse
  • Interest only payment options

Get multifamily loan quotes for Dec 05, 2021


West Springfield Market

The city of West Springfield in Fairfax County has a population of 24,223. The median rent in Fairfax County for a 2 bedroom is $1,917. The median West Springfield resident is 40 years old with a yearly income of $59,086. The average family has 3.38 members and a median household income of $129,936. West Springfield has a 62% higher education rate. The unemployment rate in West Springfield is 2.4%.


Population
24,223 people

County
Fairfax County

Renters

19.4% of West Springfield households are renters.


Rent Burden

27.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Fairfax County 1
Virginia 2
National 2
Studio $1,643 $833 $737
1 bedroom $1,682 $897 $813
2 bedroom $1,917 $1,072 $1,015
3 bedroom $2,457 $1,423 $1,325
4 bedroom $2,978 $1,680 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

West Springfield Demographics


Median Individual Income
$59,086 / year

Median Household Income
$129,936 / year

Families w/ Dual Incomes
62%

Unemployment Rate
2.4%
Household Income Distribution
West Springfield, VA

Median Age
40 years

Avg Family Size
3.38 people
Age Distribution
West Springfield, VA

College Education or Above
62%

STEM College Graduates
49%
Education Distribution
West Springfield, VA
Source: U.S. Census Bureau

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