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Multifamily Loans in
Wheeling, WV

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Overview

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

For 2-4 unit multifamily loans in Wheeling, 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 Wheeling, WV

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Wheeling 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 3.68% - 3.92%
7 Year Fixed 3.57% - 3.81%
10 Year Fixed 3.68% - 3.92%
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 2.92% - 3.17%
7 Year Fixed 3.25% - 3.70%
10 Year Fixed 3.35% - 3.75%
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 Wheeling 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 Wheeling, WV

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


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


Wheeling Market

The city of Wheeling in Ohio County has a population of 26,430. The median rent in Ohio County for a 2 bedroom is $786. The median Wheeling resident is 44 years old with a yearly income of $25,234. The average family has 3.15 members and a median household income of $44,119. Wheeling has a 31% higher education rate. The unemployment rate in Wheeling is 6.6%.


Population
26,430 people

County
Ohio County

Renters

37.6% of Wheeling households are renters.


Rent Burden

32.4% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Ohio County 1
West Virginia 2
National 2
Studio $584 $595 $737
1 bedroom $605 $629 $813
2 bedroom $786 $769 $1,015
3 bedroom $1,011 $1,010 $1,325
4 bedroom $1,205 $1,163 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Wheeling Demographics


Median Individual Income
$25,234 / year

Median Household Income
$44,119 / year

Families w/ Dual Incomes
47%

Unemployment Rate
6.6%
Household Income Distribution
Wheeling, WV

Median Age
44 years

Avg Family Size
3.15 people
Age Distribution
Wheeling, WV

College Education or Above
31%

STEM College Graduates
38%
Education Distribution
Wheeling, WV
Source: U.S. Census Bureau

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