Wooster is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Wooster are considered greater risk due to market dynamics. Interest rates for multifamily loans in Wooster are higher than the national average. Wooster 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 Wooster.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Wooster are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.18% |
| 7 Year Fixed | 6.09% - 6.24% |
| 10 Year Fixed | 6.09% - 6.24% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Wooster.
The city of Wooster in Wayne County has a population of 26,394. The median rent in Wayne County for a 2 bedroom is $850. The median Wooster resident is 38 years old with a yearly income of $24,510. The average family has 2.86 members and a median household income of $47,944. Wooster has a 29% higher education rate. The unemployment rate in Wooster is 5.4%.
42.4% of Wooster households are renters.
26.9% median household income spent on rent.
Bedrooms |
Wayne County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $641 | $597 | $737 |
| 1 bedroom | $645 | $662 | $813 |
| 2 bedroom | $850 | $834 | $1,015 |
| 3 bedroom | $1,080 | $1,084 | $1,325 |
| 4 bedroom | $1,194 | $1,205 | $1,521 |
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