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Multifamily Loans in
Wooster, OH

Overview

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.

Get multifamily loan quotes for Dec 08, 2021


Multifamily Loan Rates in Wooster, OH

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Wooster 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 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
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 3.26% - 3.51%
7 Year Fixed 3.43% - 3.88%
10 Year Fixed 3.38% - 3.78%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/07/2021. This is not an offer or commitment to lend. Multifamily loan rates in Wooster 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 08, 2021


Multifamily Lenders in Wooster, OH

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


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 Dec 08, 2021


Wooster Market

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%.


Population
26,394 people

County
Wayne County

Renters

42.4% of Wooster households are renters.


Rent Burden

26.9% median household income spent on rent.

Source: U.S. Census Bureau

Rents

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
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Wooster Demographics


Median Individual Income
$24,510 / year

Median Household Income
$47,944 / year

Families w/ Dual Incomes
46%

Unemployment Rate
5.4%
Household Income Distribution
Wooster, OH

Median Age
38 years

Avg Family Size
2.86 people
Age Distribution
Wooster, OH

College Education or Above
29%

STEM College Graduates
44%
Education Distribution
Wooster, OH
Source: U.S. Census Bureau

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