Big Spring is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Big Spring are considered greater risk due to market dynamics. Interest rates for multifamily loans in Big Spring are higher than the national average. Big Spring 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 Big Spring.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Big Spring 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.28% - 5.52% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Big Spring.
The city of Big Spring in Howard County has a population of 28,187. The median rent in Howard County for a 2 bedroom is $1,023. The median Big Spring resident is 35 years old with a yearly income of $23,323. The average family has 3.6 members and a median household income of $52,275. Big Spring has a 12% higher education rate. The unemployment rate in Big Spring is 8.1%.
41.8% of Big Spring households are renters.
27.8% median household income spent on rent.
Bedrooms |
Howard County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $750 | $669 | $737 |
| 1 bedroom | $897 | $738 | $813 |
| 2 bedroom | $1,023 | $912 | $1,015 |
| 3 bedroom | $1,272 | $1,210 | $1,325 |
| 4 bedroom | $1,430 | $1,407 | $1,521 |
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