Brownsville is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Brownsville are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Brownsville are slightly higher than the national average. Brownsville apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Brownsville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Brownsville 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.18% - 5.42% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Brownsville.
The city of Brownsville in Cameron County has a population of 182,781. The median rent in Cameron County for a 2 bedroom is $806. The median Brownsville resident is 31 years old with a yearly income of $19,432. The average family has 3.94 members and a median household income of $38,588. Brownsville has a 19% higher education rate. The unemployment rate in Brownsville is 6.0%.
39.3% of Brownsville households are renters.
37.6% median household income spent on rent.
Bedrooms |
Cameron County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $627 | $669 | $737 |
| 1 bedroom | $631 | $738 | $813 |
| 2 bedroom | $806 | $912 | $1,015 |
| 3 bedroom | $1,059 | $1,210 | $1,325 |
| 4 bedroom | $1,218 | $1,407 | $1,521 |
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