Burton is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Burton are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Burton are slightly higher than the national average. Burton 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 Burton.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Burton 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 | 5.13% - 5.37% |
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 Burton.
The city of Burton in Genesee County has a population of 28,574. The median rent in Genesee County for a 2 bedroom is $833. The median Burton resident is 39 years old with a yearly income of $25,878. The average family has 3.09 members and a median household income of $48,019. Burton has a 16% higher education rate. The unemployment rate in Burton is 7.8%.
26% of Burton households are renters.
35.6% median household income spent on rent.
Bedrooms |
Genesee County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $550 | $607 | $737 |
| 1 bedroom | $649 | $678 | $813 |
| 2 bedroom | $833 | $855 | $1,015 |
| 3 bedroom | $1,067 | $1,118 | $1,325 |
| 4 bedroom | $1,132 | $1,238 | $1,521 |
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