Corcoran is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Corcoran are considered greater risk due to market dynamics. Interest rates for multifamily loans in Corcoran are higher than the national average. Corcoran 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 Corcoran.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Corcoran 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 | 5.63% - 5.87% |
| 7 Year Fixed | 5.24% - 5.48% |
| 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 Corcoran.
The city of Corcoran in Kings County has a population of 21,960. The median rent in Kings County for a 2 bedroom is $1,182. The median Corcoran resident is 35 years old with a yearly income of $16,439. The average family has 3.68 members and a median household income of $40,159. Corcoran has a 4% higher education rate. The unemployment rate in Corcoran is 11.6%.
53.4% of Corcoran households are renters.
33.6% median household income spent on rent.
Bedrooms |
Kings County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $953 | $1,137 | $737 |
| 1 bedroom | $962 | $1,291 | $813 |
| 2 bedroom | $1,182 | $1,635 | $1,015 |
| 3 bedroom | $1,692 | $2,254 | $1,325 |
| 4 bedroom | $1,820 | $2,613 | $1,521 |
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