Corsicana is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Corsicana are considered greater risk due to market dynamics. Interest rates for multifamily loans in Corsicana are higher than the national average. Corsicana 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 Corsicana.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Corsicana 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 Corsicana.
The city of Corsicana in Navarro County has a population of 23,906. The median rent in Navarro County for a 2 bedroom is $864. The median Corsicana resident is 34 years old with a yearly income of $22,661. The average family has 3.52 members and a median household income of $42,352. Corsicana has a 14% higher education rate. The unemployment rate in Corsicana is 5.1%.
41.4% of Corsicana households are renters.
30.4% median household income spent on rent.
Bedrooms |
Navarro County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $642 | $669 | $737 |
| 1 bedroom | $656 | $738 | $813 |
| 2 bedroom | $864 | $912 | $1,015 |
| 3 bedroom | $1,237 | $1,210 | $1,325 |
| 4 bedroom | $1,391 | $1,407 | $1,521 |
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