De Witt is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in De Witt are considered moderate risk due to market dynamics. Interest rates for multifamily loans in De Witt are slightly higher than the national average. De Witt 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 De Witt.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in De Witt 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 | 5.34% - 5.58% |
| 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 | 5.65% - 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 De Witt.
The city of De Witt in Onondaga County has a population of 25,269. The median rent in Onondaga County for a 2 bedroom is $955. The median De Witt resident is 44 years old with a yearly income of $35,914. The average family has 3.03 members and a median household income of $71,490. De Witt has a 46% higher education rate. The unemployment rate in De Witt is 4.1%.
29.5% of De Witt households are renters.
27.7% median household income spent on rent.
Bedrooms |
Onondaga County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $687 | $909 | $737 |
| 1 bedroom | $773 | $990 | $813 |
| 2 bedroom | $955 | $1,202 | $1,015 |
| 3 bedroom | $1,192 | $1,537 | $1,325 |
| 4 bedroom | $1,381 | $1,692 | $1,521 |
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