Elkhart is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Elkhart are considered greater risk due to market dynamics. Interest rates for multifamily loans in Elkhart are higher than the national average. Elkhart 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 Elkhart.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Elkhart 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 | 5.23% - 5.47% |
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 Elkhart.
The city of Elkhart in Elkhart County has a population of 52,358. The median rent in Elkhart County for a 2 bedroom is $875. The median Elkhart resident is 34 years old with a yearly income of $24,573. The average family has 3.4 members and a median household income of $40,750. Elkhart has a 15% higher education rate. The unemployment rate in Elkhart is 7.7%.
49.3% of Elkhart households are renters.
32.4% median household income spent on rent.
Bedrooms |
Elkhart County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $578 | $593 | $737 |
| 1 bedroom | $679 | $666 | $813 |
| 2 bedroom | $875 | $840 | $1,015 |
| 3 bedroom | $1,110 | $1,099 | $1,325 |
| 4 bedroom | $1,187 | $1,251 | $1,521 |
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