Elmira is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Elmira are considered greater risk due to market dynamics. Interest rates for multifamily loans in Elmira are higher than the national average. Elmira 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 Elmira.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Elmira 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 | 5.33% - 5.57% |
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 Elmira.
The city of Elmira in Chemung County has a population of 27,054. The median rent in Chemung County for a 2 bedroom is $998. The median Elmira resident is 34 years old with a yearly income of $20,695. The average family has 3.19 members and a median household income of $36,909. Elmira has a 15% higher education rate. The unemployment rate in Elmira is 9.0%.
52.4% of Elmira households are renters.
35.8% median household income spent on rent.
Bedrooms |
Chemung County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $787 | $909 | $737 |
| 1 bedroom | $792 | $990 | $813 |
| 2 bedroom | $998 | $1,202 | $1,015 |
| 3 bedroom | $1,317 | $1,537 | $1,325 |
| 4 bedroom | $1,386 | $1,692 | $1,521 |
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