Fargo is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Fargo are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Fargo are slightly higher than the national average. Fargo 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 Fargo.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Fargo 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.13% - 5.37% |
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 Fargo.
The city of Fargo in Cass County has a population of 124,662. The median rent in Cass County for a 2 bedroom is $924. The median Fargo resident is 31 years old with a yearly income of $31,607. The average family has 2.89 members and a median household income of $55,551. Fargo has a 40% higher education rate. The unemployment rate in Fargo is 3.2%.
56.4% of Fargo households are renters.
25.5% median household income spent on rent.
Bedrooms |
Cass County 1 |
North Dakota 2 |
National 2 |
|---|---|---|---|
| Studio | $627 | $625 | $737 |
| 1 bedroom | $754 | $642 | $813 |
| 2 bedroom | $924 | $806 | $1,015 |
| 3 bedroom | $1,322 | $1,109 | $1,325 |
| 4 bedroom | $1,600 | $1,252 | $1,521 |
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