Farmington is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Farmington are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Farmington are some of the lowest nationally. Farmington apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Farmington.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Farmington 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.17% - 5.41% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Farmington.
The city of Farmington in Dakota County has a population of 23,091. The median rent in Dakota County for a 2 bedroom is $1,410. The median Farmington resident is 34 years old with a yearly income of $44,943. The average family has 3.42 members and a median household income of $95,331. Farmington has a 35% higher education rate. The unemployment rate in Farmington is 1.8%.
13.7% of Farmington households are renters.
27.2% median household income spent on rent.
Bedrooms |
Dakota County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $968 | $607 | $737 |
| 1 bedroom | $1,136 | $694 | $813 |
| 2 bedroom | $1,410 | $881 | $1,015 |
| 3 bedroom | $1,982 | $1,200 | $1,325 |
| 4 bedroom | $2,324 | $1,366 | $1,521 |
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