Farmington is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Farmington are considered greater risk due to market dynamics. Interest rates for multifamily loans in Farmington are higher than the national average. Farmington 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 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 $6M |
|---|---|
| 5 Year Fixed | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 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 | 5.70% - 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 Farmington.
The city of Farmington in San Juan County has a population of 44,372. The median rent in San Juan County for a 2 bedroom is $837. The median Farmington resident is 34 years old with a yearly income of $27,692. The average family has 3.29 members and a median household income of $54,480. Farmington has a 22% higher education rate. The unemployment rate in Farmington is 6.5%.
36.2% of Farmington households are renters.
29.4% median household income spent on rent.
Bedrooms |
San Juan County 1 |
New Mexico 2 |
National 2 |
|---|---|---|---|
| Studio | $718 | $682 | $737 |
| 1 bedroom | $725 | $728 | $813 |
| 2 bedroom | $837 | $898 | $1,015 |
| 3 bedroom | $1,101 | $1,212 | $1,325 |
| 4 bedroom | $1,277 | $1,440 | $1,521 |
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