Gallup is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Gallup are considered greater risk due to market dynamics. Interest rates for multifamily loans in Gallup are higher than the national average. Gallup 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 Gallup.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Gallup 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 Gallup.
The city of Gallup in McKinley County has a population of 21,493. The median rent in McKinley County for a 2 bedroom is $829. The median Gallup resident is 33 years old with a yearly income of $25,767. The average family has 3.69 members and a median household income of $48,065. Gallup has a 22% higher education rate. The unemployment rate in Gallup is 7.4%.
42.9% of Gallup households are renters.
31.1% median household income spent on rent.
Bedrooms |
McKinley County 1 |
New Mexico 2 |
National 2 |
|---|---|---|---|
| Studio | $711 | $682 | $737 |
| 1 bedroom | $721 | $728 | $813 |
| 2 bedroom | $829 | $898 | $1,015 |
| 3 bedroom | $1,079 | $1,212 | $1,325 |
| 4 bedroom | $1,124 | $1,440 | $1,521 |
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