Galveston is located in a good market for 5+ unit multifamily loans. Multifamily loans in Galveston are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Galveston are competitive. Galveston 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 Galveston.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Galveston 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 | 5.49% - 5.73% |
| 7 Year Fixed | 5.28% - 5.52% |
| 10 Year Fixed | 5.19% - 5.43% |
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 | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Galveston.
The city of Galveston in Galveston County has a population of 50,446. The median rent in Galveston County for a 2 bedroom is $1,306. The median Galveston resident is 39 years old with a yearly income of $26,394. The average family has 3 members and a median household income of $49,319. Galveston has a 29% higher education rate. The unemployment rate in Galveston is 7.2%.
56.1% of Galveston households are renters.
33.8% median household income spent on rent.
Bedrooms |
Galveston County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $1,008 | $669 | $737 |
| 1 bedroom | $1,092 | $738 | $813 |
| 2 bedroom | $1,306 | $912 | $1,015 |
| 3 bedroom | $1,751 | $1,210 | $1,325 |
| 4 bedroom | $2,232 | $1,407 | $1,521 |
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