Hammond is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Hammond are considered greater risk due to market dynamics. Interest rates for multifamily loans in Hammond are higher than the national average. Hammond 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 Hammond.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hammond 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 | 5.37% - 5.61% |
| 10 Year Fixed | 5.23% - 5.47% |
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 Hammond.
The city of Hammond in Tangipahoa Parish has a population of 21,437. The median rent in Tangipahoa Parish for a 2 bedroom is $934. The median Hammond resident is 29 years old with a yearly income of $18,182. The average family has 3.31 members and a median household income of $36,921. Hammond has a 30% higher education rate. The unemployment rate in Hammond is 7.6%.
52.8% of Hammond households are renters.
40.8% median household income spent on rent.
Bedrooms |
Tangipahoa Parish 1 |
Louisiana 2 |
National 2 |
|---|---|---|---|
| Studio | $722 | $665 | $737 |
| 1 bedroom | $727 | $729 | $813 |
| 2 bedroom | $934 | $888 | $1,015 |
| 3 bedroom | $1,162 | $1,160 | $1,325 |
| 4 bedroom | $1,267 | $1,326 | $1,521 |
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