Herndon is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Herndon are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Herndon are some of the lowest nationally. Herndon 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 Herndon.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Herndon 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 | 5.22% - 5.46% |
| 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 | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Herndon.
The city of Herndon in Fairfax County has a population of 24,601. The median rent in Fairfax County for a 2 bedroom is $1,917. The median Herndon resident is 36 years old with a yearly income of $40,379. The average family has 3.64 members and a median household income of $111,371. Herndon has a 49% higher education rate. The unemployment rate in Herndon is 4.1%.
39.7% of Herndon households are renters.
24.4% median household income spent on rent.
Bedrooms |
Fairfax County 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,643 | $833 | $737 |
| 1 bedroom | $1,682 | $897 | $813 |
| 2 bedroom | $1,917 | $1,072 | $1,015 |
| 3 bedroom | $2,457 | $1,423 | $1,325 |
| 4 bedroom | $2,978 | $1,680 | $1,521 |
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