Hoover is located in a good market for 5+ unit multifamily loans. Multifamily loans in Hoover are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Hoover are competitive. Hoover 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 Hoover.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hoover 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 | 5.44% - 5.68% |
| 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 Hoover.
The city of Hoover in Jefferson County has a population of 85,768. The median rent in Jefferson County for a 2 bedroom is $1,093. The median Hoover resident is 38 years old with a yearly income of $44,843. The average family has 3.15 members and a median household income of $89,452. Hoover has a 58% higher education rate. The unemployment rate in Hoover is 3.3%.
30.5% of Hoover households are renters.
27.7% median household income spent on rent.
Bedrooms |
Jefferson County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $891 | $580 | $737 |
| 1 bedroom | $950 | $626 | $813 |
| 2 bedroom | $1,093 | $767 | $1,015 |
| 3 bedroom | $1,421 | $1,004 | $1,325 |
| 4 bedroom | $1,537 | $1,157 | $1,521 |
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