Houma is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Houma are considered greater risk due to market dynamics. Interest rates for multifamily loans in Houma are higher than the national average. Houma 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 Houma.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Houma 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 Houma.
The city of Houma in Terrebonne Parish has a population of 32,696. The median rent in Terrebonne Parish for a 2 bedroom is $961. The median Houma resident is 37 years old with a yearly income of $25,850. The average family has 3.28 members and a median household income of $42,949. Houma has a 19% higher education rate. The unemployment rate in Houma is 6.7%.
35.2% of Houma households are renters.
41.1% median household income spent on rent.
Bedrooms |
Terrebonne Parish 1 |
Louisiana 2 |
National 2 |
|---|---|---|---|
| Studio | $712 | $665 | $737 |
| 1 bedroom | $755 | $729 | $813 |
| 2 bedroom | $961 | $888 | $1,015 |
| 3 bedroom | $1,299 | $1,160 | $1,325 |
| 4 bedroom | $1,501 | $1,326 | $1,521 |
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