Kokomo is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Kokomo are considered greater risk due to market dynamics. Interest rates for multifamily loans in Kokomo are higher than the national average. Kokomo 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 Kokomo.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kokomo 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 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 Kokomo.
The city of Kokomo in Howard County has a population of 58,020. The median rent in Howard County for a 2 bedroom is $772. The median Kokomo resident is 40 years old with a yearly income of $27,030. The average family has 2.86 members and a median household income of $45,797. Kokomo has a 18% higher education rate. The unemployment rate in Kokomo is 5.8%.
36.6% of Kokomo households are renters.
28.3% median household income spent on rent.
Bedrooms |
Howard County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $607 | $593 | $737 |
| 1 bedroom | $611 | $666 | $813 |
| 2 bedroom | $772 | $840 | $1,015 |
| 3 bedroom | $1,075 | $1,099 | $1,325 |
| 4 bedroom | $1,182 | $1,251 | $1,521 |
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