Modesto is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Modesto are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Modesto are slightly higher than the national average. Modesto apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Modesto.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Modesto 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.17% - 5.41% |
| 10 Year Fixed | 5.18% - 5.42% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Modesto.
The city of Modesto in Stanislaus County has a population of 215,196. The median rent in Stanislaus County for a 2 bedroom is $1,296. The median Modesto resident is 36 years old with a yearly income of $28,891. The average family has 3.48 members and a median household income of $59,287. Modesto has a 19% higher education rate. The unemployment rate in Modesto is 8.9%.
44.9% of Modesto households are renters.
33.7% median household income spent on rent.
Bedrooms |
Stanislaus County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $942 | $1,137 | $737 |
| 1 bedroom | $1,045 | $1,291 | $813 |
| 2 bedroom | $1,296 | $1,635 | $1,015 |
| 3 bedroom | $1,835 | $2,254 | $1,325 |
| 4 bedroom | $2,153 | $2,613 | $1,521 |
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