Mount Vernon is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Mount Vernon are considered greater risk due to market dynamics. Interest rates for multifamily loans in Mount Vernon are higher than the national average. Mount Vernon 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 Mount Vernon.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mount Vernon 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 | 5.63% - 5.87% |
| 7 Year Fixed | 5.24% - 5.48% |
| 10 Year Fixed | 5.28% - 5.52% |
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 Mount Vernon.
The city of Mount Vernon in Skagit County has a population of 36,006. The median rent in Skagit County for a 2 bedroom is $1,286. The median Mount Vernon resident is 35 years old with a yearly income of $28,936. The average family has 3.26 members and a median household income of $62,056. Mount Vernon has a 22% higher education rate. The unemployment rate in Mount Vernon is 5.7%.
37.2% of Mount Vernon households are renters.
30.6% median household income spent on rent.
Bedrooms |
Skagit County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $880 | $801 | $737 |
| 1 bedroom | $1,023 | $904 | $813 |
| 2 bedroom | $1,286 | $1,138 | $1,015 |
| 3 bedroom | $1,840 | $1,591 | $1,325 |
| 4 bedroom | $2,199 | $1,874 | $1,521 |
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