Muncie is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Muncie are considered greater risk due to market dynamics. Interest rates for multifamily loans in Muncie are higher than the national average. Muncie 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 Muncie.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Muncie 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 Muncie.
The city of Muncie in Delaware County has a population of 67,999. The median rent in Delaware County for a 2 bedroom is $784. The median Muncie resident is 29 years old with a yearly income of $18,198. The average family has 2.84 members and a median household income of $33,944. Muncie has a 24% higher education rate. The unemployment rate in Muncie is 7.9%.
50.6% of Muncie households are renters.
39.6% median household income spent on rent.
Bedrooms |
Delaware County 1 |
Indiana 2 |
National 2 |
|---|---|---|---|
| Studio | $594 | $593 | $737 |
| 1 bedroom | $611 | $666 | $813 |
| 2 bedroom | $784 | $840 | $1,015 |
| 3 bedroom | $1,028 | $1,099 | $1,325 |
| 4 bedroom | $1,165 | $1,251 | $1,521 |
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