New Milford is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in New Milford are considered greater risk due to market dynamics. Interest rates for multifamily loans in New Milford are higher than the national average. New Milford 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 New Milford.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Milford 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 | 5.33% - 5.57% |
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 New Milford.
The city of New Milford in Litchfield County has a population of 27,014. The median rent in Litchfield County for a 2 bedroom is $1,306. The median New Milford resident is 44 years old with a yearly income of $40,911. The average family has 3.04 members and a median household income of $89,969. New Milford has a 40% higher education rate. The unemployment rate in New Milford is 4.6%.
22.2% of New Milford households are renters.
30.5% median household income spent on rent.
Bedrooms |
Litchfield County 1 |
Connecticut 2 |
National 2 |
|---|---|---|---|
| Studio | $862 | $974 | $737 |
| 1 bedroom | $1,015 | $1,155 | $813 |
| 2 bedroom | $1,306 | $1,442 | $1,015 |
| 3 bedroom | $1,629 | $1,820 | $1,325 |
| 4 bedroom | $1,771 | $2,144 | $1,521 |
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