Newburgh is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Newburgh are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Newburgh are slightly higher than the national average. Newburgh 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 Newburgh.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Newburgh 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 | 5.34% - 5.58% |
| 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 | 5.65% - 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 Newburgh.
The city of Newburgh in Orange County has a population of 30,905. The median rent in Orange County for a 2 bedroom is $1,575. The median Newburgh resident is 42 years old with a yearly income of $39,639. The average family has 3.21 members and a median household income of $91,596. Newburgh has a 32% higher education rate. The unemployment rate in Newburgh is 4.7%.
18.8% of Newburgh households are renters.
32.6% median household income spent on rent.
Bedrooms |
Orange County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $1,169 | $909 | $737 |
| 1 bedroom | $1,246 | $990 | $813 |
| 2 bedroom | $1,575 | $1,202 | $1,015 |
| 3 bedroom | $2,005 | $1,537 | $1,325 |
| 4 bedroom | $2,251 | $1,692 | $1,521 |
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