Northport is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Northport are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Northport are slightly higher than the national average. Northport 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 Northport.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Northport 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 | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
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 Northport.
The city of Northport in Tuscaloosa County has a population of 26,115. The median rent in Tuscaloosa County for a 2 bedroom is $901. The median Northport resident is 33 years old with a yearly income of $31,354. The average family has 3.2 members and a median household income of $59,836. Northport has a 37% higher education rate. The unemployment rate in Northport is 3.7%.
35.1% of Northport households are renters.
31.2% median household income spent on rent.
Bedrooms |
Tuscaloosa County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $742 | $580 | $737 |
| 1 bedroom | $747 | $626 | $813 |
| 2 bedroom | $901 | $767 | $1,015 |
| 3 bedroom | $1,140 | $1,004 | $1,325 |
| 4 bedroom | $1,222 | $1,157 | $1,521 |
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