Ottumwa is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Ottumwa are considered greater risk due to market dynamics. Interest rates for multifamily loans in Ottumwa are higher than the national average. Ottumwa 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 Ottumwa.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ottumwa 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 Ottumwa.
The city of Ottumwa in Wapello County has a population of 24,368. The median rent in Wapello County for a 2 bedroom is $801. The median Ottumwa resident is 37 years old with a yearly income of $26,275. The average family has 2.93 members and a median household income of $41,722. Ottumwa has a 18% higher education rate. The unemployment rate in Ottumwa is 6.0%.
33.3% of Ottumwa households are renters.
30.8% median household income spent on rent.
Bedrooms |
Wapello County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $594 | $558 | $737 |
| 1 bedroom | $608 | $613 | $813 |
| 2 bedroom | $801 | $785 | $1,015 |
| 3 bedroom | $1,020 | $1,038 | $1,325 |
| 4 bedroom | $1,196 | $1,151 | $1,521 |
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