Patterson is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Patterson are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Patterson are slightly higher than the national average. Patterson 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 Patterson.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Patterson 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 | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
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 | 5.98% - 6.13% |
| 7 Year Fixed | 6.04% - 6.19% |
| 10 Year Fixed | 6.04% - 6.19% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Patterson.
The city of Patterson in Stanislaus County has a population of 22,524. The median rent in Stanislaus County for a 2 bedroom is $1,296. The median Patterson resident is 31 years old with a yearly income of $30,716. The average family has 3.96 members and a median household income of $69,233. Patterson has a 10% higher education rate. The unemployment rate in Patterson is 8.9%.
38.8% of Patterson households are renters.
34.6% median household income spent on rent.
Bedrooms |
Stanislaus County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $942 | $1,137 | $737 |
| 1 bedroom | $1,045 | $1,291 | $813 |
| 2 bedroom | $1,296 | $1,635 | $1,015 |
| 3 bedroom | $1,835 | $2,254 | $1,325 |
| 4 bedroom | $2,153 | $2,613 | $1,521 |
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