Pharr is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Pharr are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Pharr are slightly higher than the national average. Pharr 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 Pharr.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Pharr 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.18% - 5.42% |
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 Pharr.
The city of Pharr in Hidalgo County has a population of 79,112. The median rent in Hidalgo County for a 2 bedroom is $785. The median Pharr resident is 29 years old with a yearly income of $19,983. The average family has 3.97 members and a median household income of $39,884. Pharr has a 15% higher education rate. The unemployment rate in Pharr is 5.0%.
39.7% of Pharr households are renters.
30% median household income spent on rent.
Bedrooms |
Hidalgo County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $606 | $669 | $737 |
| 1 bedroom | $610 | $738 | $813 |
| 2 bedroom | $785 | $912 | $1,015 |
| 3 bedroom | $1,012 | $1,210 | $1,325 |
| 4 bedroom | $1,137 | $1,407 | $1,521 |
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