Porterville is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Porterville are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Porterville are slightly higher than the national average. Porterville 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 Porterville.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Porterville 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 | 5.17% - 5.41% |
| 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 Porterville.
The city of Porterville in Tulare County has a population of 59,599. The median rent in Tulare County for a 2 bedroom is $1,014. The median Porterville resident is 31 years old with a yearly income of $20,204. The average family has 3.89 members and a median household income of $43,823. Porterville has a 12% higher education rate. The unemployment rate in Porterville is 12.4%.
48.4% of Porterville households are renters.
37.9% median household income spent on rent.
Bedrooms |
Tulare County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $764 | $1,137 | $737 |
| 1 bedroom | $769 | $1,291 | $813 |
| 2 bedroom | $1,014 | $1,635 | $1,015 |
| 3 bedroom | $1,413 | $2,254 | $1,325 |
| 4 bedroom | $1,651 | $2,613 | $1,521 |
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