Rockford is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Rockford are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Rockford are slightly higher than the national average. Rockford 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 Rockford.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Rockford 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 | 5.13% - 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 Rockford.
The city of Rockford in Winnebago County has a population of 145,609. The median rent in Winnebago County for a 2 bedroom is $859. The median Rockford resident is 37 years old with a yearly income of $24,852. The average family has 3.11 members and a median household income of $44,252. Rockford has a 22% higher education rate. The unemployment rate in Rockford is 10.7%.
45.8% of Rockford households are renters.
34% median household income spent on rent.
Bedrooms |
Winnebago County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $567 | $599 | $737 |
| 1 bedroom | $652 | $669 | $813 |
| 2 bedroom | $859 | $840 | $1,015 |
| 3 bedroom | $1,166 | $1,100 | $1,325 |
| 4 bedroom | $1,266 | $1,238 | $1,521 |
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