Schaumburg is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Schaumburg are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Schaumburg are some of the lowest nationally. Schaumburg apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Schaumburg.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Schaumburg 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.17% - 5.41% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Schaumburg.
The city of Schaumburg in Cook County has a population of 72,887. The median rent in Cook County for a 2 bedroom is $1,417. The median Schaumburg resident is 39 years old with a yearly income of $44,066. The average family has 3.2 members and a median household income of $83,096. Schaumburg has a 49% higher education rate. The unemployment rate in Schaumburg is 3.8%.
36.3% of Schaumburg households are renters.
24% median household income spent on rent.
Bedrooms |
Cook County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $1,104 | $599 | $737 |
| 1 bedroom | $1,224 | $669 | $813 |
| 2 bedroom | $1,417 | $840 | $1,015 |
| 3 bedroom | $1,799 | $1,100 | $1,325 |
| 4 bedroom | $2,147 | $1,238 | $1,521 |
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