Sherman is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Sherman are considered greater risk due to market dynamics. Interest rates for multifamily loans in Sherman are higher than the national average. Sherman apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Sherman.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sherman 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.28% - 5.52% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Sherman.
The city of Sherman in Grayson County has a population of 44,002. The median rent in Grayson County for a 2 bedroom is $1,010. The median Sherman resident is 35 years old with a yearly income of $25,533. The average family has 3.43 members and a median household income of $47,397. Sherman has a 21% higher education rate. The unemployment rate in Sherman is 3.7%.
46.4% of Sherman households are renters.
30.3% median household income spent on rent.
Bedrooms |
Grayson County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $696 | $669 | $737 |
| 1 bedroom | $834 | $738 | $813 |
| 2 bedroom | $1,010 | $912 | $1,015 |
| 3 bedroom | $1,361 | $1,210 | $1,325 |
| 4 bedroom | $1,534 | $1,407 | $1,521 |
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