Socorro is located in a good market for 5+ unit multifamily loans. Multifamily loans in Socorro are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Socorro are competitive. Socorro 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 Socorro.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Socorro 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 | 5.49% - 5.73% |
| 7 Year Fixed | 5.28% - 5.52% |
| 10 Year Fixed | 5.19% - 5.43% |
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 | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Socorro.
The city of Socorro in El Paso County has a population of 34,370. The median rent in El Paso County for a 2 bedroom is $894. The median Socorro resident is 32 years old with a yearly income of $17,850. The average family has 3.94 members and a median household income of $38,111. Socorro has a 8% higher education rate. The unemployment rate in Socorro is 5.9%.
25.6% of Socorro households are renters.
30.9% median household income spent on rent.
Bedrooms |
El Paso County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $590 | $669 | $737 |
| 1 bedroom | $739 | $738 | $813 |
| 2 bedroom | $894 | $912 | $1,015 |
| 3 bedroom | $1,264 | $1,210 | $1,325 |
| 4 bedroom | $1,522 | $1,407 | $1,521 |
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