Vestal is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Vestal are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Vestal are slightly higher than the national average. Vestal 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 Vestal.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Vestal 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 | 5.63% - 5.87% |
| 7 Year Fixed | 5.34% - 5.58% |
| 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 | 5.65% - 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 Vestal.
The city of Vestal in Broome County has a population of 28,352. The median rent in Broome County for a 2 bedroom is $886. The median Vestal resident is 28 years old with a yearly income of $21,896. The average family has 2.95 members and a median household income of $67,910. Vestal has a 46% higher education rate. The unemployment rate in Vestal is 4.5%.
22.8% of Vestal households are renters.
41.9% median household income spent on rent.
Bedrooms |
Broome County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $662 | $909 | $737 |
| 1 bedroom | $685 | $990 | $813 |
| 2 bedroom | $886 | $1,202 | $1,015 |
| 3 bedroom | $1,170 | $1,537 | $1,325 |
| 4 bedroom | $1,344 | $1,692 | $1,521 |
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