Virginia Beach is located in a good market for 5+ unit multifamily loans. Multifamily loans in Virginia Beach are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Virginia Beach are competitive. Virginia Beach 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 Virginia Beach.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Virginia Beach 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 | 5.44% - 5.68% |
| 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 Virginia Beach.
The city of Virginia Beach in Virginia Beach city has a population of 449,974. The median rent in Virginia Beach city for a 2 bedroom is $1,233. The median Virginia Beach resident is 36 years old with a yearly income of $37,350. The average family has 3.08 members and a median household income of $76,610. Virginia Beach has a 36% higher education rate. The unemployment rate in Virginia Beach is 4.6%.
36.3% of Virginia Beach households are renters.
29.1% median household income spent on rent.
Bedrooms |
Virginia Beach city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,032 | $833 | $737 |
| 1 bedroom | $1,045 | $897 | $813 |
| 2 bedroom | $1,233 | $1,072 | $1,015 |
| 3 bedroom | $1,740 | $1,423 | $1,325 |
| 4 bedroom | $2,135 | $1,680 | $1,521 |
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