Wayne is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Wayne are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Wayne are some of the lowest nationally. Wayne 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 Wayne.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Wayne are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.42% - 5.66% |
| 7 Year Fixed | 5.48% - 5.72% |
| 10 Year Fixed | 5.34% - 5.58% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
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 Wayne.
The city of Wayne in Passaic County has a population of 53,954. The median rent in Passaic County for a 2 bedroom is $1,892. The median Wayne resident is 43 years old with a yearly income of $51,827. The average family has 3.29 members and a median household income of $123,204. Wayne has a 53% higher education rate. The unemployment rate in Wayne is 4.5%.
20.5% of Wayne households are renters.
27.5% median household income spent on rent.
Bedrooms |
Passaic County 1 |
New Jersey 2 |
National 2 |
|---|---|---|---|
| Studio | $1,341 | $1,166 | $737 |
| 1 bedroom | $1,608 | $1,353 | $813 |
| 2 bedroom | $1,892 | $1,671 | $1,015 |
| 3 bedroom | $2,353 | $2,131 | $1,325 |
| 4 bedroom | $2,915 | $2,445 | $1,521 |
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