Waynesboro is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Waynesboro are considered greater risk due to market dynamics. Interest rates for multifamily loans in Waynesboro are higher than the national average. Waynesboro 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 Waynesboro.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Waynesboro 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.37% - 5.61% |
| 10 Year Fixed | 5.23% - 5.47% |
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 Waynesboro.
The city of Waynesboro in Waynesboro city has a population of 22,630. The median rent in Waynesboro city for a 2 bedroom is $965. The median Waynesboro resident is 39 years old with a yearly income of $28,523. The average family has 3.25 members and a median household income of $45,011. Waynesboro has a 27% higher education rate. The unemployment rate in Waynesboro is 4.7%.
42.3% of Waynesboro households are renters.
33.3% median household income spent on rent.
Bedrooms |
Waynesboro city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $732 | $833 | $737 |
| 1 bedroom | $737 | $897 | $813 |
| 2 bedroom | $965 | $1,072 | $1,015 |
| 3 bedroom | $1,314 | $1,423 | $1,325 |
| 4 bedroom | $1,502 | $1,680 | $1,521 |
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