West Fargo is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in West Fargo are considered moderate risk due to market dynamics. Interest rates for multifamily loans in West Fargo are slightly higher than the national average. West Fargo 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 West Fargo.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Fargo 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 | 5.29% - 5.53% |
| 10 Year Fixed | 5.13% - 5.37% |
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 West Fargo.
The city of West Fargo in Cass County has a population of 37,058. The median rent in Cass County for a 2 bedroom is $924. The median West Fargo resident is 33 years old with a yearly income of $42,407. The average family has 3.04 members and a median household income of $85,120. West Fargo has a 44% higher education rate. The unemployment rate in West Fargo is 1.5%.
34.2% of West Fargo households are renters.
20.7% median household income spent on rent.
Bedrooms |
Cass County 1 |
North Dakota 2 |
National 2 |
|---|---|---|---|
| Studio | $627 | $625 | $737 |
| 1 bedroom | $754 | $642 | $813 |
| 2 bedroom | $924 | $806 | $1,015 |
| 3 bedroom | $1,322 | $1,109 | $1,325 |
| 4 bedroom | $1,600 | $1,252 | $1,521 |
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