Wichita Falls is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Wichita Falls are considered greater risk due to market dynamics. Interest rates for multifamily loans in Wichita Falls are higher than the national average. Wichita Falls 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 Wichita Falls.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Wichita Falls 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 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 | 5.70% - 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 Wichita Falls.
The city of Wichita Falls in Wichita County has a population of 104,683. The median rent in Wichita County for a 2 bedroom is $892. The median Wichita Falls resident is 33 years old with a yearly income of $24,747. The average family has 3.06 members and a median household income of $47,476. Wichita Falls has a 24% higher education rate. The unemployment rate in Wichita Falls is 5.1%.
43.7% of Wichita Falls households are renters.
30.9% median household income spent on rent.
Bedrooms |
Wichita County 1 |
Texas 2 |
National 2 |
|---|---|---|---|
| Studio | $628 | $669 | $737 |
| 1 bedroom | $703 | $738 | $813 |
| 2 bedroom | $892 | $912 | $1,015 |
| 3 bedroom | $1,218 | $1,210 | $1,325 |
| 4 bedroom | $1,443 | $1,407 | $1,521 |
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