Bridge Loan

BRIDGE THE GAP BETWEEN SELLING YOUR CURRENT HOME AND PURCHASING A NEW ONE!

Our Bridge Loan programs can help you purchase a new home before your existing home is sold.  If a seller is unwilling to consider purchase offers with sales contingencies, we have two programs to choose from:

Close with Confidence Bridge Loan:

This loan program is designed for borrowers who are under contract for the sale of their existing property and want to make an offer on another property without a sales contingency.  Under this program, you can take the equity from your current home (that is a pending sale) and use the funds to purchase a new home.

Debt Inclusive Bridge Loan:

This loan program is designed for borrowers who want to take equity from their current home that is listed for sale and use the funds to purchase another home.  All of the debts for the departing residence including any payments on the bridge loan (if any are required) are factored into the borrowers total DTI when purchasing the new home.

Qualifications:

Close With Confidence:

  • Departing Residence must be pending sale
  • Bridge Loan Amount up to $400k
  • Loan Term – 6 months
  • Min FICO 680
  • Max CLTV- 80%
  • Max DTI- Ratios based on max allowed by purchase transaction, but not to exceed 50%
    • Can exclude departing house payments if pending sale requirements are met

Debt Inclusive:

  • Departing residence must have signed listing agreement
  • Bridge Loan Amount up to $400k
  • Loan Term- T months
  • Min FICO 680
  • Max CLTV- 70%
  • Max DTI- Ratios based on max allowed by purchase transaction, but not to exceed 50%

Make sure to read Top 5 Reasons To Use A Bridge Loan

Reach out to us today to see if we could help you bridge the gap!