Mar 21, 2022

Loan Types

Our Bridge Loan Option

Not everyone has the ability to come up with a down payment on their new home before selling their current home. If you can qualify for both payments, then the bridge loan we offer can be a great option. If you haven’t already, check out our article on Ways to Buy a New Home Before Selling Your Current One. Below are some highlights of our bridge loan and how to qualify!

  • You can tap into up to 90% of your current home value for the bridge loan (will be a 2nd lien on current home). Rates are lower if you only pull out up to 80% of your home value

  • Value is derived from a Broker Priced Opinion, BPO (typically a random local real estate agent that will come up with value) not a full appraisal

  • You must have enough income to qualify for your new mortgage, bridge mortgage, and any current lien on your home

  • Requires the use of a conventional loan on your new home

  • Must have a 680 Credit Score or higher

  • Max bridge loan of $250,000

On a $100,000 bridge loan pulling up to 90% of your home value, the rate is 5.50% (6.587% APR) as of 3/15/22.

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Modern Lending, LLC DBA Modern Home Lending

NMLS#1738930 | AZMB#0947744 | CO#1738930

| GA#1738930 | FL#MBR4862


NMLS Consumer Access

Reach out to us

4250 N Drinkwater Blvd #300

Scottsdale, AZ 85251

info@modernhomelending.com

© 2023 Mordern home lending All Rights Reserved.

Mortgage Broker only, not a Mortgage Lender or Mortgage Correspondent Lender.

If you would like additional assistance or have accessibility concerns, please contact info@modernhomelending.com

Modern Lending, LLC DBA Modern Home Lending

NMLS#1738930 | AZMB#0947744 |

CO#1738930 | GA#1738930 |

FL#MBR4862


NMLS Consumer Access

Reach out to us

4250 N Drinkwater Blvd #300 Scottsdale, AZ 85251

info@modernhomelending.com

© 2023 Mordern home lending All Rights Reserved.

Mortgage Broker only, not a Mortgage Lender or Mortgage Correspondent Lender.

If you would like additional assistance or have accessibility concerns, please contact info@modernhomelending.com

Modern Lending, LLC DBA Modern Home Lending

NMLS#1738930 | AZMB#0947744 |

CO#1738930 | GA#1738930 |

FL#MBR4862


NMLS Consumer Access

Reach out to us

4250 N Drinkwater Blvd #300

Scottsdale, AZ 85251

480.598.8700

info@modernhomelending.com

© 2023 Modern Home Lending. All Rights Reserved.

Mortgage Broker only, not a Mortgage Lender or Mortgage Correspondent Lender.

If you would like additional assistance or have accessibility concerns, please contact info@modernhomelending.com