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!
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.
- 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.