Move into your new home while your old one sells, with up to six months of mortgage coverage and access to up to $500,000 in equity for:
- New home down payment & closing costs
- Old home repairs and other selling costs
- Secured & unsecured debt payoff
- Home prep up to $35,000
- Moving expenses up to $5,000
Benefits:
Use a bridge loan to not only cover your old home’s mortgage payments, but also to:
- Payment exclusion from DTI
- Eliminate double moves or storage costs
- Maximum negotiating power
- Non-contingent home buying offers
- Qualify for a higher purchase budget
- Close quickly
What happens after your old home sells? Once your old house sells, you use that money to pay off the bridge loan.
Requirements:
- $500K max bridge loan
- 75% CLTV
- Primary to primary only
- 0% interest and no payments
- Maximum list price $1.25M
- Down payment up to 50% of the purchase price of new home
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