Buy Now, Sell Later!
Use your local experts! Since 2022, our Bridge Loan has helped many local families buy their dream home while selling their current one.
Short term 2nd lien financing used to move equity out of an existing home towards a down payment on a new home. Existing home must still be sold, but it does not need to be sold before purchase of the new home. Single family residence only, no manufactured homes, condos or multi-family. Owner occupied only and borrower must be in contract to purchase a new home with 1st mortgage financing being provided by Equity Resources.
Bridge Loan Details:
- Minimum Credit Score 680
- Max debt to income is 47.49%: qualified with existing home, new purchase financing, and an interest only payment on full bridge loan balance
- Max 85% HCLTV
- Bridge loan is for down payment only, no debt consolidation
- Maximum loan amount is $200,000
- Minimum loan amount is $10,000
- The loan is a balloon, balance due in 12 months
- Variable Rate adjusts monthly, prime plus 2.45%
Program terms and conditions are subject to change at any time. Final approval is subject to credit review and eligibility. This is not a commitment to lend.