A Bridge Loan for First Time Home Buyers, First Time Investors, and Experienced Investors too!

Are you a first-time home buyer looking to purchase your dream home but facing a financial gap? A bridge loan might be the perfect solution for you. A bridge loan is a short-term loan that helps bridge the gap between the purchase of a new home and the sale of your current one. It provides you with the necessary funds to make a down payment on your new home while waiting for the sale of your existing property.

HIGHLIGHTS

• First-time homebuyers – allowed
• First Time Investors – allowed
• Living Rent free – allowed
• Up to 75% LTV
• Min FICO 650
• No tradeline requirements
• Multi-family OK
• Cash out to 65% LTV
• Foreign National- No credit references required
• Short-Term Rentals OK*
• NO Min DSCR Options
• Vacant units – allowed

One of the main advantages of a bridge loan is that it allows you to avoid the stress and pressure of selling your current home quickly at a lower price just to secure funds for your new home. With a bridge loan, you can take your time to find the right buyer for your property and negotiate a fair price.

The process of obtaining a bridge loan for first-time home buyers is relatively straightforward. You will need to provide documentation such as proof of income, credit history, and details about the properties involved in the transaction. Lenders will assess your financial situation and determine the loan amount based on the equity in your current home and the potential value of your new property.

It’s important to note that bridge loans typically have higher interest rates compared to traditional mortgages. However, the short-term nature of the loan means that the overall interest paid is usually manageable. Additionally, bridge loans often have flexible repayment options, allowing you to pay off the loan once your current home is sold.

Bridge loans can be a valuable tool for first-time home buyers who are looking to upgrade to a new property without the stress of selling their current home quickly. It provides the necessary financial support to make a down payment on your dream home while giving you the time and flexibility to sell your existing property at a fair price. If you’re considering a bridge loan, it’s important to consult with one of our experienced loan officers who can guide you through the process and help you make an informed decision.

Connect with one of our loan consultants to learn more.