A great mortgage program for borrowers
who want to buy a home before
their current home sells.
A
Bridge Loan can be used for down payment to purchase a new home including
closing costs.
Up
to 95% financing on purchase of new home any conforming loan.
Current
mortgage and Bridge Loan payments are NOT
counted in new loans debt ratio.
All
proceeds of Bridge Loan must go towards new home purchase only.
Current
home and new home loan must be owner occupied single family residence.
Up
to 80% financing (Bridge Loan) on current home.
Six
months PITI liquid reserves required on purchase of new home.
Maximum
debt ratio of 38%.
Current
home must be listed for sale by a professional real estate company. Copy
of listing.
30-year term ( one year balloon) Bridge Loan. No prepayment penalty.
Call
for details.
MORTGAGE APPLICATION
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financing - bridge home loan |
