Overview
A bridge mortgage loan, also known simply as a bridge loan, is a short-term financing option designed to bridge the gap between the purchase of a new home and the sale of an existing home. It provides borrowers with immediate funds to cover the down payment or purchase price of a new home while they await the sale of their current home. Bridge loans are typically used by homeowners who
want to avoid a gap in financing when transitioning from one property to another.
Credit Score
Minimum credit score required is 680.
Loan Limits
Cash out refinance allowed up to 75% loan to value ratio on the
departing residence – loan limits are set by the specific lender – maximum loan
amount is $2,000,000.
Terms
12 months period with no monthly mortgage payment – pay off is required
on departing residence upon the sale of property
