08/08/2023
I will using this for new clients looking to downsize to a smaller home ( children are in college) or upgrade to a larger home .
Do you have anyone?
Bridge Financing program empowers borrowers to access equity from their current home to purchase a new home with no monthly payments on the bridge financing. Borrowers can gain a competitive advantage in a hot housing market by making a non-contingent offer on the new property.
Bridge Financing Program pays off the existing lien while providing the cash out needed for down payment on the new home.Equity used for down payment for the new home
No monthly payments on the bridge financing
The “No Payment” feature allows for the borrower to DTI on the new home purchase
Loan to Value:
Primary Residence:Up to 75% LTV on bridge loan for amounts up to $1,000,000
Up to 70% LTV on bridge loan for amounts between $1,000,000 to $1,500,000
Up to 65% LTV on bridge loan for amounts between $1,500,000 to $2,000,000
Non-Owner Occupied and Second HomeUp to 65% LTV on bridge loan for amounts up to $750,000
Up to 60% LTV on bridge loan for amounts over $750,000
Balloon payment due in 12 months with NO MONTHLY PAYMENTS REQUIRED
Bridge financing only available in conjunction with financing on the new purchase home. We must finance both loans to qualify.
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Gregory Lekanides 561-886-7052
Mortgage Broker, NMLS # 1704418