Available 7 Days/Week       MON - FRI  8am - 7pm       SAT - SUN  10am – 6pm
Call us (888) 259-2257
Apply Now

View Loan Assumptions
 Rates subject to change without notice

 Conforming Loan amounts up to $726,200 | FHA Loan Limits are specific to each Florida County
Check to See Florida FHA loan limits here

Bridge Loans | Florida Bridge Loans

Bridge Loans | Bridge Loan Mortgage

A Bridge Loan – also known as gap financing or a swing loan; can provide the money you need to help complete the new purchase.  The funds from the bridge loan are then used as a down payment on the new home by leveraging the equity in your existing home.

A bridge loan is a short-term loan designed to provide financing during a transition period, such as moving from one house to another. The homeowner is faced with sudden move or transition, such as having to relocate for work, might prefer a bridge loan to the help with cost of buying a new home.

What Are the Advantages of Bridge Loans?

  • No monthly payments
  • No prepayment penalty
  • 1 year term
  • 1 fixed rate that is interest only
  • 1 balloon payment to payoff bridge loan within 12 months
  • Get your dream home now without waiting to sell
  • Make non-contingent offers on a home now
  • Uses equity from your existing home to buy the next home
  • Great option if you need to relocate for work or want to retire


What Are the Requirements of a Bridge Loan?

  • Minimum credit score 680
  • Minimum down payment for primary home is 25%
  • Minimum down payment for investment property is 35%
  • Credit report must show 5 current tradeline with a minimum of 2 that are active
  • Debt to income ratio is based on second permanent loan using principal, interest, taxes, insurance and home owners association fees if applicable
  • Max debt to income ratio is 50%
  • No major credit events in the last 4 years
  • No mortgage payments events credit events in the last 4 years – no foreclosures, bankruptcies, etc.
  • Can qualify on W2 income or 12 / 24 month of Bank Statements 
  • The home being departed must be listed on MLS; the listing agreement is required
  • The home being departed cannot be rented; we do not accept any rental income to qualify
  • No rural properties
  • Bridge loan must be in the first lien position on new property
  • Loan amounts from $175,000 to $5,000,000
  • Bridge financing only available in conjunction with financing on the new purchase home. Fidelity Home Group must finance both loans to qualify
Mortgage Calculator
$
%
Calculate

 

 

Helpful Tools
Get Pre-Qualified Prove you are ready to buy
See Current Mortgage Rates Compare today’s rate in real time
Mortgage Calculator Estimate your monthly payment
Affordability Calculator See how much you can afford.
Mortgage Glossary Read mortgage terms & definitions

 

 

See How Much You Can Borrow

You’ve estimated your affordability, now get pre-qualified by Fidelity Home Group to find out just how much you can borrow.

Get Pre-Qualified

   


Copyright © 2023 Fidelity Home Group supports Equal Housing Opportunity | All Right Reserved  | NMLS Identifier 1834853. Fidelity Home Group is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Fidelity Home Group is a Mortgage Corporation serving the state of Florida. Not intended for legal or financial advice, consult your own professionals if such advice is sought. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties in the state of New York will be accepted through this site. Accessibility Statement  | Consent to Receive Electronic Loan Documents  |  Cookies Policy   |  Disclosures  | Email and Mobile PolicyFair Lending Policy  |  File a Complaint Mortgage Assumptions  |  NMLS Consumer Access  |  Privacy Policy  |  Terms of Use