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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, retirement income, 12 / 24 month of Bank Statements, or assets as income
  • 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 $250,000 to $5,000,000
  • Bridge financing only available in conjunction with financing on the new purchase home. 
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