Bridge Loans
If you’ve found the perfect home but haven’t sold your current home yet, consider a bridge loan.
A bridge loan is a temporary financing option that will provide the funds needed to cover the expenses that take place during the period between purchasing your new home and selling your existing one.
bridge loan benefits
Bridge loans allow you to:
- Put in an offer on a new home without a home sale contingency
- Receive down payment funds prior to the sale of your current home
- Move into a new home quickly without waiting for your current home to sell
program details
- Loans up to $2 million
- 12-month term and 75% loan-to-value (LTV) for primary residence
- 6-month term and 60% LTV for second homes or investment properties
- Fixed-rate, interest-only loan option
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Payments from bridge loan may excluded from debt-to-income (DTI) calculation for new purchase — ask for details
Program is available through a broker relationship with other lenders. Waterstone Mortgage is not affiliated with those lenders. Credit approval is at the sole discretion of the lender. The interest-only feature allows the homebuyer to make minimum interest payments for a set period of time.
