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Has anyone had success in getting a bridge loan? I am trying to help my parents downsize. They have found a home that they like, but we would prefer not to have a home sale contingency with their offer. They currently own a home worth approx 1 mil and owe about 300k, and the new house is 450k. I am pretty confident that the house they own will sell fast.
Has anyone had success in getting a bridge loan? I am trying to help my parents downsize. They have found a home that they like, but we would prefer not to have a home sale contingency with their offer. They currently own a home worth approx 1 mil and owe about 300k, and the new house is 450k. I am pretty confident that the house they own will sell fast.
Sure. Do they happen to bank at a community bank, or are they at one of the mega banks. The mega banks may not do it, but if they have a relationship at a local bank they could easily get a bridge loan done.
They are a member of a credit union........I was curious about the income requirements. Say they owe 300k on their first mortgage and want to buy a house for 450k. Would they need income to support 750k? Or are there interest only options, etc?
I don't believe many banks offer bridge loans anymore. Perhaps they may even have to take a second mortgage. Then just pay everything off once it's done.
They are a member of a credit union........I was curious about the income requirements. Say they owe 300k on their first mortgage and want to buy a house for 450k. Would they need income to support 750k? Or are there interest only options, etc?
If they are going to buy one without selling the other, then they must qualify carrying ALL of the payments. They are better off making an offer, a decent offer, with a contingency on the sale of their home. Ultimately, that is in their best interests.
The only way I could see them doing this without coinciding closing, is do a first and 2nd on the home they plan to buy. Rent the current home, hopefully it will have a nice rental amount to offset the payment. Maybe give them a little income. Then when the bigger home is sold, that 2nd trust is retired and they only have smaller cushy payment.
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