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Hi,
Looking to buy a new primary home in a hot market.
The seller would prefer 30 day closing and has choices since he will have at least 20 offers.
Our current home is in Pending status and will close in 45 days if all goes well. Its in the inspection stage.
We already have a small HELOC along with the primary mortgage on the current home.
Any chance of getting a bridge loan on it.. obviously it will be the third lien after the primary and the HELOC. This is state of Connecticut.
Hi,
Looking to buy a new primary home in a hot market.
The seller would prefer 30 day closing and has choices since he will have at least 20 offers.
Our current home is in Pending status and will close in 45 days if all goes well. Its in the inspection stage.
We already have a small HELOC along with the primary mortgage on the current home.
Any chance of getting a bridge loan on it.. obviously it will be the third lien after the primary and the HELOC. This is state of Connecticut.
Talk to a local lender. Your DTI will matter.
Last edited by Parnassia; 05-24-2020 at 03:26 PM..
Maybe you can obtain a hard money loan for the new residence.
I have heard about hard money loan.. never ventured into it.
Any suggestion for lender?
Also, they may also not give the loan as it will be the third lien on the property.. unless they agree to give loan against my investment property.
DTI is not an issue. The issue is that the home already has 2 liens- primary mortgage and HELOC. Will any bank agree for the third lien?
If DTI is not an issue, why don't you just get a mortgage on the new house?
Regarding a bridge loan, you have to have enough equity to draw to pay cash on the new one and then the bridge is paid off when you close on the old one.
DTI is not an issue for my current primary because the mortgage is in my name. I had planned to get equity out of it and gift it to my wife for purchase of the new primary.
The new primary mortgage is under my wife's name and she has a DTI issue and I was told that I cannot be on the mortgage for the new primary because its a jumbo loan and I already have few other mortgages on me.
DTI is not an issue. The issue is that the home already has 2 liens- primary mortgage and HELOC. Will any bank agree for the third lien?
Sure, if you have enough equity in it. Or, the bridge loan lender may opt to take out the HELOC or even both the 1st and the 2nd thereby putting themselves in 1st position.
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