One of the biggest impediments for current homeowners to repurchasing another home; I (most often) they haven’t sold their current residence.

Few sellers want to accept contingent offers.

In turn, many move-up homeowners stay stuck in homes that no longer suit their needs until they find a situation that will accept contingent offers.
Agents and MLOs Out 

Another factor is that typical “bridge loans” are high-rate and high-fee, and with so many paragraphs of fine print, only “highly motivated” buyers who can pay exorbitant costs apply.

That’s changing!

Currently, I have two wholesalers who underwrite bridge loans to meet Fannie Mae guidelines. They produced funded transactions, deeds of trust, and transactional paper trails.

I feel they’re solid enough to take their loan offerings to my readership.

Here is how it all shakes out.

Loan Limits: $2 Million.

Qualifying: Full Doc and Ez Qual (no stated income)

Min. Fico: 740

Min down: 20%

Sources of down: Cash, HELOC, 401k

Rates: Currently in the high 6s

Term: 30, 15. and 5-year fixed.

Fine Print: None and  Pre-Pay Penalties.

Costs: 1-1.5 points with $1300 in underwriting fees.

COE: 21-25 days from the date of application.

Call Me!
I pick up the phone!