Owner-Occupied Bridge

"When homeowners live in hot housing markets with fierce competition, they need to be able to move quickly. Submitting an offer with less contingencies – and that can close quickly – gives these buyers an upper hand and can make their offer more appealing to the seller.  Many buyers can benefit from getting an 'Owner-Occupied Bridge Loan.' " - Janet S., Real Estate Agent

An Owner Occupied Bridge Loan is a short term – usually 11 months or less – loan given to homeowners who want to purchase a new primary residence prior to the sale of their current home.

Advantages:

1. Allows the borrower to leverage the equity in their current home before selling their current home.
2. The borrower does not need to qualify for a conventional bank loan on the NEW home in addition to the current home they may have a conventional loan on.
3. Quick underwriting – often as low as 7-14 days from complete package review to close.
4. With sufficient equity, the borrower can write an offer that is not contingent on financing if desired, so is more competitive.
5. The borrower can close quickly on the new home.
6. After the buyers purchase their new home using a bridge loan, they can more leisurely sell their old home. By selling their old home more slowly, they'll be less stressed, won't have to deal with multiple moves and will get the best price.

Do not hesitate to reach out to discuss your loan scenario and get a quote!