Owner Occupied Bridge Loans
Secure your dream home by accessing the equity in your current property
If you’re looking to purchase a new home and want the best chance of securing your dream property, you may qualify for an owner occupied bridge loan from First Bridge Lending. Owner occupied bridge loans allow you to make a competitive offer on the home you want, sell your previous home for top dollar, avoid making a contingent offer on your new residence, and qualify for the best long-term financing option on the market.
Meet Mr. and Mrs. Jones. In 2000, the Jones purchased a Huntington Beach townhome.
Today, their property value has appreciated and they’ve partially paid down their original loan.
As recent empty nesters, the Jones’ have decided to move into a single-level home in Laguna Niguel.
They found their dream home, and their offer was accepted.
The Jones’ applied for a bank loan, but their debt-to-income and back end ratios exceeded what the bank would lend on, so their loan request was denied.
Discouraged, the Jones’ asked the seller if they could make their offer contingent on the sale of their home in Huntington Beach, but their request was denied because of other strong back-up offers.
The Jones’ realtor recommended an owner occupied bridge loan, which would allow them to access the equity in their current home to help cover the purchase of their new home. Oftentimes, the loan can cover 100% of the purchase price.
They immediately called First Bridge Lending for a solution that required no money out of pocket and allowed them to close on their new purchase in as little as 10 days.
The Jones’ were approved for a loan that included both properties. They closed and moved into their dream home.
After their move, the Jones’ realtor professionally staged and marketed their Huntington Beach home, which helped them get top dollar for the sale.
After they closed on the sale, the Jones’ paid off part of their original mortgage with the First Bridge Lending loan. With the remainder of the loan, they easily qualified for a conventional loan to refinance into.
Because the Jones’ utilized the owner occupied bridge loan, they were able to secure their dream home, sell their previous home for top dollar, avoid making a contingent offer, and qualify for the best long-term financing option on the market.