As a leading mortgage company, MortgageDepot offers a variety of loan options to meet our clients’ needs. One of the loan programs that we offer is a Residential Bridge Loan. In this article, we will discuss the key features and benefits of this loan program.
A Residential Bridge Loan is a short-term loan that is designed to bridge the gap between the sale of an existing property and the purchase of a new one. This loan program is ideal for individuals who are looking to buy a new home but have not yet sold their existing property. Here are some of the key features of our Residential Bridge Loan program:
- First time homebuyers and first-time investors are allowed to apply for this loan.
- Clients are allowed to live rent-free while they are waiting for their existing property to sell.
- Clients can borrow up to 75% LTV (loan-to-value).
- The minimum FICO score required is 620.
- There are no tradeline requirements.
- Multi-family properties are allowed.
- Clients can cash out up to 65% LTV.
- Foreign nationals are eligible to apply, and no credit references are required.
- Short-term rentals are permitted.*
- There are no minimum DSCR (Debt Service Coverage Ratio) requirements.
- Clients can purchase vacant units.
At MortgageDepot, we understand that each client’s financial situation is unique. That’s why we offer a wide range of loan programs to suit our clients’ needs. Our Residential Bridge Loan program is an excellent option for individuals who are looking to buy a new home while they are waiting for their existing property to sell.
Our Residential Bridge Loan program offers flexibility and convenience to our clients. Clients can live rent-free while they are waiting for their existing property to sell. This means that they can avoid the additional expense of paying for two properties at the same time.
We also offer a quick and easy application process for our Residential Bridge Loan program. Clients can apply online or over the phone. Our team of experienced loan officers will work closely with clients to ensure that they get the loan that best meets their needs.
If you are looking to buy a new home while you are waiting for your existing property to sell, a Residential Bridge Loan from MortgageDepot may be the right option for you. We offer flexible terms and a quick and easy application process. Contact us today to learn more about our Residential Bridge Loan program and how we can help you obtain the loan you need.
Connect with one of our loan consultants to learn more.
