Bridge Loans buy before you sell Our Brid g e Lo an let s yo u use eq uit y now fo r t he d ow n p aym ent o n yo ur next ho m e. Use a Brid g e Loan t o b uy your next hom e w hile your current one is st ill on t he m arket . This w ill help you avoid cost ly d oub le m ort g ag es. W e also have a Brid g e Loan t o help you m ake renovat ions, so you can g et m ore value out of your hom e w hen you sell.
Pro g ram Req uirem ent s Loan t o Value of 75% is availab le t o b e used t ow ard renovat ions on a hom e b eing sold .
Maxim um loan t o value of 80 % and m axim um loan am ount is $54 8,250 . You m ust have a sig ned p urchase ag reem ent on t he new hom e.
Your hom e d oes not need t o b e list ed for t he 75% LTV Brid g e Loan.
A ll p roceed s m ust b e used for t he d ow n p aym ent and closing cost s on t he new hom e ( no cash t o t he b orrow er) .
The closing on your new hom e can t ake p lace 24 hours aft er t he Brid g e Loan closes.
Your current hom e m ust b e list ed and on t he MLS for t he 80 % LTV.
Only ap p licab le for p rop ert ies locat ed in Michig an.
4
