To buy or not to buy? Do you have clients that are questioning if they should list their current home because they are afraid they will not find a new home before their current home sells? Are they in need of the equity in their current home to purchase their new home? There may be a solution to give your clients peace of mind when looking for a new home. The solution is called a bridge loan. A bridge loan uses the equity in their current home to cover the down payment and closing costs on the new home. A bridge loan can allow a buyer to write an offer without a sale contingency. More importantly, it will set up the buyer for future financial success. With the equity used from their current home, a buyer may be able to put enough down on the new house to avoid mortgage insurance.
Have you ever worked with a buyer in the medical profession who has had trouble purchasing a home because of high student loan debt or a low down payment? The solution to this situation is a Physician’s Loan. A Physician’s Loan can help a buyer purchase a home with little to no money down. The student loan debt is not included in the debt-to-income calculations if the loan is in deferment. We can even close on the new house if the buyer hasn’t started their new job but has a contract.
If you have these situations or would like to discuss other scenarios with experts in the industry, please reach out to one of us. We are here to help!