In today’s market of lower housing inventory, California homebuyers can look to this real estate financing program to assist in getting that new home.
Bridge financing allows the potential home buyer to offer a stronger purchase offer, with shorter days to close and an offer with the next best thing to all-cash offer – Private Money. This is a proposition that many sellers could consider a huge bonus! Any resident of the Bay area, northern California and southern California, should be made aware of this as an option.
One of the most popular financing programs with us is our bridge loan program. When a borrower wants to purchase a new home before selling their current house, a bridge loan with us gives them the down payment they need to get into the new home with the convenience of a stress-free move. It also overcomes the home loan qualification problem of high debt-to-income ratios, which can happen when you buy a new home while still owning your current home – 2 mortgages.
Our program’s conditions include a fixed rate with no prepayment premium for an 11-month term of interest only payments. We can offer this program for single family units as well as 1 – 4 units, when the buyer or borrower is going to be living in one of these units.
If this looks like a solution to your concerns about not selling your home before buying a new one, give our family owned & operated Private Money company at Sun Pacific Mortgage & Real Estate a call at 707-523-2099 or reach us through our website at www.sunpacificmortgage.com.