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Bridge Loans in Antioch
Antioch's real estate market creates opportunities where timing matters. Bridge loans help buyers move quickly when they find the right property before selling their current home.
This financing tool works well in Contra Costa County where properties can attract multiple offers. Bridge loans let you compete with cash buyers while awaiting your home sale.
Bridge loan approval centers on your existing home equity and ability to carry two mortgages temporarily. Lenders typically require at least 20% equity in your current property.
Your debt-to-income ratio matters less than with traditional mortgages. Most lenders focus on the value of both properties and your demonstrated ability to manage the transition.
Credit requirements are flexible compared to conventional loans. Many programs accept credit scores as low as 620, though better scores improve your terms.
Bridge loans come from specialized lenders rather than traditional banks. Private lenders and mortgage brokers with non-QM connections provide most bridge financing in California.
Rates vary by borrower profile and market conditions. Expect rates 2-4 percentage points above conventional mortgages, reflecting the short-term nature and higher risk.
Working with a broker gives you access to multiple bridge loan sources. This matters because each lender has different property type preferences and rate structures.
The key to successful bridge financing is timing your home sale realistically. Overpricing your current property can leave you stuck with two mortgages longer than planned.
Many borrowers overlook the exit strategy requirement. Lenders want to see your current home listed at market price or already under contract before approving bridge financing.
Consider total costs carefully. Bridge loans include higher rates plus potential fees for appraisals, origination, and early payoff. Calculate whether the convenience justifies the expense.
Bridge loans differ from hard money loans in purpose and structure. Hard money focuses on investment properties, while bridge loans help homeowners transition between primary residences.
Home equity lines of credit offer an alternative with lower rates but smaller loan amounts. Bridge loans can finance the full down payment and closing costs on your new purchase.
Some buyers use construction loans if building new, or interest-only loans for temporary payment relief. Bridge loans specifically solve the timing gap between buying and selling.
Antioch's position in eastern Contra Costa County affects bridge loan strategy. Properties here typically sell at different paces than western county cities, influencing your timeline planning.
The mix of single-family homes and townhomes in Antioch means lenders evaluate collateral differently. Some bridge lenders prefer detached homes, while others accept all property types.
Distance from major employment centers can extend marketing time for your existing property. Factor this into your bridge loan term when planning your move within or away from Antioch.
Most bridge loans close within 5-10 business days once you provide property documentation. Speed depends on your current home equity and whether it's already listed for sale.
You can often extend the term for additional fees, refinance into a traditional mortgage, or use other assets to pay off the bridge loan. Plan your exit strategy before borrowing.
Most bridge loans are interest-only during the term. You'll pay interest on the bridge loan plus your existing mortgage until your current home sells.
Bridge loans work for both primary residences and investment properties. Investor bridge loans may have different terms and rates than owner-occupied transitions.
Bridge loan amounts depend on your combined property values and equity. Many lenders offer up to 80% of your current home value, minus existing mortgage balance.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.