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Bridge Loans in Hanford
Hanford's Central Valley market moves differently than coastal California. Properties here get snapped up by locals and Central Valley investors who know value.
Bridge loans let you buy before selling when timing doesn't line up. That matters in a market where good properties don't sit long.
You need significant equity in your current property—most lenders want 30-40% minimum. Credit matters less than equity since the loan is secured by both properties.
Income verification is lighter than traditional mortgages. Lenders care more about exit strategy: how you'll pay off the bridge loan within 6-12 months.
Bridge loans aren't available at Wells Fargo or Bank of America anymore. You're looking at private lenders and specialty finance companies.
SRK Capital works with 15-20 bridge lenders who actually fund in Kings County. Rates vary based on loan-to-value and your timeline, but expect 8-12% right now.
Most Hanford buyers don't need bridge loans. Your current home usually sells fast enough to close both transactions within 30-45 days.
Bridge loans make sense when you're moving up significantly or found a property you can't risk losing. The cost is high—plan on 2-3% in fees plus double-digit rates—so have a clear exit plan.
Hard money loans fund faster but cost more. If you're buying investment property, hard money might beat bridge financing by 3-5 days.
Home equity lines work if you have time to set one up before you find the next property. Bridge loans are for when opportunity arrives before planning does.
Hanford's housing stock includes many older homes that need work. Bridge loans can fund both purchase and rehab if structured right.
Kings County appraisals sometimes lag sale prices in hot pockets near downtown. Build in appraisal contingency even with bridge financing—low appraisals still kill deals.
Seven to fourteen days with clean title and appraisal. Private lenders move faster than banks but still need property valuations.
Most bridge loans extend once, usually 6 months initially with 6-month extension option. Lenders charge extension fees of 1-2%.
Yes, but fewer lenders work outside city limits. Expect higher rates and larger down payments on agricultural or rural parcels.
Bridge loans are usually interest-only. You'll pay bridge loan interest plus your existing mortgage until your current home sells.
Lenders can foreclose on either property securing the loan. This is why exit strategy matters—have your current home listed before closing.
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.