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Bridge Loans in Inglewood
Inglewood's real estate market moves fast, especially near SoFi Stadium and the Forum. Bridge loans let you buy now without waiting for your current property to sell.
These short-term loans typically last 6-12 months. You secure the loan against your existing property while you close on the new one.
Most borrowers use bridge financing when they find the right property but need 30-90 days to sell their current home. The speed matters in competitive LA County markets.
You need at least 25% equity in your current property. Most lenders require 640+ credit and proof you can carry both mortgages temporarily.
Income documentation varies by lender. Some approve on property value alone, others want standard W-2s or bank statements.
Your combined loan-to-value across both properties typically can't exceed 80%. That includes your existing mortgage plus the bridge loan amount.
Bridge loans come from specialty lenders, not big banks. Each lender prices differently based on property type and loan timeline.
Rates run 7-12% depending on your profile and property location. Expect 1-2 points in origination fees plus appraisal and title costs.
Some lenders focus on investor properties, others prefer owner-occupied. Shopping across 10-15 bridge lenders typically saves 1-2% on rate.
Your exit strategy determines approval more than credit score. Lenders want proof your current home will sell within the bridge term.
Price your existing property 5-10% below comparable sales. Overpriced listings kill bridge loan deals when homes don't sell on schedule.
Many borrowers underestimate carrying costs. Run the numbers on two mortgages, insurance, and taxes before committing to bridge financing.
Bridge loans work best for moves within the same metro area. Cross-country relocations add complexity that slows approval.
Hard money loans cost more but have fewer requirements. Choose hard money if you lack income docs or need 85%+ LTV.
Home equity lines let you tap equity at lower rates but take 30-45 days. Bridge loans close in half that time.
Sale contingencies are free but kill your offer in competitive markets. Bridge financing costs money but makes you a cash buyer.
Inglewood properties near the new developments around Prairie Avenue and Century Boulevard move faster than outer neighborhoods. That affects your bridge term planning.
LA County transfer taxes add 0.45% to your total bridge loan costs. Factor this into your budget along with standard origination fees.
Most Inglewood buyers bridge into properties priced $600K-$1.2M. Below $600K, conventional financing often works better than paying bridge loan rates.
Most lenders offer 3-6 month extensions at higher rates. You can also refinance into a traditional mortgage or list the new property for sale.
Yes, but expect higher rates and lower LTV caps. Investment property bridge loans typically max at 70% combined LTV versus 80% for owner-occupied.
Most deals close in 7-14 days with clear title. Rush closings happen in 5 days but cost 0.5-1 point extra in fees.
Not always required, but listing before closing strengthens your file. Many lenders want an active listing or broker price opinion.
Most lenders approve at 640+, though some portfolio lenders go to 600. Higher credit scores unlock better rates and terms.
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.