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Bridge Loans in La Puente
La Puente's housing stock moves quickly when priced right. Bridge loans let you buy without waiting on your current sale to close.
Most buyers here need 30-60 days between listing and closing. A bridge loan eliminates that gap and keeps you competitive in multiple-offer scenarios.
You need equity in your current property—typically 20% minimum. Lenders loan against your existing home while you shop for the next one.
Credit matters less than equity here. Most lenders want 600+ scores, but some approve at 580 if you have 30% equity and strong payment history.
Bridge lenders charge 7-12% rates because these are short-term, high-risk loans. You're paying two mortgages temporarily—plan for that overlap.
Some lenders defer payments until you sell. Others require interest-only during the bridge period. Shop both structures before committing.
Most La Puente borrowers use bridge loans when upgrading within the same area. You keep the kids in school and avoid double moves.
The math only works if your current home sells within 6 months. If you're in a slow pocket or overpriced, refinance instead and rent out the old place.
Hard money loans fund faster but cost 10-15%. Bridge loans from traditional lenders run 7-10% with better terms if you qualify.
Home equity lines work if you have time—30-45 day closings typical. Bridge loans close in two weeks when you need to move fast.
La Puente sits in a central LA County location with strong demand from move-up buyers. Your current home should sell within the bridge term if priced correctly.
Property taxes here run 1.1-1.2% annually. Factor that into your dual-payment budget while carrying both properties during the transition.
Most bridge loans allow 6-12 month extensions with fees. You can also refinance into a rental loan and keep the property as an investment.
Yes. The bridge lender adds their loan on top of your current mortgage. Total debt can't exceed 80% of your home's value.
7-14 days is typical with clean title and appraisal. Some lenders close in 5 days if you waive contingencies and pay rush fees.
Depends on your lender. Some defer all payments until sale. Others require interest-only on the bridge portion while you carry the old mortgage.
20% minimum for most lenders. Higher equity gets better rates and terms. Combined LTV across both properties maxes out around 80%.
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.