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Bridge Loans in San Dimas
San Dimas sellers expect clean offers. Bridge financing lets you close on your next home without a sale contingency dragging down your offer.
Most buyers here need to sell first. A bridge loan puts you in the 20% who can write non-contingent offers and actually win bidding wars.
Lenders look at your current home's equity, not your income. You need 30-40% equity in the property you're selling to qualify.
Credit matters less than equity position. We've closed bridge loans for borrowers with 620 scores if they have 50%+ equity and a listing agreement.
Bridge lenders fund based on your existing home's value, not the new purchase. They'll loan 70-80% of your current home's appraised value.
Expect rates 2-4 points above conforming loans. You're paying for speed and flexibility, not long-term affordability. Most borrowers refinance within 6 months.
Bridge loans shine when San Dimas inventory is tight. Your old home doesn't need to sell first—the bridge loan covers both properties until it does.
Calculate carefully. You'll carry two mortgages temporarily. Make sure your reserves can handle 3-4 months of double payments if your sale takes longer than expected.
Hard money loans fund faster but cost more. Bridge loans offer better rates if you can show a clear exit strategy through your home sale.
HELOC sounds cheaper but takes 30-45 days to fund. Bridge loans close in two weeks, which matters when you're competing for San Dimas properties.
San Dimas homes typically need updates before listing. Bridge loans can include rehab funds to prep your current property for maximum sale price.
Properties near the Via Verde corridor and Cataract Canyon move faster. Factor location into your bridge loan timeline—some neighborhoods sell in 30 days, others take 90.
Most bridge lenders offer 6-month extensions at slightly higher rates. Your other option is refinancing the new property into a conventional loan and covering the bridge payoff.
Yes, but expect tougher terms. Lenders want to see an active listing or proof you're ready to list within 30 days of closing your bridge loan.
Yes. Lenders appraise your current home to determine loan amount and the new purchase to confirm value. Budget 7-10 days for both appraisals.
Most lenders require 30-40% equity minimum. With 50%+ equity, you'll qualify for better rates and higher loan amounts.
Usually yes. You pay interest monthly on the bridge loan while carrying your new mortgage. This keeps payments manageable during the transition period.
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.