Loading
Bridge Loans in South El Monte
South El Monte's tight inventory means most buyers can't wait 60 days for a traditional sale contingency. Bridge loans let you close on your next property while your current home hits the market.
These loans work best when you need to move fast on a competitive property. Expect 12-24 month terms with rates 2-4 points above conventional mortgages.
Lenders look at combined loan-to-value across both properties. You typically need 20-30% equity in your current home and strong credit above 680.
Most bridge lenders cap total debt at 75% LTV on your existing property. They'll verify you can carry both mortgage payments for at least six months.
Bridge loans aren't carried by traditional banks. Portfolio lenders and specialty finance companies dominate this space with widely varying terms.
Some lenders count rental income from your current property. Others require full payment coverage on both homes. Shopping multiple quotes saves thousands in fees and points.
I see bridge loans work cleanly when borrowers have a realistic sale timeline and price their home right. The biggest mistake is overpricing the existing property and burning through the loan term.
Exit strategy matters more than approval. Have a backup plan if your home doesn't sell in 90 days. Some lenders offer extensions but charge heavy fees.
Bridge loans cost more than home equity lines but close faster and don't require two separate loan processes. Hard money loans work if your credit is under 680.
If you can wait 45-60 days, selling first avoids bridge loan costs entirely. But in South El Monte's market, that often means losing the property you want.
South El Monte buyers often compete with cash offers from investors. Bridge financing removes your sale contingency and makes your offer look like cash to sellers.
Many borrowers here are moving within Los Angeles County for schools or larger homes. Bridge loans prevent temporary rentals or double moves when upgrading locally.
Most bridge loans close in 10-14 days with clean title and appraisal. Expect 7-10 days minimum even with perfect documentation.
You can request an extension for fees of 2-3 points, or refinance into a conventional loan. Some borrowers convert to a rental and keep both properties.
Yes, some lenders offer smaller bridge loans that cover just the down payment and closing costs. This reduces monthly carrying costs significantly.
Yes, both properties get appraised. Your existing home appraisal determines available equity while the new property appraisal confirms purchase price.
Most bridge lenders require 680 minimum. Below that, hard money loans are your better option despite higher rates.
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.