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Bridge Loans in San Anselmo
San Anselmo buyers face a timing problem. You find the right house, but your current place hasn't sold yet.
Bridge loans solve this in 7-14 days. You secure the new property without losing it to another buyer while waiting on your sale.
Marin County moves fast when inventory is tight. A bridge loan gives you buying power now, not after contingencies clear.
You need equity in your current property. Most lenders want 20-30% equity to secure the bridge loan against both homes.
Credit matters less than equity here. Lenders focus on your combined loan-to-value across both properties.
You must demonstrate ability to carry both mortgages. Some programs allow interest-only payments during the bridge period.
Your existing home needs a clear exit strategy. Most bridges require an active listing or purchase contract within 30 days of funding.
Bridge loans live in the non-QM space. Banks mostly exited this business, so you're working with private lenders and specialty finance companies.
Rates run 7-10% typically, sometimes higher. You're paying for speed and flexibility, not rock-bottom pricing.
Terms max out at 12 months usually. The clock starts ticking the day you close on the bridge loan.
Origination fees hit 1-3 points. Factor this into your math when comparing to alternatives like home equity lines.
I write these when sellers won't do rent-backs. That's the first thing to negotiate before you pay bridge loan rates.
Run the numbers on carrying costs. Six months of interest at 9% on $800K is $36K. Sometimes waiting makes more financial sense.
The best bridge loans have no prepayment penalty. You want to pay it off the day escrow closes on your old house.
Watch for hidden clauses around listing requirements. Some lenders mandate specific list prices or restrict your agent choice.
Hard money loans fund faster but cost more. Bridge loans give you slightly better rates if you have strong equity.
HELOCs take 30-45 days to set up. By then, you've lost the San Anselmo house you wanted.
Interest-only mortgages work if you're refinancing the new purchase. They don't help with the down payment timing crunch.
Selling first eliminates bridge loan costs entirely. You just need temporary housing and tolerance for moving twice.
San Anselmo inventory moves quickly in spring and fall. Bridge loans make sense when you can't risk losing a property to another buyer.
Marin County prices mean large loan amounts. A bridge on a $1.5M property generates serious interest costs over six months.
Many San Anselmo buyers are downsizing or moving within Marin. The bridge period tends to be shorter when staying local.
Property taxes and insurance on two homes add up fast. Budget for dual carrying costs beyond just the bridge loan interest.
Most bridge loans fund in 7-14 days with clean title and appraisal. You need equity verification and exit plan documentation ready upfront.
Most lenders require a one-time extension fee to roll the loan another 3-6 months. Some force a sale or foreclosure if you can't extend.
Yes, if the condo is warrantable and you have sufficient equity. Lenders treat condos the same as single-family for bridge financing.
You pay interest-only on the bridge loan monthly. Your original mortgage payment continues until that property sells.
Most lenders want 680 minimum, but equity matters more. Strong equity can offset lower credit in the 640-680 range.
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.