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Bridge Loans in Mammoth Lakes
Mammoth Lakes real estate moves differently than lower-elevation markets. Seasonal buyers create timing mismatches between selling one property and closing another.
Bridge loans let you act fast when inventory opens up. In a resort market where good properties disappear within days, waiting to sell first means losing deals.
You need equity in your current property and confirmed financing on the new purchase. Most lenders want 20% equity minimum plus proof you can carry both properties temporarily.
Credit matters less than equity here. A 640 score works if you have strong assets and clear exit strategy. Lenders focus on your property values, not W-2 history.
Most conventional lenders avoid bridge loans in resort markets. You need non-QM specialists who understand vacation property valuations and seasonal sales cycles.
Rates run 8-12% with 6-12 month terms. Points vary from 1-3% depending on your equity position. Fast closings cost more but save deals.
Bridge loans work best when you found your next Mammoth property but haven't listed your current one yet. Reverse this order and you create unnecessary pressure.
Budget for carrying both mortgages plus the bridge loan payment. Seasonal rental income helps but lenders usually discount it heavily during underwriting.
Hard money loans close faster but cost 12-15%. Bridge loans offer lower rates with slightly longer timelines. For Mammoth deals, the 2-week difference rarely matters.
Home equity lines seem cheaper upfront but take 30-45 days to fund. In this market, that delay kills more deals than the rate savings justify.
Mammoth appraisals take longer than city properties. Factor 2-3 weeks for valuation due to limited comparable sales and appraiser travel time from lower elevations.
Winter closings add complexity with property access and inspection scheduling. Lenders familiar with mountain markets accommodate these delays better than coastal shops.
Most bridge loans run 6-12 months. You pay interest-only monthly while marketing your current property for sale.
You can extend for 3-6 months with fees, refinance to permanent financing, or sell the new property. Build contingency plans before closing.
Yes, but lenders discount rental income projections heavily. You need strong reserves and equity to qualify without counting future rental cash flow.
Absolutely. Transient occupancy tax zones actually strengthen applications since they prove rental viability. Lenders like documented rental markets.
Minimum 20% equity, but 30%+ gets better terms. Lenders combine loan-to-value across both properties when calculating risk.
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.