Loading
Bridge Loans in Nevada City
Nevada City's historic character and small inventory create timing mismatches. You find the right Victorian before your current place sells.
Bridge loans solve the gap between purchase and sale. Most Nevada City deals close in 30-90 days when conventional timing doesn't work.
Lenders focus on exit strategy, not W-2 income. You need equity in your current property and proof it will sell.
Expect 20-30% down combined with your existing equity. Credit matters less than asset position and property marketability.
Bridge lenders underwrite properties, not paystubs. They want appraisals on both homes and a realistic sale timeline.
Rate spread is wide: 7-12% depending on equity position. Origination fees run 1-3 points plus third-party costs.
I use bridge loans for Nevada City clients who won't accept sale contingencies. Competitive offers matter in small markets.
Build your listing strategy before you apply. Lenders want to see marketing plans, not vague intentions to sell later.
Hard money loans fund faster but cost more. Bridge loans offer slightly better rates because you're selling, not holding long-term.
Home equity lines work if you have time and stable income. Bridge loans don't require income verification and close in weeks.
Nevada City properties carry wildfire risk designations. Some bridge lenders won't touch high-risk zones regardless of equity.
Historic district homes need specialized appraisers. Add 1-2 weeks to your timeline for proper valuations on Victorians and Gold Rush-era properties.
Most lenders offer 3-6 month extensions at higher rates. You can also refinance into a conventional loan if you qualify, or bring cash to pay off the bridge.
Not typically. Bridge lenders want move-in ready properties with clear market value. Consider construction loans or hard money instead for renovation projects.
Yes. Budget for both payments until your existing property sells. Some lenders offer interest-only terms to reduce cash flow pressure.
Usually 30-40% minimum. Lenders calculate combined leverage across both properties, typically capping at 75-80% total loan-to-value.
Works fine. Bridge lenders care about exit strategy and equity, not where you're selling. Having marketable property in Sacramento or Bay Area often helps.
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.