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Bridge Loans in Loomis
Loomis sits in a tough spot for bridge loans. The town moves slower than Roseville or Rocklin, which means selling your current home takes longer.
Most Loomis buyers need bridge financing when upgrading from older ranch properties to newer builds. The timing gap between sale and purchase can stretch 60-90 days in this market.
Bridge loans give you buying power before your existing property closes. You can make non-contingent offers, which matters in competitive Placer County neighborhoods.
Expect to pay 7-11% interest for 6-12 months. That cost buys you flexibility when the right property hits the market.
You need 30-40% equity in your current Loomis property. Lenders total the debt on both homes and measure against that equity cushion.
Most bridge lenders want 680+ credit and proof you can carry both mortgages for six months. Bank statements show payment capacity better than W-2s.
The property you're selling must be listed or under contract. Lenders won't bridge to a home that's still sitting unlisted.
Owner-occupied properties qualify easier than investment properties. Some lenders cap bridge loans at primary residences only.
Maybe a dozen lenders in our network write true bridge loans. Most regional banks pulled out after 2008 and never came back.
Private lenders dominate this space. They price based on equity and exit strategy, not your debt-to-income ratio.
Some portfolio lenders offer internal bridge programs for existing customers. Check with your current mortgage holder first—their rates beat hard money by 2-3%.
Approval takes 5-10 days with most bridge lenders. They order a desktop appraisal on both properties and verify your current mortgage balance.
Bridge loans work best when Loomis inventory is tight and you can't risk a contingent offer. Outside those conditions, they're expensive money.
I see borrowers make the same mistake: they bridge into a purchase before their listing agent has a realistic price. You end up carrying two homes for months.
Get your current home priced aggressively before you start shopping. Bridge loans assume a quick sale—if your property sits, you're stuck with double payments.
Consider a HELOC first if you have time. You'll pay 8-9% instead of 10-11%, and you control the draw schedule.
Hard money loans cost about the same but allow longer terms. Bridge loans force a 6-12 month payoff, while hard money can stretch to 24 months.
HELOCs charge less but require qualification based on income. Bridge lenders care more about equity than your W-2.
Construction loans make sense if you're building your next home. They include a built-in bridge component at lower rates.
Interest-only conventional loans offer the lowest cost but require selling before you buy. No bridging timeline flexibility.
Loomis properties take longer to sell than Roseville or Granite Bay. Factor 75-90 days minimum when calculating your bridge loan term.
Most Loomis buyers are moving up from older homes on larger lots to newer builds in developments. This pattern creates predictable bridge loan demand.
Placer County transfer taxes add to your selling costs. Build that into your bridge payoff calculation—it's 0.55% of sale price.
Spring selling season moves fastest here. If you're bridging into winter, extend your loan term and expect to pay the full 12 months.
Most lenders require 30-40% equity in your current home. They combine both mortgage balances and measure against your existing property value.
You can extend most bridge loans 3-6 months for a fee. Some lenders convert to hard money terms if you need more time.
Yes, but fewer lenders offer it and rates run 1-2% higher. Most bridge programs focus on primary residence transitions.
Expect 5-10 business days from application to funding. Fast closings are the main reason to pay bridge loan rates.
Most use desktop appraisals on both properties. Full appraisals add 7-10 days to closing and cost $500-700 per property.
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.