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Bridge Loans in Rocklin
Rocklin's active real estate market moves fast. Bridge loans let you buy before selling your current home.
Most Rocklin buyers need 7-14 days to close on their new property. Traditional financing takes 30-45 days, which kills competitive offers.
Bridge financing works well in Rocklin's suburban market where families upgrade from starter homes to larger properties. You avoid contingent offers that sellers reject.
You need at least 20% equity in your current home. Lenders lend against both properties during the bridge period.
Credit minimums run 620-680 depending on the lender. Income verification is required but less rigid than conventional loans.
Most bridge lenders cap combined loan-to-value at 80%. That means your total debt across both properties can't exceed 80% of their combined value.
Bridge lenders are specialty shops, not your typical bank. Rates run 7-12% with terms of 6-12 months.
SRK CAPITAL accesses multiple bridge lenders who price differently based on equity position and exit strategy. Rate shopping matters here more than conventional loans.
Expect origination fees of 1-2 points plus higher closing costs than traditional mortgages. The speed and flexibility cost money.
Most Rocklin clients use bridge loans for 90-180 days, not the full term. Plan your exit before you sign.
Your exit is either selling your old home or refinancing the new property into conventional financing. Lenders want to see a clear path within 6 months.
Bridge loans make sense when you'll lose a property you want or when selling first means moving twice. They don't make sense if your current home is overpriced or in poor condition.
Hard money loans cost more but close faster and care less about income. Bridge loans are cheaper with slightly longer timelines.
Home equity lines require payments during the bridge period. Bridge loans often allow interest-only or deferred payments until you sell.
Construction loans work for ground-up builds. Bridge loans work when you're buying an existing home before selling your current one.
Rocklin sits in Placer County where properties typically sell within 30-60 days in normal markets. Bridge lenders view this as favorable for exit strategy.
The Whitney Ranch and Spring View areas have strong resale demand. Lenders price bridge loans more favorably when your existing property is in a desirable Rocklin neighborhood.
Placer County transfer taxes and recording fees apply to both transactions. Budget for closing costs on the purchase and sale within months of each other.
Most bridge lenders approve in 3-5 days and close in 7-14 days. You need equity verification and income docs ready upfront.
You can extend for 30-90 days with fees, refinance into conventional financing, or sell at adjusted pricing. Have backup plans ready.
Some lenders allow it with rate adjustments. Most prefer no contingencies or require the buyer to be in escrow already.
Many allow deferred interest until sale. Others require interest-only payments during the bridge period.
Minimum 620 with most lenders, though 680+ gets better pricing. Equity matters more than credit for bridge financing.
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.