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Bridge Loans in National City
National City sits in San Diego County's southwest corner, where properties move fast and competitive offers need quick closes. Bridge loans let you buy before selling your current home.
This matters in National City's tight inventory market. Sellers favor cash-equivalent offers. Bridge financing gives you that edge without forcing premature sales at discount prices.
Bridge lenders focus on your existing equity and exit strategy. Most require 25-30% equity in your current property and clear path to permanent financing or sale within 12 months.
Credit scores matter less than collateral. Expect 620 minimum, but strong equity can offset scores in the 600s. Lenders want proof your current home can sell quickly.
Bridge loans come from specialized lenders and private money sources, not Fannie Mae. Rates run 7-12%, depending on loan-to-value and exit plan strength.
Terms typically span 6-12 months with interest-only payments. Some lenders offer rate reductions if you refinance with them after closing. Shop multiple bridge lenders—terms vary wildly.
Most borrowers underestimate bridge loan costs. Figure $800-1,200 monthly interest per $100k borrowed, plus 2-4 points upfront. Run the math before committing—it adds up fast over six months.
The exit strategy matters more than you think. Lenders want signed listing agreements or pre-approvals for permanent financing. Vague plans to 'sell in spring' won't fly with underwriters.
Bridge loans beat hard money on cost but require stronger exit plans. Hard money funds faster with looser requirements. Construction loans work for teardowns; investor loans suit rental conversions.
Interest-only loans stretch affordability long-term but need full qualification. Bridge loans skip debt-to-income ratios—you're borrowing against equity, not income.
National City's proximity to downtown San Diego means properties sell quickly once priced right. Bridge lenders like this—fast markets reduce their risk and may improve your rate.
Watch closing timelines carefully. San Diego County recording takes 1-2 days. Factor this into purchase contracts. Sellers won't wait for slow funding when cash offers are on the table.
Yes, but lenders want a signed listing agreement or broker price opinion showing realistic sale timeline. You'll need comparable sales data supporting your exit strategy.
Most lenders offer 3-6 month extensions at higher rates. Plan your exit before borrowing—extensions add thousands in costs and aren't guaranteed.
Yes, expect full appraisals on your current National City home and the property you're buying. Budget $500-700 per appraisal in San Diego County.
Absolutely. Bridge loans work well for fix-and-flip projects or rental acquisitions. Exit strategy shifts from home sale to cash-out refinance or long-term rental loan.
Most lenders require 25-30% equity minimum. Combined loan-to-value across both properties typically can't exceed 75-80% of total collateral value.
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.