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Bridge Loans in Poway
Poway's family-focused neighborhoods create a classic timing problem. You spot the right house but yours hasn't sold yet.
Bridge loans solve this by funding your new purchase before your sale closes. Most Poway deals close in 30-45 days once you lock a bridge lender.
You need significant equity in your current home—typically 30% minimum. Lenders lend against both properties combined.
Credit matters less than equity position. Most bridge lenders want 640+ credit and proof your existing home is listed or under contract.
Bridge loans come from private lenders and specialty finance companies—not your local bank. Rates run 7-12% depending on your equity cushion.
Terms max out at 12 months. You pay interest-only monthly. The loan pays off when your original home sells.
Bridge loans work best in Poway's stable market where homes sell reliably. I don't recommend them if your current property needs major work or sits in a slow pocket.
Run the math on carrying two mortgages for 90 days versus losing your dream home. Bridge interest for three months often costs less than compromising on location or features.
Hard money loans fund faster but cost more and require larger down payments. Bridge loans give you better rates because you have equity, not because the new property appraises high.
Home equity lines sound cheaper but most lenders froze HELOCs during COVID. Bridge lenders kept funding. That reliability costs 2-3% more in rate.
Poway's strong school ratings mean family homes sell predictably. That makes bridge lenders more comfortable. Expect easier approval than in volatile markets.
Properties near Lake Poway or in gated communities appraise consistently. Lenders give better terms when both your current and target properties sit in these stable pockets.
Most bridge lenders require you to refinance or extend at higher rates. Some force a sale through pre-agreed listing terms in your loan documents.
Yes, but expect higher rates. Lenders want proof you're serious about selling—signed listing agreement or recent appraisal minimum.
Rarely. Bridge loans fund primary residence moves. For investment plays, hard money or investor cash-out loans work better.
30% minimum, but 40-50% gets you better rates. Lenders calculate equity after accounting for your new purchase loan amount.
Some lenders defer payments until your sale closes. You pay higher rates for this feature—typically 1-2% more than standard bridge terms.
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.