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Bridge Loans in Mount Shasta
Mount Shasta's small market means homes don't always sell on your timeline. Bridge loans let you buy first and sell later.
This works especially well for second home buyers and vacation property owners in the area. You don't have to lose your dream property while waiting on your current sale.
You need significant equity in your current property to qualify. Most lenders want 20-30% equity minimum.
Credit requirements are looser than conventional loans, usually 620 or higher. Income verification is less strict since you're already a homeowner with equity.
Bridge loans come from specialty lenders, not your typical bank. We work with non-QM lenders who focus on asset-based lending.
These lenders care more about your property values than your W-2. Approval happens in days, not weeks, which matters in Mount Shasta's tight inventory.
Most Mount Shasta buyers using bridge loans are relocating or buying vacation properties. They have equity but need speed.
The biggest mistake is underestimating holding costs. You're carrying two properties, so budget for double property taxes, insurance, and utilities until your first home sells.
Hard money loans offer similar speed but don't require an exit plan tied to property sales. Bridge loans specifically assume you're selling.
If your timeline is uncertain, a HELOC or cash-out refinance might be smarter. Those don't have the same pressure to sell within 12 months.
Mount Shasta's seasonal market affects bridge loan strategy. Spring and summer bring more buyers, so timing your listing matters.
Properties near the mountain or downtown sell faster than rural parcels. If you're selling acreage or remote land, budget for longer holding periods than the typical bridge term.
Most lenders offer 6-month extensions for a fee, usually 1-2% of the loan amount. You can also refinance into a longer-term loan if needed.
Some lenders allow it, but most prefer improved properties. Vacant land purchases typically require larger down payments and shorter terms.
Typically 70-80% of your existing home's value, combined with your new purchase. Your total debt can't exceed 80% of both properties' combined value.
Yes, lenders appraise both your current home and the property you're buying. Budget $500-800 per appraisal in Siskiyou County.
Some lenders allow it, but construction work complicates the timeline. A construction loan or hard money loan might fit better for major renovations.
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.