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Bridge Loans in Benicia
Benicia's tight inventory creates timing problems for move-up buyers. You find the right house but your current place hasn't closed yet.
Bridge loans solve this gap with 6-12 month financing secured by your existing property. They let you buy without a home sale contingency.
Most Benicia sellers won't wait 60-90 days for your house to sell. A bridge loan makes your offer competitive against all-cash buyers.
Lenders approve based on equity in your current home, not income verification. You need at least 20% equity after the bridge loan funds.
Your existing property must be listed or ready to list. Credit matters less than equity position and exit strategy.
Most bridge lenders want to see a strong real estate market for your current home. They're betting it sells during the loan term.
Bridge loans come from private lenders and specialty funds, not Chase or Wells Fargo. Rates run 8-12% because of the short term and risk.
Expect origination fees of 1-3% plus monthly interest payments. Some lenders let you defer payments until you sell your current property.
Each lender structures these differently. Some advance funds in stages, others give you the full amount upfront. Terms vary wildly.
Bridge loans work best when your current home will sell quickly. If you're sitting on a fixer in a slow market, this gets expensive fast.
I've seen borrowers get stuck with two mortgages when their original home doesn't move. Have a realistic price and backup plan before closing.
Consider a HELOC first if you have time. It's cheaper money. Bridge loans make sense when you need to close in 14-30 days.
The math only works if buying now saves you more than the bridge loan costs. Don't use this just to avoid temporary housing.
Hard money loans fund faster but cost more. Use those for investment properties, not primary residence purchases.
A home equity line on your current property is cheaper but takes 3-6 weeks to set up. Bridge loans close in 1-2 weeks.
Construction loans work differently—they fund a build project over time. Bridge loans are for buying an existing property between sales.
Benicia's small size means limited comparable sales for bridge lenders to evaluate. They'll look at recent Solano County waterfront sales closely.
If you're moving within Benicia's historic district, lenders want evidence these homes actually sell. Low inventory helps your case.
Properties near the Arsenal or downtown tend to move faster. Bridge lenders price your loan based on how marketable your current home is.
Most bridge lenders close in 7-14 days once you have a purchase contract. Some can fund in 5 days if the deal is clean.
You'll need to refinance into permanent financing or extend the bridge loan at additional cost. Some lenders offer 6-month extensions.
Yes, but lenders are pickier about condos. They want to see strong condo sales data and may lend less than on single-family homes.
It depends on the lender. Some allow deferred payments until your home sells; others require monthly interest payments on the bridge loan.
Most lenders require an active listing or signed listing agreement. They want proof you're serious about selling during the loan term.
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.