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Bridge Loans in Vallejo
Vallejo homeowners upgrading or relocating face a common problem: they need to close on a new home before their current property sells. Bridge loans solve this timing gap with short-term financing.
This financing works well in Vallejo's competitive neighborhoods where sellers expect quick closings. You can make strong offers without a home sale contingency, then pay off the bridge loan when your property sells.
Most bridge lenders require 20-30% combined equity between both properties. Your existing home must have clear title and be listed for sale or market-ready.
Credit scores above 660 get the best terms. Lenders underwrite based on your ability to carry both mortgages temporarily, not long-term dual payment capacity.
Bridge loans come from private lenders and specialty finance companies, not traditional banks. Each lender has different speed, rate, and equity requirements.
We work with bridge lenders who can close in 7-10 days when needed. Some offer interest-only payments during the bridge period. Others defer all payments until your home sells.
Most Vallejo buyers consider bridge loans but end up not needing them. We recommend listing your current home first and using a bridge loan as backup if you find your next property quickly.
The real value shows when you're competing against cash buyers. A bridge loan makes you functionally cash on the purchase, which wins deals in hot pockets near the waterfront or Mare Island areas.
Hard money loans fund faster but cost more and require less equity. Bridge loans offer better rates if you have 30%+ equity and a marketable property.
Home equity lines work cheaper long-term but take 3-4 weeks to fund. Bridge loans close in half that time and don't require payment ability on both properties indefinitely.
Vallejo properties sell at different speeds by neighborhood. Mare Island and waterfront homes move faster than properties needing updates in older sections.
Your bridge loan timeline should account for realistic days on market in your area. Lenders expect you to price aggressively since you're paying bridge interest until sale.
Most bridge lenders close in 7-14 days with clean title and listed property. Some specialty lenders fund in 5 days for additional fees.
You can extend most bridge loans 30-90 days for a fee. After that, you'll need to refinance or sell at reduced price to pay off the bridge.
Depends on the lender. Some require interest-only payments on the bridge loan. Others defer everything until your property sells.
Most lenders require an active listing or proof the home is market-ready. A few will fund if you list within 10 days of bridge loan closing.
Rates vary by borrower profile and market conditions. Current bridge loans typically run 7-11% with 1-3% origination fees for short-term 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.