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Corning sits in Tehama County where the median household income of $61,834 stretches to cover homes in the $350K–$500K range. Bridge loans let you buy your next home before selling your current one, avoiding the pressure to accept a lowball offer.
Bridge financing typically runs 6–12 months. You'll pay interest-only on the bridge amount during that window. Once your old home sells, you pay off the bridge and move into permanent financing on the new property.
7–14 days
Typical Close Time
20%+ in current home
Equity Required
700+
FICO Minimum
No
Appraisal Required
6–12 months
Typical Bridge Term
Bridge Loans in Corning
Bridge loans in Corning require 700+ FICO and proof that your current home will sell. Lenders want to see 20%+ equity in the home you're bridging from.
Tehama County's median household income of $61,834 supports mortgages up to roughly $250K–$280K on permanent financing alone. Bridge loans don't replace that income test—they supplement it. You still need to qualify for the permanent loan on the new property.
Local decision guide
Use this guide to connect bridge loans eligibility, lender expectations, and local market factors before comparing payment options in Corning.
Corning sits in Tehama County where the median household income of $61,834 stretches to cover homes in the $350K–$500K range. Bridge loans let you buy your next home before selling your current one, avoiding the pressure to accept a lowball offer.
Bridge financing typically runs 6–12 months. You'll pay interest-only on the bridge amount during that window. Once your old home sells, you pay off the bridge and move into permanent financing on the new property.
Bridge loans in Corning require 700+ FICO and proof that your current home will sell. Lenders want to see 20%+ equity in the home you're bridging from.
Bridge loans are a specialty product. Most retail banks don't offer them; portfolio lenders and private lenders dominate this space.
Closing timelines run 7–14 days for bridge loans, much faster than conventional mortgages. Interest rates float above prime and adjust monthly. You'll pay an origination fee (1–2%) plus interest-only payments. Some lenders charge a servicing fee on top.
Bridge loans make sense in Corning when you've found your next home but your current one hasn't sold yet. If you have substantial equity in your current home and a solid sale timeline, a bridge moves you forward. You won't lose the deal to another buyer.
They don't make sense if your current home is underwater or if you're counting on the sale proceeds to fund the down payment. Bridge lenders want to see real equity backing the loan.
A conventional loan on your new home requires you to sell your old one first or carry two mortgages. A bridge loan lets you buy now and sell later without the dual-payment burden.
FHA loans on the new purchase would lower your rate but require a 3.5% down payment and lifetime mortgage insurance. Bridge loans don't care about your down payment on the new home—they care about equity in the old one.
Corning's real estate market moves at its own pace. Homes in the $350K–$500K range typically sit 45–60 days on market. If you've found a home you love and your current one isn't listed, a bridge loan eliminates the timing risk. You won't lose the home while waiting on a sale.
Tehama County's population of 65,520 means inventory is limited. When the right home appears, you need to move fast. A bridge loan gives you that speed without forcing a fire-sale price on your current property.
Bridge loans typically close in 7–14 days. No appraisal is required, and underwriting moves quickly. You'll need proof of equity in your current home and a clear exit strategy (sale contract or permanent loan pre-approval).
Most bridge loans run 6–12 months. If your home hasn't sold by then, you'll need to extend the bridge, refinance into a permanent loan, or sell at a loss. That's why lenders require a solid sale timeline before funding.
No. Bridge lenders care about equity in your current home, not down payment on the new one. You could put 5% down on the new purchase. The bridge itself is secured by your existing home's equity.
A HELOC is revolving credit against your current home. A bridge is a short-term loan that funds the purchase of a new home and gets paid off when your old one sells. Bridge closes faster and doesn't require you to be a current customer.
Yes. You'll pay interest-only on the bridge amount (typically 1–2% above prime) plus your regular mortgage payment on the old home. Once the old home sells, the bridge is paid off and that interest stops.