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Fillmore's limited inventory means most buyers need to close fast when the right property appears. Bridge loans give you buying power before your current home sells.
These short-term loans work best in markets where timing matters more than getting the lowest rate. You're paying for speed and flexibility.
Bridge Loans in Fillmore
Most lenders want 20-30% equity in your current property and verify you can carry both mortgage payments. Credit scores typically need to hit 680 minimum.
You'll need clear proof the existing home will sell—active listing, accepted offer, or compelling comps. Lenders won't bridge to a property that won't move.
Local decision guide
Use this guide to connect bridge loans eligibility, lender expectations, and local market factors before comparing payment options in Fillmore.
Fillmore's limited inventory means most buyers need to close fast when the right property appears. Bridge loans give you buying power before your current home sells.
These short-term loans work best in markets where timing matters more than getting the lowest rate. You're paying for speed and flexibility.
Most lenders want 20-30% equity in your current property and verify you can carry both mortgage payments. Credit scores typically need to hit 680 minimum.
Bridge loans come from specialty lenders, not your typical bank. We work with sources that underwrite for speed while still verifying fundamentals.
Expect origination fees of 1-2% plus higher rates than permanent financing. The cost reflects the lender's short-term risk and quick turnaround.
I only recommend bridge loans when you've already found your next property and have realistic pricing on your current one. Overpriced listings kill bridge deals.
Most borrowers underestimate carrying costs. Run the numbers assuming your old home takes three months longer to sell than you expect.
Hard money loans close just as fast but typically cap at 65% LTV and cost more. Bridge loans let you use more equity from your existing property.
Home equity lines work if you have enough available credit, but most lenders won't approve large draws when you're buying another property simultaneously.
Fillmore properties often need multiple offers to compete. A bridge loan removes the sale contingency that kills deals in tight inventory markets.
Agricultural zoning and larger lots in Ventura County can extend sale timelines. Make sure your bridge term accounts for finding the right buyer pool.
Most bridge lenders close in 7-14 days once they verify equity in your current property. Speed depends on clean title and appraisal turnaround.
You can usually extend 3-6 months for a fee, or refinance the bridge loan into longer-term financing. Have this exit strategy ready before you start.
Yes, but lenders will scrutinize the lease terms and sale timeline. Occupied properties typically take longer to sell in Fillmore's market.
Most lenders verify you can handle both payments, but some asset-based programs exist. Expect stricter terms without income docs.
Rates vary by borrower profile and market conditions. Expect 2-4 points above conventional rates for the speed and flexibility.