Short-term bridge mortgage programs offer temporary financing to bridge the gap between selling your existing property and purchasing a new one. Designed for durations typically ranging from 6 to 12 months, these programs provide vital flexibility while
Eligibility for bridge loans hinges on several key factors. Homebuyers need to showcase robust creditworthiness, typically requiring good credit scores, and maintain substantial equity in their existing property, ensuring a healthy loan-to-value (LTV) ratio.
A crucial aspect is having a confirmed purchase agreement for the new home, underscoring commitment and boosting eligibility for the bridge loan. Lenders also scrutinize the borrower's income to ensure they possess sufficient financial stability to manage both the bridge loan payments and future mortgage installments comfortably.
ReRx Capital sets clear eligibility criteria for our Short-Term Bridge Mortgage Programs to help you quickly assess your qualification:
Your existing home serves as collateral for the loan, often requiring at least 20% equity.
A well-defined timeline and marketing strategy for selling your current home are crucial.
Your overall debt burden shouldn't exceed a certain percentage of your income.
Typically require a credit score of 600 and above.
Why Choose ReRx Capital for Your Bridge Loan?
We understand the importance of timing in real estate, offering swift and adaptable loan solutions.
Our team provides knowledgeable support to navigate the intricacies of bridge financing.
We offer dependable financial backing to ensure your project keeps moving forward.
Serving a wide range of locations to support diverse real estate markets.
A bridge loan is a short-term loan that is used to gap the time between two financing transactions. For example, a real estate investor might use a bridge loan to purchase a property while they wait for their permanent financing to be approved.
To qualify for a bridge loan from ReRx, you must have a credit score of at least 620 and a debt-to-income ratio of no more than 45%. You must also have a down payment of at least 20%.
While short-term mortgage programs can benefit experienced investors, they may pose challenges for first-time investors. These programs are often better suited for those familiar with the nuances of quick-turnaround real estate ventures.
Short-term mortgage programs often offer flexibility in collateral options, allowing borrowers to leverage a range of assets. This flexibility accommodates diverse investor needs and contributes to the agility of the financing.
es, ReRx's bridge loan programs are designed to be versatile and can be used for various types of real estate investments, including residential, commercial, and multifamily properties.
Yes, short-term mortgage criteria are designed to be adaptable to diverse project requirements. Whether it's a renovation, flip, or other unique projects, these programs' flexibility caters to various real estate investment goals.
