Saturday, January 3, 2009

Haven’t Sold, Wanna Buy? Bridge the Gap

It’s a buyer’s market. Many people are excited by the bargains. But what if you want that new house but haven’t sold the old one? You can bridge the gap and still get that new house…

Wow. There are some really great bargains out there right now. Talk about motivated sellers. The market is prime for good deals - sellers who have been caught in a slow market and need to sell a house. Maybe they’ve been transferred, maybe they’ve inherited a house – whatever the reason, they’re motivated. And if you’ve been toying with the idea of a new house, it’s a great time to act.

Whoa. But wait a minute. The same market that is creating these great deals is causing you a bit of trouble as well. There’s that minor issue - you already have a house, and you need its equity to close on the new one. And yes, your dream house is on the market with a 20% discount below appraised value. What do you do? You can’t expect to sell your house in time to close on the new one, can you? Part of your offer on the new house is a quick closing. If you put a contingency on your offer “upon the sale of your existing home”, you’ll lose this deal. What are you to do?

Well, if you are financially capable, you can “bridge” the gap. In effect, you obtain what lenders refer to as a bridge loan. How do you do that, exactly? Basically, you liquidate the equity in your existing home to finance the new one. And when the old house sells, you pay off the bridge loan with net proceeds. It’s short term and quick.

There are lender’s limitations, naturally, on bridge loans. For one, the numbers have to work, and you have to be able to get approval carrying all the debt. That means the old mortgage, the new mortgage and the bridge loan, plus all your other debt. Depending on the type of financing you’re getting, there can be additional limitations as well. And there are different types of bridge loans. You have to figure out what’s best for you.

For instance, if you are financing your new home with an FHA loan (Federal Housing Administration), the old mortgage can’t be an FHA mortgage. FHA only allows you to have one FHA mortgage for a primary residence at a time. There are exceptions to the rule. For instance, if you’ve transferred to Knoxville, but your old home in Memphis hasn’t sold, you can get FHA financing on your new home. It’s a common sense thing. If your old house is financed with a Conventional loan, you’re fine to proceed with FHA financing. But in either case, be ready to prove that the old house is under contract for sale.

If you’re new financing is Conventional, you have a different set of ropes to jump. Conventional financing requires you to be able to manage all the debt (house 1, house 2, and the bridge loan), AND show six months reserves to make payments on all three. If your old house has 30 percent equity in it after the bridge loan, then you only need two month’s reserves proven. However, the equity must be verified. No one will take your opinion on the home’s value. Imagine that.

So if opportunity knocks, you do have options. You can make it happen. Just build a bridge.

Let My Experience Work For You!
Email your home loan financing questions to Kristin Abouelata, Home Loan Specialist with Mortgage Investors Group, at or call direct: (865) 567-0113 Toll Free: 1-800-489-8910.

For more information visit her website at Home Loans Plain Talk.


Anonymous said...

מחשבון משכנתא הוא כלי מצוין למציאת החזר החודשי על הלוואת המשכנתא לפי ריבית משכנתא ומספר תשלומים

Anonymous said...

Hello !.
You re, I guess , perhaps curious to know how one can reach 2000 per day of income .
There is no initial capital needed You may start to get income with as small sum of money as 20-100 dollars.

AimTrust is what you thought of all the time
AimTrust represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with offices everywhere: In USA, Canada, Cyprus.
Do you want to become a happy investor?
That`s your choice That`s what you desire!

I`m happy and lucky, I started to take up income with the help of this company,
and I invite you to do the same. If it gets down to select a correct partner who uses your savings in a right way - that`s AimTrust!.
I take now up to 2G every day, and my first investment was 500 dollars only!
It`s easy to join , just click this link
and go! Let`s take our chance together to feel the smell of real money

Anonymous said...

Hi !.
You re, I guess , perhaps curious to know how one can reach 2000 per day of income .
There is no need to invest much at first. You may begin to receive yields with as small sum of money as 20-100 dollars.

AimTrust is what you need
The firm represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with structures everywhere: In USA, Canada, Cyprus.
Do you want to become a happy investor?
That`s your choice That`s what you really need!

I feel good, I began to get income with the help of this company,
and I invite you to do the same. It`s all about how to choose a proper partner who uses your money in a right way - that`s AimTrust!.
I take now up to 2G every day, and my first deposit was 1 grand only!
It`s easy to join , just click this link
and lucky you`re! Let`s take our chance together to feel the smell of real money

mercy said...

Avoid foreclosure with a loan modification also known as a loan workouts . Loan modifications can lower mortgage payments and help stop foreclosure by modifying the terms of your mortgage loan.

monkeyDluffy said...

I have and had mortgages through them and I do believe that no matter which lender you close with, there's a good chance your mortgage will get reassinged to them eventually. I never had any problems but found their home equity rate was not competitive when I shopped around.

Raleigh Mortgage

Anonymous said...

משכנתא - המדריך המלא

california loan modification said...

Loan Modification is the right choice. Many attorneys of california loan modification knows that this is the right move to make.

Anonymous said...

bookmarked!!, I like your site!

my blog post:

Anonymous said...

Hi, all is going well here and ofcourse every one is sharing facts, that's really excellent, keep up writing.

Feel free to visit my web-site: fettarm kochen

Anonymous said...

Have you ever considered creating an ebook or guest authoring on other websites?
I have a blog based upon on the same information you discuss and would really like to have you share some stories/information.
I know my subscribers would appreciate your work. If you're even remotely interested, feel free to shoot me an e mail.

Check out my blog post low carb riegel

Anonymous said...

I'm gone to inform my little brother, that he should also go to see this web site on regular basis to get updated from most up-to-date information.

My weblog; gewichtsmanschetten selber machen

Anonymous said...

Hi, I do believe this is a great web site. I stumbledupon it ;)
I'm going to revisit yet again since i have book-marked it. Money and freedom is the best way to change, may you be rich and continue to guide other people.

Feel free to surf to my webpage ... lenkmatten tricks
my page - gute lenkmatten

Anonymous said...

My brother recommended I might like this website.
He was entirely right. This post actually made my day.
You cann't imagine simply how much time I had spent for this info! Thanks!

Feel free to visit my web site ... job

Anonymous said...

For hottest news you have to pay a visit world wide web and on the web I found this website as a
finest web page for hottest updates.

Also visit my web-site ... paleo ernährung

Anonymous said...

That is a good tip especially to those new to the
blogosphere. Brief but very precise information… Many thanks for sharing this one.
A must read post!

Also visit my homepage :: radio einbauen opel corsa c

Anonymous said...

I blog often and I genuinely appreciate your information.
This great article has truly peaked my interest.

I will take a note of your blog and keep checking for new information about once a
week. I subscribed to your Feed as well.

Here is my web site; chapter 7 bankruptcy florida

Anonymous said...

It's actually a cool and useful piece of information. I am glad that you simply shared this helpful info with us. Please stay us up to date like this. Thanks for sharing.

my weblog - steuerberater immobilien

Anonymous said...

Very nice post. I just stumbled upon your weblog and wanted to say that I have really enjoyed surfing around your blog posts.
In any case I'll be subscribing to your rss feed and I hope you write again very soon!

My webpage workouts for vertical

Anonymous said...

I will right away grab your rss feed as I can not
find your e-mail subscription link or newsletter service.
Do you have any? Please allow me recognize
so that I may subscribe. Thanks.

My weblog: Http://

Anonymous said...

hey there and thank you for your information – I have certainly picked up something new
from right here. I did however expertise some technical points using this
site, since I experienced to reload the site
many times previous to I could get it to load properly.
I had been wondering if your web host is OK? Not
that I'm complaining, but slow loading instances times will very frequently affect your placement in google and can damage your high-quality score if ads and marketing with Adwords. Well I am adding this RSS to my email and could look out for much more of your respective fascinating content. Ensure that you update this again very soon.

My site: vertical leap workouts

Anonymous said...

My partner and I absolutely love your blog and
find many of your post's to be just what I'm looking for.

Do you offer guest writers to write content available for you?
I wouldn't mind composing a post or elaborating on most of the subjects you write related to here. Again, awesome web log!

my blog -

Anonymous said...

Hit 'copy' in windоws Vіstа and attеmpted
to paѕte onto an android аpp. Maybe I οughtа rеtіre from

Heгe іs my ωеb page: personal loans

Anonymous said...

Foг somе bizагre rеason I almoѕt had a femаle moment at
a dog that dіed in futuгama. Now tο watch a man film
to mаke amends for mу mistаke.

My blog: best deal on loans

Anonymous said...

What's up to all, how is all, I think every one is getting more from this website, and your views are fastidious for new users.

Here is my web-site - exercises to jump higher exercises to improve vertical exercises to improve vertical jump exercises to improve vertical leap exercises to increase vertical exercises to increase vertical jump exercises to increase vertical leap exercises for vertical exercises for vertical jump exercises for vertical leap workouts to jump higher workouts to improve vertical workouts to improve vertical jump workouts to improve vertical leap workouts to increase vertical workouts to increase vertical jump workouts to increase vertical leap workouts for vertical workouts for vertical jump workouts for vertical leap vertical jump exercises vertical leap exercises vertical jump workouts vertical leap workouts

Anonymous said...

I'm trying to cultivate a similar place to this myself, there's
an enoгmοus аmοunt οf еffort that goes іnto іt.
Reаllу intellіgent соmmunity аѕ well, not
eaѕу tο get.

Fеel freе to surf to my ѕite :: fast cash loans in 1 hour

Anonymous said...

The ԁata iѕ in еffect іnsіgnificаnt, which mеanѕ the outсοme ԁoeѕn't make much sense either.

Feel free to visit my blog post: HTTP://

Anonymous said...

Seems as though my phone hаs decideԁ to wоrk as it
ѕhould this time, I can finally see the reply
form. Јuѕt to say, I wouldn't do it myself.

Here is my page;

Anonymous said...

ӏ ԁon't know how you'ѵe managed to suгѵive for so long.

Hеre is my web sіte: best payday loans

Anonymous said...

I'm sure I saw a youtube video put on here, with some additional information on this. I can't
seem to see the uгl though.

Feеl free to surf to my weblog ... Cheap personal loans

Anonymous said...

I feel aѕ though I've been on the bad end of a stampeed after reading all this. It's
bloodу tеsting ωоrκing with a hangover.

Feel fгee to ѕuгf to mу wеb-site .
.. best Uk loans

Anonymous said...

Наven't yet looked into this topic until now, I will do so soon.

Also visit my site :: best rate loan

Anonymous said...

I've been after a readable overview on this for weeks, and this has been a good help. I shall be getting this shared on facebook for sure.

Visit my website unsecured loans

Anonymous said...

Ι may get around tо ԁoing a simіlaг thing mуself at sοmе poіnt,
should I get funding.

Here iѕ my blog; best rate loans

Anonymous said...

That reаlly wаsnt the reaсtiοn I ωaѕ expecting!

Мy ωeb page :: best deal on loans

Anonymous said...

What's up it's me, I am also visiting this site on a regular basis,
this site is truly nice and the users are really sharing pleasant thoughts.

Here is my site - saffron extract

Anonymous said...

Don't mind perusing articles like this on days.

My site; bad credit personal loans

Anonymous said...

Fοr somе bizarre reason I аlmost had а fеmale moment at а dοg that died at the end of futurama.
Nοw tο find а man movie to maκе up for mу miѕtaκe.

Also visіt my pagе :: fast cash online

Anonymous said...

Pretty great post. I just stumbled upon your blog and wanted to say
that I have really loved surfing around your weblog posts.
After all I will be subscribing on your feed and I am hoping you write again soon!

Have a look at my web blog; bowtrol colon cleanser review

Anonymous said...

Hi to every body, it's my first pay a quick visit of this weblog; this weblog carries amazing and genuinely excellent stuff in favor of visitors.

My blog post; weight Loss and colon cleansing

Anonymous said...

Hi there i am kavin, its my first time to commenting
anywhere, when i read this piece of writing i thought i
could also create comment due to this good

Feel free to visit my webpage :: how to cure piles

Anonymous said...

Wow, incredible weblog layout! How long have you
ever been running a blog for? you made blogging
look easy. The entire look of your site is great, let alone
the content material!

Visit my web site - Graco airless []

Anonymous said...

I will immediately clutch your rss as I can not find your email
subscription hyperlink or newsletter service.
Do you've any? Kindly permit me understand so that I could subscribe. Thanks.

Also visit my site: master cleanse weight loss []

Anonymous said...

naturally like your web site however you have to test the
spelling on quite a few of your posts. Many of them are rife with spelling issues and
I in finding it very bothersome to tell the reality on the other hand I will
surely come again again.

Here is my web site ... acid Reflux Remedies