Buying and Selling at the same time

You may be able to accomplish this without going the route of a bridge loan; they are risky and very expensive. We are in San Diego, give ma a call to discuss some other options that may work for you. Gregorio Denny --WeFixRates.Com-- 800-335-6897

Using a home equity, if you have one, is a better option than a bridge loan; not only are they nearly impossible to find right now, but they are expensive. Since you already have an FHA loan, you will most likely have to qualify for a conventional loan on the new one unless the other home sells first; there are only very special circumstances where you're allowed to FHA loans at a time. If you can get your home under contract to sell, then you can simply coordinate the purchase of your new home with date of the sell. People do this all the time and never take out a bridge loan. Frankly, it's a better way to do it unless you can comfortably carry two mortgages until one sells; the only downside is that you might lose the house you want to buy while you're waiting for yours to sell.

Bridge loan is a loan that you get for a short period of time - usually 6 months or a year and you have to pay it off by the the end of term. So usually you get bridge loan to put down payment towards the new house and then pay it off with the equity that you get after you sell your own house. Couple things - bridge loans are almost impossible to get nowadays. The only entity that is possibly doing them is your local bank - check with them, but chances are low though. Second - your income has to be sufficient to cover all the loans you currently have including current home and the new mortgage you are applying for. It doesn't matter if you listed it for sale - you still have to qualify as you would have to keep both homes. If your income is enough - go for an FHA loan - you only need 3.5% down payment. When you sell your current residence just refinance and pay down your new loan to comfortable amount. Hope that helps. Please let me know if you have questions.