what is a bridge loan?

A bridge loan, is a loan that carries you from one property to the next, (while you are waiting for the first property to sell), or from initial funding, such as a construction loan, to permanent (30 year) funding.

Bridge loans are primarily used on commercial financing and would not work for a first time home buyer. It's intended to Bridge the gap between temporary financing to permanent financing.. As a first time home buyer, your better off contacting a LOCAL mortgage broker and apply with them. Once they review your complete profile, they will be able to direct you to the right loan product for your specific situation. But let me caution you.. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

As always, good advice from Dave and William. I work for a direct lender her in NM and would be glad to answer any questions you have about how to finance your first home. I have special programs for first time buyers and you may qualify for down payment assistance. Feel free to contact me and I can go into more detail. Thank you! Charlie Sparks, 505-350-3745 or csparks@pcmloan.com. (NMLS# 195031)