Buy a home before you sell!

 A bridge loan ( using your home  for down payment to purchase another)  can be a useful financial tool for several reasons:

1. Facilitates Home Purchase Before Sale: If you’re buying a new home but haven’t sold your current one yet, a bridge loan can provide the funds needed for the down payment on the new property. This allows you to move forward with the purchase without waiting for your current home to sell.
2. Covers Temporary Financial Gaps: Bridge loans can help cover temporary gaps in financing. For example, if you need to make repairs or improvements to your current home to increase its market value before selling, a bridge loan can provide the necessary funds.
3. Avoids Contingency Clauses: In competitive real estate markets, sellers may be less willing to accept offers with contingency clauses (e.g., the sale is contingent on the buyer selling their current home). A bridge loan can eliminate the need for such clauses, making your offer more attractive.
4. Flexibility in Moving: With a bridge loan, you can move into your new home before selling your old one, reducing the stress and logistical challenges of moving.
5. Potential for Better Financing Terms: By using a bridge loan to secure your new home, you might be able to negotiate better financing terms for your long-term mortgage, as you won’t be under pressure to sell your current home quickly.
6. When your loan is approved - Closing in Less than 15 days.
7. Your new mortgage comes with much better interest rates, Lower mortgage payments than your average rates based on your credit score.
8. Conventional Financing: You will be eligible  to recast your mortgage  after 6 months of mortgage  payments on your new home - What is recasting ? Click Here
9. HOT!  FHA Seller: As of 04/24/2025 - We now offer FHA Bridge Loans 620 credit scores - Using the higher of the three credit scores. 

  Eligible Proceeds:

• Down Payment for New Primary Residence: You can use up to 30% of your current home equity as a down payment for purchasing a new primary residence. This option offers you better rates and lower payments on your new purchase.
• Bridge Loan Assistance: Our bridge loan can help cover closing costs and prepaid expenses.
• Home Repairs: You may be allowed up to $35,000 for repairs on your current home before selling it, potentially increasing your home’s value.
• Moving Expenses: An allowance is provided for moving expenses.

 Loan Details:

• Loan Amount: You can borrow between $40,000 and $500,000.
• No Payments Required: This loan does not require any payments on both the new loan and your current mortgage during the initial period.
• Qualifying for a New Home: In some cases, we do not need to consider your current mortgage payment when qualifying you for a new home. This can simplify the qualification process on your new home.
• Credit Score Flexibility: New guidelines allow for credit scores as low as 620 to qualify for this loan.
• Home Sale Requirement: Your current home must be sold within six months of the closing date on your new home.
• No Appraisal required

•  1-units single-family residences (attached and detached)
•  PUDs (attached and detached) 
•  FNMA/FHLMC warrantable condominiums (low, mid, and high-rise).

 Ineligible Use of Proceeds:

• Payoff of Liens: The proceeds cannot be used to pay off any liens on the subject property.
• Delinquent Debt: You are not allowed to use the proceeds to pay off any delinquent debts, including taxes, judgments, or liens.
• Debt Repayment: Using the proceeds to pay off any type of debt is strictly prohibited.. 

 How to Apply for an Equity Down Payment Loan:

1. Complete the Application:
   Click Here to access the application portal.
   • Enter information about the home you wish to purchase. An estimate is ok.
   • When asked about the down payment, use 20% or more.

1. Email Details:
   Send an email to pknap@guildmortgage.net with the following information:

• The equity amount you want to use for your down payment.
• If you are working with an agent, include their contact information.
• Your proposed appraisal or selling price for your current home.

Results: You will receive the down payment a purchasing a new home with 2 hours of your review application. You will get text and emails with updates.

Questions: Contact 404-276-4268 direct or to schedule a one- an- One make an appoint below on desired the time and date.