The Simple Bridge is our home equity bridge loan program, providing conventional purchase loan clients with the option to access the equity in an existing primary residence as a source of funds for the downpayment on the purchase of a new primary residence. This product will be offered in most states and it’s available to individuals working to obtain a primary residence purchase loan.

PROGRAM HIGHLIGHTS

• $500 origination fee
• $250,000 maximum loan amount
• 6-month balloon term with interest only monthly payments
• Option to renew an additional 6 months for a $2,000 fee
• 90% maximum combined loan-to-value (CLTV) ratio
• Associated closing costs can be rolled into the bridge and paid out of loan proceeds

LOGISTICS

• Credit score of 680 or above
• Desktop appraisal with an exterior inspection will be obtained to value the subject property
• Purchase file loan type must be conventional*