question on a bridge loan?

waldorfJune 7, 2006

I live in a 55+community in a Home of Mertit house. My question is we have our house up for sale & have money down on an other bigger house in an other 55+ community in FL. If we don't get a buyer soon we will need a bridge loan. Where do we find such a place?

Our community is great & we love Floria living in a manufactured home. It beats the weather up North.

Thank you for reporting this comment. Undo
christopherh

You can go to just about any mortgage lender. We've done bridge loans before and that's what we did.

I've been to Florida, My brother just retired from his job at the Space Center. When I visited Florida I was stunned to see that the biggest mountain you guys have is a highway overpass! I couldn't leave the mountains, the four seasons, the autumn colors and the slower pace here in Vermont.
And give me a blizzard over a hurricane any day!

    Bookmark   June 8, 2006 at 7:52AM
Thank you for reporting this comment. Undo
lisa0912

AMEN To the blizzard over the hurricane comment.

As for the bridgeloan. You may want to look into a home equity line of credit and use that instead.

    Bookmark   June 13, 2006 at 11:33AM
Thank you for reporting this comment. Undo
christopherh

After rereading the original post, I noticed you didn't have a buyer yet. That may complicate things as most lenders want the home to be under contract before giving the bridge loan. The only way some lenders will do this without a contract of sale is if your income is strong enough to carry two mortgages. So a home equity loan might be your best bet.

    Bookmark   June 15, 2006 at 7:59AM
Sign Up to comment
More Discussions
Super scared! Modular vs manufactured? Bad reviews?
We are searching for land in Ruidoso, city lot, small...
nurseypoo5
Do You Love Your Mobile Home?
Hi there. I have read the posts on this forum with...
frenchkitty
Should I buy this single wide?
I have an opportunity to buy a 2001 Clayton single-wide...
andy2014
Insulating an older Mobile home
HI, Im new to the forum. Glad to meet you all and really...
txchick
Modular Homes VS mobile home
Please dont confuse Modular and mobile home. They are...
Minxie
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™