For homeowners looking to buy a new home before selling their current one, financing the transition can be a challenge. A bridge loan provides a strategic solution, allowing you to leverage the equity in your departing residence to fund the down payment on your next dream home.

At North Star Mortgage Network, we offer two bridge loan programs that give buyers the flexibility to purchase a new home without waiting for their current property to sell.

How Does a Bridge Loan Work?

A bridge loan is a short-term financing option that helps homeowners transition between properties by using the equity in their existing home. These loans are ideal for those who have found their next home but need funds for the down payment before selling their current property.

With a 12-month term and deferred monthly payments, our bridge loans make it easier to secure your next home without financial strain while waiting for your departing residence to sell.

Two Bridge Loan Options

We offer two distinct bridge loan programs tailored to different financial situations:

1. Stand Alone Loan Program – LTV Up to 70%

• Designed as a loan on the departing home only
• Borrowers can choose their preferred financing for their new home
• Ideal for those who want flexibility in structuring their next mortgage
• Maximum Loan-to-Value (LTV) ratio of 70%

2. Simultaneous Loan Program – LTV Up to 75%

• A cash-out loan on the departing home, with deferred payments
• Paired with a purchase loan up to 90% LTV
• Qualification is based solely on the purchase loan payment, making it easier to secure financing
• Allows homeowners to transition into their new home seamlessly

Key Benefits of a Bridge Loan

Buy Now, Sell Later – Secure your new home while your current home is still on the market

No Immediate Mortgage Payments – Deferred payments help ease financial strain

Use Your Home Equity Wisely – Convert existing equity into a down payment

Flexible Income Verification – Works for all income types, including Full Doc, Bank Statement, and Asset Depletion

Loan Amounts from $100K to $2M – Tailored to fit a range of property values

Departing Residence Must Be Listed – Ensures a smooth transition from selling to buying

Who Can Benefit from a Bridge Loan?

Bridge loans are ideal for:

• Move-up buyers who have found their next home but haven’t sold their current one
• Homeowners with significant equity looking for a flexible down payment solution
• Self-employed individuals who may need alternative income documentation
• Sellers in competitive markets who want to act quickly on their next purchase

Make Your Move with North Star Mortgage Network

At North Star Mortgage, we make it easy for homeowners to transition smoothly from one home to the next. Whether you need a stand-alone loan or a simultaneous loan program, our expert team is ready to guide you through the process.

Ready to explore your bridge loan options? Contact us today and take the first step toward your new home—without the stress of waiting to sell!