Posted on: 25th May, 2009 09:47 pm
We live in a coop where we own a share if the community. we are looking to buy a different home here, and selling our existing home. can we get the equivalent of a bridge or swing loan in case it takes a while for our existing home to sell?
Hi sujebu,
As far as I know, you won't be able to get a bridge or a swing loan if your property doesn't sell. In order to buy the new property, you'll have to take a new loan. The lender will consider your credit score and income while giving you the loan.
As far as the current property is concerned, you should sell it off first. If you can't sell off the property, then you'll become liable for both the loans.
Thanks
As far as I know, you won't be able to get a bridge or a swing loan if your property doesn't sell. In order to buy the new property, you'll have to take a new loan. The lender will consider your credit score and income while giving you the loan.
As far as the current property is concerned, you should sell it off first. If you can't sell off the property, then you'll become liable for both the loans.
Thanks
Thanks for the reply-a few more details of my situation. I own the home I'm selling-no mortgage. Value including share probably 200,000 +. The home I'm purchasing is 400 more square feet bigger, newer, and with more features. Am buying the new home for 175,000 including share. Thanks, Jeff B.
jeff, based on your added information, it would seem logical that you might be able to obtain a loan.
Selling existing property and buying new propery by appling for new loan is the better option in my view
forgive him jeff.