Clients have put in an offer on a home for 950000 as is, and we currently have their house listed on the market for $950,000.
They are extremely well qualified and can afford both houses in cash and not have any issues but they would like to take advantage of cheap money expecially with how well their assets are performing. They have no said income but have plenty of assests in Ira, annuities, stocks, mutual funds, Etc
In the middle of the deal the financial institution retired their jumbo Bridge Loan product. We have now renegotiated basically a new contract now with a home sale contingency however they would prefer to purchase this house and move into it before they actually sell their house hence the initial bridge loan
my clients would like to avoid pulling the amount of assest out of investments required to qualify for the 2nd mortgage until their current home sells.
We found out late yesterday that due to a leak in two spots of the roof that are relatively minor the house has now been classified as C4 and does not qualify for a mortgage their financial institution has now pointed them over to another bank to explore a jumbo construction loan which we would need to sell their home first. The sellers are very difficult to deal with and will do no repairs to get it to a C3 even if we came up in price.
So does a Jumbo Construction Bridge Loan exist?
(Sorry if this is a bit hard to read, I'm using voice to text while I sit in traffic)
Read more: I'm researching for a client, is there such thing as a jumbo construction bridge loan?
