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Reply to "Will bridge loans ever come back to the DC area?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]One thing is the down payment -- heloc would be a solution. But another is whether the bank will allow having two mortgages. That would depend on your income, not on heloc/bridge loan. Right?[/quote] +1. The HELOC put my debt ratio too high. I was planning on buying, then selling and just couldn't make the numbers work. A bridge loan would have been great, but couldn't find a bank who would do it. [/quote] OP here. This is what I don't understand. Assuming that people like 12:32 are selling their current home in a hot area, they would probably be able to do it very quickly, with minor risk to the bank. Why are banks so reluctant? I think that a bridge loan, despite the high interest, would be a better alternative than the "sell, then short term rent, then buy" strategy that many of us need to do, which entails moving twice, which is a real pain.[/quote]
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