The Simple Bridge* is our home equity bridge loan program, providing Watson Mortgage Corporation conventional purchase loan clients with the option to access the equity in an existing primary residence as a source of funds for the down payment on the purchase of a new primary residence.
This product is available to individuals working through Watson Mortgage Corp. to obtain a primary residence purchase loan.
• 6-month balloon with interest only monthly payments
• Option to pay for an additional 6 months if home isn't sold
• 85% maximum combined loan-to-value (CLTV)
• Associated closing costs can be rolled into the bridge and paid out of loan proceeds
• 6-month balloon with interest only monthly payments
• Option to pay for an additional 6 months if home isn't sold
• 75% maximum combined loan-to-value (CLTV)
• Option Associated closing costs can be rolled into the bridge and paid out of loan proceeds
Logistics:
- Loan will be originated by our partner bank and Watson Mortgage originates the new purchase mortgage in parallel.
- Credit score of 680 or above
- Max debt-to-income (DTI) ratio of 45%; must include payments for departing residence, bridge loan, and new residence
- Desktop appraisal with an exterior inspection will be obtained to value the subject property*
- Only requires a title search (unless bridge loan will be in a 1st lien position) closed with a mobile notary
- Rate locks valid 30 days. Rates will not be extended or re-locked. Expired rate will de determined by current market rate at the time of the final closing date.
Connect with a Watson Mortgage Loan Originator to learn more!
Property requirements and other restrictions may apply. The information provided does not represent an offer or commitment to enter into a loan agreement by Watson Mortgage Corp. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. Watson Mortgage Corp. is an Equal Housing Opportunity Lender. Information, rates and pricing are subject to change without prior notice at the sole discretion of Watson Mortgage Corp. **Must be completed prior to maturity. *For loans over $400,000, a full appraisal is required.
4685 Sunbeam Rd., Ste. 1
Jacksonville, FL 32257
Office: 904.645.7111
Toll Free: 800.645.7104
NMLS ID #140780
FL Mortgage Lender License #MLD716
GA Mortgage Lender License #20737