HomeLight

JULY 29, 2022

Financing is simple: You can use the cash from your sale as a sizeable down payment. Transition via rent back. Although rare these days, bridge loans allow you to finance the purchase of your new home by borrowing against the equity of your current home. The upsides. How to make it work. Opt for a bridge loan.

Debt-to-income ratio 109

Debt-to-income ratio Loans Rent back Equity 109

HomeLight

JANUARY 7, 2022

Close on your new home (4 to 8 weeks): The exact timeline for your closing will vary, depending on what contingencies you have and if there are any delays with financing. You can’t just say, ‘hey, my mortgage payment is $3,000 a month, and I found someone to rent my house for $3,000 a month, so we should be good,’” she says.

Equity 104

Equity Loans Debt-to-income ratio Closing 104

HomeLight

FEBRUARY 28, 2022

As Ruiz states above, it’s not uncommon these days for a seller to ask for either a rent-back option, where they rent the property back from the buyers for a period of time, or to make it a condition of the sale that they have 30 or more days after closing to actually vacate the house. Figure out your finances.

Equity 124

Equity Debt-to-income ratio Closing Loans 124