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Conforming Loan amounts up to $766,550 | FHA Loan Limits are specific to each Florida County
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The pivotal factor influencing eligibility for a bridge loan centers around the current property used as collateral. Typically, a professional appraiser conducts an appraisal to determine the property’s value.
The assessed value of the property plays a critical role, as it directly impacts the potential loan amount. A higher property value opens the door to a larger loan, offering borrowers an efficient means to address their immediate financial needs.
In contrast to conventional loans, bridge loans diverge from scrutinizing the borrower’s personal financial details. Rather than delving into credit score, credit history, debt-to-income ratio, income, or employment status, the bridge loan focuses exclusively on the collateral value.
The foundational principle guiding bridge loan requirements underscores their collateral-centric nature, underscoring the paramount importance of the property in the qualification process.
Consequently, individuals facing challenges meeting the criteria for traditional loans due to personal financial circumstances often discover bridge loans as an appealing and viable alternative. This unique characteristic positions bridge loans as a flexible solution in numerous scenarios demanding prompt access to funds.
When your ready to get started on your Bridge Loan Mortgage, we are Florida Bridge Loan Mortgage experts to guide you through the entire process, the first step is getting you pre-approved. You can apply online or you prefer to speak with one of our Bridge Loan Mortgage Experts, we would be happy to speak with you. Call or text us at 407-955-4575.