Third Federal's Bridge Loan is a one-year equity loan where the proceeds can be used as the down payment on a owner-occupied single family residence, PUDs, condos. The bridge loan can be used to eliminate the current mortgage payment. Approval for this product is contingent on Third Federal financing the new home.
With this Bridge Loan, Third Federal will lend a maximum of 80% of the value of your current home, (70% LTV for condos) minus the existing first mortgage. If there are any existing second mortgages or equity lines of credit, these loans must be paid off through the proceeds of the Bridge Loan. The maximum loan amount is $250,000.
With Third Federal's Bridge Loan, no payments are required until either your home sells or the loan reaches the one year maturity. At this time, your payoff will consist of the principal balance plus accrued interest (Interest is calculated on a daily basis). However, you may make payments to this loan at any time.
Third Federal's Bridge Loan offers NO pre-payment penalty and NO appraisal fees. There is a $595 closing cost that will be funded by the bridge upon closing. Borrowers are responsible for paying their doc stamps, intangible tax and other taxes required by the state, if applicable.
The bridge loan is available in OH,FL, KY, NC, PA, VA, MD, NJ, KY, IL, IN, GA, MO and TN