Contact Us to Learn More About Bridge Loans to Use Toward the Down Payment on a New Home

Some buyers use bridge loans to fund the down payment on their new home while they work on selling their current home. Reach out to a loan officer to learn more about bridge loans. 

Ask About a Rent-Back Agreement

A rent-back agreement allows a seller to rent their current home from the new buyer for a pre-determined period after the sale closes. Your real estate agent and attorney can further explain how to create a rent-back agreement.

Sellers may seek a rent-back agreement with their buyers so that the seller has more time to close on their next home. This would allow the seller to use money from their home's sale toward the down payment of their new home.

Buyers may seek a rent-back agreement with a seller if the buyer is committed to buying the seller's home, but is okay with a later move-in date and would like to recoup some of the cost of the first month's mortgage payment. 

Consider Writing a Contingency Into Your Purchase Offer

If you come across a property you'd like to purchase while your current home is on the market or under agreement, consider including a contingency in your purchase contract that you sell your current home. This will eliminate the risk of being stuck with two mortgages; however, it may make sellers less likely to accept your offer in a hot market where they receive multiple offers.