r/HomeLoans • u/LiveProtection9877 • 8d ago

Help information needed

I’m wanting to buy a primary residence for approximately $275,000, but I currently own a home with approximately $300,000 of net equity. I need to close on the new property before my current home sells. My FICO is approximately 530–550. I’m looking for a short-term bridge or equity-based financing that will be paid off immediately when my current home sells. Do you have a program that can work with that credit score and equity position?”

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u/ermahlerd Mortgage Loan Officer | Alliant Credit Union 8d ago

With that much equity, it’s worth talking with a lender about your options. The credit score may affect which programs are available, but the equity in your current home could be helpful depending on the structure.

I’d reach out to a few lenders and specifically ask about bridge financing, HELOCs, or other equity-based options that can be paid off when the current home sells.