Does Third Federal offer bridge loans?
Third Federal's Bridge Loan is a one-year loan where the proceeds can be used as the down payment on a new owner-occupied home. Approval for this product is contingent on Third Federal financing the new home.
With this Bridge Loan, Third Federal will lend a maximum of 70% of the value of your current home (60% for condos), minus the existing first mortgage. If there are any existing second mortgages or equity lines of credit, these loans can 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 prepayment penalty and NO appraisal fees. There is a $595 closing cost for the bridge loan, which will be funded through the bridge loan. Customers are responsible for doc stamps and intangible taxes if required by the state.
Bridge loans are available in all purchase markets in OH, FL, NC, VA, MD, PA, NJ, KY, IN, IL, GA, MO and TN.