Bridge loans are geared toward buyers with great FICO scores, with lenders generally preferring to see a score of 740 or above. You also need to have significant equity in your current home, as a bridge loan can only go as high as 75% of that equity. This means that you can’t expect your current home equity of $200,000 to get you a loan higher than $150,000.
Once you qualify for a bridge loan, the whole process should be done in 30-days or less. Because it is a non-traditional loan product, lenders have an incentive to move faster because they do not see the volume of traditional FHA lenders.
