Last Updated on November 10, 2022
Short-term loan program uses equity in your current home to provide down payment
In today’s competitive real estate market, great homes seldom stay on the market for very long. And while selling your home quickly is exciting, many homeowners fear that a quick sale might mean not finding another home to purchase within the same time frame.
Allen Tate Mortgage offers Buy Before You Sell, a short-term loan program that allows a buyer to use the equity in their current home to provide down payment funds their your next home purchase.
“With Buy Before You Sell, a buyer can find and purchase a new home before they have even listed their current home for sale. This allows them to take advantage of today’s low interest rate and offers peace of mind in a low inventory market,” said Chris Cope, president, Allen Tate Mortgage.
The program also allows sellers to stage and show their current home without disruption and eliminates the logistics of coordinating a move-out and move-in on the same day.
Also known as a bridge loan, this type of short-term loan is designed to “bridge the gap” when funding is needed but not yet available, Cope said.
Buy Before You Sell is available exclusively to qualified buyers who are represented by an Allen Tate Realtor to both list their home and act as a buyer’s agent to purchase a home. They must also use Allen Tate Mortgage for their home purchase.
The program is available to buyers in North or South Carolina purchasing a single unit, owner-occupied home, PUD, warrantable condo or townhome. Manufactured homes are not eligible.
Borrowers must meet Fannie Mae and/or Freddie Mac eligibility guidelines, which include a minimum credit score of 660 and low debt-to-income ratio. The borrower must also have significant equity in their current home.
Certain terms and conditions apply. For more information, contact an Allen Tate Mortgage loan officer or visit https://www.allentate.com/current-promotions/
NMLS#1433719 Loans available in NC and SC.