NFT: Bridge loan for house purchase?

Because the best lender for your permanent mortgage for your new home may not offer or allow a bridge loan for the down payment.

I would look at....
A heloc on your current home to cash out what you need. You will be limited on what you are allowed to take out.

If possible don't buy until your house sells. Move in with your wife and put your stuff in storage. Then take your time to find the right house. The market is dropping so the longer you want the better your deal will be.

An FHA loan with just 3.5% down. There are loan limits which means you cannot get a million dollar loan. You can refinance out of this loan in 6 months.

The heloc is the best option

right now?

Brutal time to buy, prices are still inflated and now with interest rates skyrocketing you are getting much less house for the money than a year ago.

Is renting an option for a period of time? might take some of the loan pressure off and while I don't have a crystal ball I think prices are going to come down if houses start staying on the market longer.

as a Mass resident in a typical Metro west Boston suburb I can tell you the prices my neighbors houses are selling at is insane and now you are paying a lot more for that house than you were before the inflation/rate increases

it will not only save you a big headache trying to find a lender or taking out a HELOC (takes atleast 3 months, and can't pull it off if you already sold your house) but it will allow you to get a feel for the area. Don't think of it as money wasted, think of it as money saved trying to shoehorn a bad decision.

My brokerage is in a few states in the NE and have a program that will give you 80% of your houses value (if you list with us) so you can use the money for a down payment for your next property. Once it sells, you get the remaining $$ minus a small fee.

I work in NYC, so it's not really used here with all the co-ops, but I can put you in touch with someone in your market if it's something you're curious to learn more about

but in central NH/VT We went the home equity route because we own our present home. Sellers are expecting cash deals, so its nice to have that flexibility. Listings are slowing down but will pick up after New Years.

Renting is good option.... giving you more time to scope out the local market. If in Boston area, So. NH might be an option.

In our area housing is so tight that prospective employees are are rejecting job offers because of lack of housing and rentals

Got fucked. We're currently building a house and when we started rates we obviously much lower. Nothing we can do about it now unfortunately except refinance as soon as the rates lower.