Hard money to bridge a conventional loan limit?

Question

In the area where I would like to purchase next there is a conventional loan limit of $647,000.

Sellers won’t budge at $759,000.

The property is properly priced.

This would be a primary residence that I can also operate as a str. It also meets and exceeds all of our check boxes.

I can only put 5% down comfortably.

With 5% down and a loan limit of 647,000, I have a discrepancy of $75,000.

How can I make up for this $75,000?

More then likely seller financing will be laughed at

Jay Hurst · Answer

If you are truly going to occupy this as your primary residence you would get two liens. You would get the first lien at 80% or 607,200 (so under the 647,200) then get a 15% second lien for 113,850. You pay a premium in rate for the second lien but it is not "hard" money either. You will just need a lender that has to the second lien sources that work in your area.

Stephanie P. · Answer

@Ryan Cleary

You really can't and still get conventional financing. You're in Jumbo territory.

Hard money to bridge a conventional loan limit?

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