Use your home’s equity as a down payment on your new purchase
- Financing up to 90% of the appraised value
- Low interest rates
- Interest-only monthly payments
- 9-month term
- Low closing costs
- New and improved qualification requirements
A bridge loan (also known as a swing loan) is perfect if you want to avoid the hassle of moving twice because it allows you to sell after you move into your new home. Contact Liberty FCU today at (812) 469-9928 or 1-800-800-9271 to learn more about this valuable program.
Let Liberty FCU bridge the down payment gap for your new home purchase!
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What information will Liberty FCU need to process my application?
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Loans are subject to credit review and approval. Closing costs may apply. A sample principal and interest payment on a (30)-year $150,000 fixed rate loan amount with a 4.750% interest rate (4.766% APR) and 20% down is $625.98. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history. Liberty FCU mortgage lending product availability may vary based on property location.