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How Long Can You Hold a Bridge Loan Before Refinancing?
Bridge loans are short-term financing solutions typically held for six months to two years, with many lasting up to 12 months. These loans bridge the gap between purchasing a new property and selling an existing one, often requiring repayment within this timeframe, though some may offer 90-to-120-day extensions. Bridge loans
Can You Buy a Multi-Family Property with an FHA Loan?
Yes, you can purchase a 2–4 unit multi-family property using an FHA loan as long as you occupy one unit as your primary residence for at least one year. This approach, often referred to as house hacking, lets you take advantage of FHA’s low 3.5% down payment (with a 580+
DSCR Loans for Short-Term Rentals and Airbnb Properties
DSCR (Debt Service Coverage Ratio) loans are specialized, non-QM mortgages for short-term rentals (STRs) like Airbnb/VRBO, qualifying borrowers based on property income rather than personal income. Traditional lenders rely on W-2s, tax returns, and pay stubs to approve a mortgage. That works for salaried homebuyers, but real estate investors often
VA Loan Myths: What Do Homebuyers Need to Know?
VA loans are meant to make homeownership more accessible for veterans and service members, yet they’re often misunderstood. Because of ongoing misconceptions, many buyers miss out on key benefits such as zero down payments, no private mortgage insurance (PMI), and competitive interest rates. Common myths include the belief that VA
Had a Bankruptcy or Foreclosure? Here’s How to Get an FHA Loan
You can qualify for an FHA loan after bankruptcy or foreclosure once specific waiting periods pass. Chapter 7 bankruptcy requires a two-year wait. Chapter 13 bankruptcy may allow approval after one year of on-time payments. Foreclosure requires a three-year waiting period. Rebuilding credit and saving for a down payment during
How Conventional Loans Work for Second Homes and Vacation Properties
Conventional loans for second homes work like primary home loans but demand stricter criteria: higher down payments (often 10-25%), stronger credit (620+), more cash reserves (6-18 months), and slightly higher interest rates than primary homes but lower than investment properties, requiring lenders to verify you can afford both mortgages plus
The Role of a Co-Signer in Securing a Mortgage
A co-signer helps a borrower qualify for a mortgage by adding their credit and income to the application. By doing so, they assume full legal responsibility for the loan in the event of missed payments, despite not owning the property. This arrangement can improve approval chances and loan terms, but
How to Pay Off Your Mortgage Early Without Penalties
Owning a home is one of life’s biggest achievements, but for many, the mortgage can feel like a long-term financial burden. Paying off your mortgage early is a goal that appeals to homeowners who want financial freedom, reduced interest payments, and peace of mind. However, navigating prepayment rules and avoiding
Worried a Home Appraisal Could Delay Your Purchase? Here’s How It Helps You Close with Confidence
A home appraisal is a key step in the home buying process. It helps confirm the home’s market value. It also helps the lender confirm that the loan amount fits the property value. Sprint Funding focuses on clear guidance that fits your situation and your needs, so you can make
Joint Mortgage Applications: Benefits and Risks for Couples or Partners
Buying a home together is one of the biggest milestones in any partnership. For many couples, a joint mortgage application seems like the natural choice; it combines two incomes, strengthens borrowing power, and symbolizes shared ownership of a future. But as much as this decision can open doors, it also
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