Permanently eliminate monthly mortgage payments on the current home
Equity for Down Payment
Nathan and Angie needed to upgrade homes with a newborn on the way, but carrying two mortgages at once felt impossible. Flyhomes Equity for Down Payment unlocked their down payment and paid off their old mortgage, letting them move in directly with just one payment to carry.
• Borrower: Eliminated their old mortgage payment permanently while funding the new down payment
• Loan officer: Solved down payment, existing mortgage, and renovation costs in one program
• Agent: Helped a growing family move directly into their next home, no contingency or interim housing
State:
Florida
New Home:
$647,000
Current Home Value:
$435,000
Financial Produce Used:
Instant Equity $293,625
Challenge
Nathan and Angie were planning to upgrade to a larger home. They wanted to buy and move directly into their new home, avoiding the stress of temporary housing with a newborn. But between their existing mortgage, renovation costs, and the expenses of purchasing a new home, carrying two mortgages at once felt impossible.
Solution
With Flyhomes Buy Before You Sell with Equity for Down Payment, they unlocked additional down payment and paid off the current mortgage on their departing home, which eliminated their mortgage payments on their old home permanently. Once their old home sold, the bridge loan was paid off with the sale proceeds.
For borrowers
- Unlocked equity to cover their down payment and pay off their existing mortgage, eliminating that payment permanently
- Bought and moved directly into their new home, avoiding the stress of temporary housing with a newborn
- Carried only one mortgage at a time, making the financial side of upgrading manageable
For loan officers
- Closed an upgrade deal that would have felt financially out of reach for the borrowers
- Eliminated the dual-mortgage concern that was the primary barrier to moving forward
- Delivered a solution that addressed multiple financial pain points — down payment, existing mortgage, and renovation costs — in one program
For agents
- Helped a growing family move directly into their next home without a contingency or interim housing
- Avoided the complexity of timing two transactions around a newborn and renovation costs
- Delivered a smooth, stress-free transaction that built lasting trust with the family
FAQ's
What if the buyer's old home doesn't sell within 180 days?
Flyhomes will buy it at the contract price and resell it. The buyer keeps any net profits* from the resale, and by default the original listing agent handles it — so the listing stays with you.†
Where are Flyhomes Buy Before You Sell programs available?
Flyhomes Buy Before You Sell programs are available in many states across the U.S., with availability varying by solution and location. The Guaranteed Backup Contract is available in all 50 states, while loan-based products depend on Flyhomes’ lending coverage. Loan officers can check specific availability using the product availability page or by contacting their Flyhomes representative.
Can I use all of my home equity for a down payment?
Not usually. Lenders typically require you to leave some equity in your home, and borrowing limits depend on factors like your loan-to-value ratio, credit, and debt-to-income.
Are there monthly payments on a bridge loan?
It depends on the lender and loan type. Some bridge loans require monthly interest payments during the loan term. Others, including some Flyhomes Buy Before You Sell solutions, defer payments until the home sells and the loan is repaid.
How is Flyhomes different from a traditional bridge loan or HELOC?
Traditional bridge loans and HELOCs are typically based on a borrower’s current financial picture, including existing debt and the equity in their current home, which can limit flexibility. Flyhomes Buy Before You Sell takes a more forward-looking approach by factoring in the expected sale of the current home, which can help unlock more buying power and make it easier to move on to the next home.
Unlike traditional options, Flyhomes doesn’t require monthly payments during the transition period. Instead, interest simply accrues and is paid off once the original home sells, ensuring borrowers don’t have to juggle extra monthly payments during the move.
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