Bridging the Gap

How a Bridge Loan Can Secure a New Home Before Your Current Home Sells

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First American Bank offers a large menu of lending options

The content of this page is for brokers only and is not intended to be viewed as an advertisement of First American Bank products or services.

When it comes to borrowing needs, we realize that everyone's circumstances are not the same. That's why First American Bank — with locations in Illinois, Wisconsin and Florida, and $5 billion in assets — offers a diverse choice of lending options. Our Mortgage Broker Channel allows brokers to get their clients competitive rates and favorable terms on home equity, auto, construction and bridge loans.

  • 10-year terms
  • View current rates
  • Variable rate: Interest only payments
  • Can be used for a purchase, refinance or stand-alone
  • $60 annual fee (For applications received on or after 1/3/2023, the annual fee will be $75)
  • Rate floor of 4.25%
  • Lifetime cap of 18%
  • Up to $2,500 closing cost credit1 for the borrower if they establish an ACH or AFT for the monthly payments and within the first statement cycle elect electronic statements
Underwriting Guidelines:
  • Credit score guidelines (Equifax): Minimum credit score of 660. We use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
  • Maximum Loan-to-Value: 80% (Maximum loan-to-value for a condo is 75%)
  • Maximum DI: 45%. (If the DI is greater than 40%, the maximum loan-to-value is 75%)
  • Calculate First American Bank payment as 1.00% of the line limit
  • All properties must be owner occupied and one to four units
Disclosures

Home Equity Lines Terms and Conditions: Applies to owner occupied residence only- The Annual Percentage Rate (APR) is a variable rate based on the highest Prime Rate published in the Money Rates section of The Wall Street Journal on the first business day of the month. Rates subject to change at any time. The minimum APR is 4.25% and the maximum APR is 18%. Monthly payments of interest only will result in a balloon payment. No annual fee for the first year - $60 annual fee thereafter. (For applications received on or after 1/3/2023, the annual fee will be $75.) Costs to satisfy certain prior liens may be assessed. Property insurance is required. Flood hazard insurance may be required. An Early Cancellation Fee of 2.00% of the credit limit, or $500, whichever is less, will apply if the loan is closed within the first 36 months. An Early Cancellation Fee is not applicable when prohibited by state law. Subject to credit approval.

1UP TO $2,500 IN CLOSING COST CREDIT: Third Party Fees and Charges ranging from $500 to $3,100 may be assessed for HELOCs under $250,000 at closing. If at the time of closing you set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your HELOC and within the first statement cycle elect electronic statements, we will pay up to $2,500 of the Third Party Fees and Charges associated with closing on your HELOC, including, but not limited to, appraisal, title, flood, credit report, stamp & tax and recording fees (Third Party Fees and Charges). If at any time during the term of your HELOC you fail to maintain the AFT or ACH or an electronic statement, you agree to repay the Third Party Fees and Charges that we previously paid which will be added to the outstanding balance of your HELOC. If at the time of closing you do not set up an AFT or ACH to make the monthly payment on your HELOC, then you agree to pay the Third Party Fees and Charges at closing. Not available for investment properties or loans that fall outside our standard product, rate, term and underwriting guidelines.

  • Terms: Two to 10 years fully amortized; or 10-year balloon with payments amortized over 15 or 20 years
  • View current rates
  • Can be used for a purchase, refinance or stand alone
  • No closing costs2 for the borrower if they establish an ACH or AFT for the monthly payments.
  • Not available for loans secured by a first lien position on a dwelling.
Underwriting Guidelines:
  • Credit score guidelines (Equifax): Minimum credit score of 660. We use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
  • Maximum loan-to-value: 85% (Maximum loan-to-value for a condo is 75%)
  • Maximum DI: 45% (If the DI is greater than 40%, the max loan-to-value is 75%)
  • All properties must be owner occupied and one to four units
Disclosures

Terms and Conditions: Applies to owner occupied residence only- Rates subject to change without notice. Loan to Value must be less than or equal to 85%. Repayment on 24 month term equals 24 monthly payments of $43.98 per $1,000 borrowed. Subject to credit approval.

2NO CLOSING COST OPTION: If at the time of closing you set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your loan, we will pay the fees and charges associated with closing on your loan, including, but not limited to, appraisal, title, flood and recording fees (Third Party Fees and Charges). If at any time during the term of your loan you fail to maintain the AFT or ACH, you agree to repay the Third Party Fees and Charges that we previously paid which may be added to the outstanding balance of your loan. If at the time of closing you do not setup an AFT or ACH to make the monthly payment on your loan, then you agree to pay the Third Party Fees and Charges at closing.

  • Maximum term: 12 months
  • No maximum loan size
  • Borrower pays all costs
  • Interest-only monthly payments
1st Lien Position:
  • Rate: Prime + 1.50% fixed
  • 1.0 points apply (minimum $1,500)
  • Maximum loan-to-value: 80%
2nd Lien Position:
  • Rate: Prime + 2.75% fixed
  • 1.5 points apply (minimum $1,500)
  • Maximum loan-to-value: 75%
Underwriting Guidelines:
  • Credit Score Guidelines (Equifax): Minimum credit score of 660. We use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
  • Maximum term: 24 months
  • Rate: Prime + 2.00% fixed at closing
  • Interest-only monthly payments
  • No maximum loan size
  • No origination fee
  • Borrower pays all costs. Fees charged to the borrower as a result of points, inspection fees and escrow payout fees are inclusive in the APR. Title insurance, recording fees, appraisal fees and release fees are not APR effective.
Underwriting Guidelines:
  • Credit score guidelines (Equifax): Minimum credit score of 660; we use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
  • Maximum loan-to-value: 80% of the appraised value per plans and specifications on residence and/or first mortgage on construction project.
  • Construction must be done using a general contractor and a construction escrow will be established with a title company.
  • The general contractor’s statement, construction plans and specifications must be reviewed prior to approval. Payout inspections must be completed by a bank approved inspector.
  • First American Bank will pay $200 for an auto loan application, with a minimum loan amount of $10,000, that closes and funds.
  • Terms of 2 to 6 years
  • View current rates
  • Maximum loan amount is 85% of invoice price for a new car (inclusive of taxes, extended warranties and document fees with dealer invoice used as a reference) and up to 75% of NADA retail value for a used car.
  • Borrower pays Vehicle Title Registration fee as applicable in state of registration.
Underwriting Guidelines:
  • Credit score guidelines (Equifax): Minimum credit score of 660. We use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least 2 years.
  • Maximum DI: 40%
Disclosures

Auto and Carmax Terms and Conditions: Rates subject to change without notice. Auto financing is limited to the states of Illinois, Indiana, Wisconsin, Minnesota, and Florida unless the borrower has an existing deposit, investment, or loan relationship with First American Bank for a minimum of 6 months. Ineligible vehicles for financing include: Fisker Karma, Lamborghini, Ferrari, Bugatti, Lotus, McLaren, Rolls Royce, Aston Martin, Electric Vehicles, and Commercial Vehicles.

  • First American Bank will pay $200 for an auto loan application, with a minimum loan amount of $10,000, that closes and funds.
  • Terms of 2 to 6 years
  • View current rates
  • Maximum loan amount is 125% of invoice price for a new car (inclusive of taxes, extended warranties and document fees with dealer invoice used as a reference) and up to 125% of NADA retail value for a used car.
  • Borrower pays Vehicle Title Registration fee as applicable in state of registration.
Underwriting Guidelines:
  • Credit Score Guidelines (Equifax): Minimum credit score of 680. We use the higher credit score if there are multiple borrowers. Borrowers must have a minimum of two active tradelines, each having a reporting history of at least two years.
  • Maximum DI: 45%
Disclosures

Auto and Carmax Terms and Conditions: Rates subject to change without notice. Auto financing is limited to the states of Illinois, Indiana, Wisconsin, Minnesota, and Florida unless the borrower has an existing deposit, investment, or loan relationship with First American Bank for a minimum of 6 months. Ineligible vehicles for financing include: Fisker Karma, Lamborghini, Ferrari, Bugatti, Lotus, McLaren, Rolls Royce, Aston Martin, Electric Vehicles, and Commercial Vehicles.

  1. Determine the maximum mortgage amount that the applicant can afford by using the Loan Submission Form to analyze the applicant’s debt-to-income ratio.
  2. Order a Flood Hazard Determination for First American Bank from Accurate Group. List the lender as:
    First American Bank
    80 Stratford Drive
    Bloomingdale, IL 60108
  3. If the application submitted is for a Home Equity Line of Credit, the originator must provide the following items to the applicant:
  4. Email or fax the following required RESPA items to First American Bank to initiate the application:
  5. Email or fax the following items prior to approval:
    • Home owners insurance binder
    • Copy of current 1st mortgage statement
    • Previous appraisal (All appraisals will be reviewed by an approved First American Bank appraiser)
    • Purchase agreement (if applicable)
  6. If it is a simultaneous closing, notify First American Bank of the closing time and location and coordinate the closing with First American Bank.
First American Bank is a full-service bank with locations in Illinois, Wisconsin and Florida.
To adhere to RESPA requirements, you must include the following items with each submitted application: 
  • Loan Submission Form (with all of the sections completed, all of the questions addressed, and signed and dated by the originator)
  • 1003 (with the terms of the second mortgage)
  • 1008
  • Flood hazard determination
  • Income verification
  • Signed Applicant’s Authorization
No. You must perform and send us a new search with every application you submit.
You will receive a phone call and an email from one of our liaisons. If the application was pre-approved, the email will include a pre-approval letter with a list of any remaining documents that are needed to process the application. If the application is declined, the liaison will call and notify you of the decision.
Yes. Once the application is pre-approved, a liaison will call your client to introduce themselves and ask for any documents that are still needed.
First American Bank always requires some type of independent income verification directly from the applicant, even though we require income from a third party.

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