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Is your deal contingent on the sale of the buyer’s home? Ameris Bank offers solutions.

January 2, 2020

In a hot real estate market, offers contingent on the buyer’s property selling can be a disadvantage for both buyers and sellers. 


As the buyer, the seller may be unwilling to accept the offer unless the contingency is removed. As a seller, accepting a contingent offer may limit the seller’s ability to market the property to generate backup offers. Fortunately, Ameris Bank offers solutions to allow borrowers to close on their new dream home while still selling their current home. Help your clients by suggesting the following loans offered by Ameris Bank: 

Ameris Bridge Loan

The Ameris Bridge Loan is ideal for buyers with large equity positions in their homes. The Ameris Bridge Loan allows the buyer to refinance their current property to leverage the equity in their current home towards the down payment on their new dream home. The program offers interest-only payments for up to 12 months. The minimum bridge loan amount is $100,000, and it maximizes at $750,000. The buyer is required to use Ameris Bank for the purchase of their new home. 

Ameris Piggyback HELOC Loan

The Ameris Piggyback Home Equity Line of Credit (HELOC) is a great option for buyers with smaller equity positions. The Piggyback HELOC is a combination first and second mortgage that can be used to purchase the new home. It requires as little as a 5% down payment from the borrower on a primary residence. The second mortgage payment is interest-only and can be repaid once the previous home sells or by making additional monthly payments over a longer period of time. Since piggyback mortgages are considered a second loan at closing, they come with their own set of closings costs and fees. 

Regardless of whether the buyer selects the Ameris Bridge or the Ameris Piggyback HELOC loan, the buyer will own two homes at the same time and will have two mortgage payments due each month. Therefore, the buyer will need to qualify to carry both mortgages at the same time. Every buyer’s financial position is different, so to find out if one of the above loan solutions will fit your client’s needs, please contact your local Ameris Bank mortgage banker.

By: Marlene Sheard

Marlene is a mortgage marketing representative for Ameris Bank and previous sales and marketing president for her local Home Builders Association. She enjoys sharing her experiences for the buying, selling, and financing of homes.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All loans subject to credit approval.