Bridge loans are temporary loans that bridge the gap between the sales price of a new home and a home buyer's new mortgage, in the event the buyer's home has not yet sold. The bridge loan is secured to the buyer's existing home. The funds from the bridge loan are then used as a down payment on the move-up home.
Some lenders who make conforming loans exclude the bridge loan payment for qualifying purposes. This means the borrower is qualified to buy the move-up home by adding together the existing loan payment, if any, on the buyer's existing home to the new mortgage payment of the move-up home.
Some things to keep in mind are: Bridge loans cost more than home equity loans; Buyers will be qualified by the lender to own two homes and many will not meet this requirement; Making two mortgage payments, plus accruing interest on a bridge loan, could cause stress.
I would suggest contacting a mortgage consultant to discuss your options and see what you can qualify for before you begin your search and fall in love with a home. Find out what would suit your budget the best and find a person that has the heart of a teacher. You want your home to be a blessing not a burden. Please feel free to contact me for any other questions!
Please see my blog for more info on getting a mortgage in todays market
If your question is about combining two homes with one loan, the answer is no. If your current home has equity you may be able to either refinance or get a home equity line of credit to pull cash out and purchase a second home.