The I Just Got Laid Off Mortgage
Alternative lenders are very useful when a client needs to fill a gap that the banks don’t want to touch. They like clients who are new to being self employed, or have bruised credit that needs to be repaired.
One alternative lender has started to fill the gap for salaried employees that have been laid off due to the downturn in the economy. This mortgage can be set up so the borrower doesn’t have to make any payments for a year. The mortgage depends on reasonable equity (down payment) and reasonable grounds that full time gainful employment could be found within a year. Each deal is assessed on it’s own merit.
This could be a deal saver for people with an accepted offer on a house, or people who need to re-finance and avoid falling behind on bills.